公司资本结构的多目标模糊优选决策研究

Study of Multi-objective Fuzzy Optimization Theory in Capital Structure Decision-making

企业的资本结构能通过资本成本、风险及收益安排、各产权主体的权力利益分配等多个方面影响企业价值,因此在进行资本结构决策时要综合考虑多项评价因素。针对资本结构决策的多因素性和模糊性,本文分析并提出了一套资本结构优选的指标体系,在此基础上引入多目标模糊优选模型对多个资本结构决策进行优选。实例证明,该模型对资本结构的优选决策有着较好的适用性。

This paper analyzes the view that many affecting factors, which are qualitative and fuzzy, must be considered into capital structure decision-making. Based on the theory of multi-objective fuzzy optimization, a set of index system is analyzed and put forward, and a multi-objective fuzzy optimization model is raised for capital structure decision-making. A case study shows that this model is theoretically reliable and practically feasible.