优化资本结构的深层次思考

On Optimizing Capital Structure

缺乏银行的监督和内部人控制的强化 ,企业治理结构存在的缺陷 ,是企业资本结构不合理的重要原因。优化资本结构应该与治理结构的构建同步 ,即要寻找一种能使代理主体双方的成本和效益达到均衡状态的契约 。

Just due to the lack of banking supervision and internal control, the defect of haruess structure causes the irrational capital struture of enterprise. Optimizing capital structure should be carried out with harness stnectare, that is to find a coutract or namely, balanced contract which can keep both of agents balanced on cost and benefit. The management stock option is exactly this kind of contract.