增长机会、融资政策与股东价值最大化

本文首先从新古典主义出发论述了公司资产规模的边界,再从公司的资本成本的角度分析一个理性管理层应采取灵活的融资政策使得公司的资本成本保持在最小化水平,这两个方面的均衡决定了公司的总资产规模和公司的资本结构;再将公司的边际收益与边际成本之差的函数作为公司未来的增长机会,并引入到股票价值决定模型;最后结合前面内容分析存在增长机会的公司如何确定融资政策使得公司股东价值达到最大化。

Minimizing investment cost for multi-period heat exchanger network retrofit by matching heat transfer areas with different strategies

Multi-period heat exchanger network(HEN) retrofit is usually performed by targeting and matching heat transfer areas. In this paper, based on the reverse order matching method we proposed previously, three strategies of matching heat transfer areas are proposed to minimize the investment cost for the retrofit of HEN in multiperiod, in which replacement of heat exchangers, addition of heat exchangers and addition of heat transfer areas are performed. We demonstrate the procedures through three scenarios, including maximum number of substituted heat exchangers after retrofit, minimum additional heat transfer areas in the retrofitted HEN, and minimum investment cost for retrofit. The strategies are extended to a single period HEN retrofit problem. The results of multi-period and single period HEN retro fit problems indicate the effectiveness of the strategies. Moreover, these results are better than those reported in literature. The strategies are simple and easy to implement,which are of great benefit to large-scale HEN retrofit in practice.

企业资本结构的选择

企业资本结构指企业的全部资金来源、负债和所有者权益以及各构成项目分别占企业总资本的比例。选择一个适度资本结构,可增加企业所有者的财富。但选择资本结构,应当与制定企业战略和采用经营策略相结合,还必须考虑企业的盈利能力和举债经营破产的风险等因素。本文就这个问题作一些初步的探讨。