【作者】 刘谷金；

【导师】 刘长庚；

【作者基本信息】 湘潭大学 ， 政治经济学， 2001， 硕士

【摘要】 资本结构理论以企业财源中负债和权益之比作为其研究对象，它是公司财务管理的关键领域之一。它对制定新股发行计划、债券发行计划等融资决策及股利分配政策具有重要的意义。莫迪格利安尼和米勒共同创造了资本结构的现代分析方法，罗比切克和梅耶斯把破产成本引入到资本结构的分析中，认为企业的最优资本结构存在于负债引起的边际递增的税收利益现值和边际破产成本现值相等之处。他们的理论代表着现代资本结构理论的主流，对现代企业的融资决策具有指导意义。企业融资决策决定着企业的资本结构，而融资决策往往受制于其当时的金融环境。虽然融资决策是企业的自主选择，但宏观因素的影响是不容忽视的。中国的经济体制改革方兴未艾，市场环境不断改善，但金融环境还远远不能适应企业市场化的进程，制约着企业资金的获取；因此，必须加快金融体制的改革，为优化企业资本结构创造外部条件。本文第一部分对资本结构理论的发展作了简要回顾；第二部分论述了影响企业资本结构决策的五个主要因素；第三部分描述了中国企业的资本结构特征和融资状况，并从四个方面分析说明了它们形成的原因；第四部分论述了要改变中国企业目前的融资状况，优化企业资本结构，必须进行金融改革。更多还原

【Abstract】 The theory of capital structure focuse on the ratio of liabilities to the equity, which is one of the vital fields of a company’s financial administration. It means much for a company to make its decision for financing and dividends distribution. Modigliani and Miller created the modern analysis method of capital structure; Robichiq and Myers introduced the bankruptcy cost to the analysis of capital structure, and thought that the best capital structure would be obtained when the present value of marginal increasing tax value caused by liabilities is equal to the marginal bankruptcy cost. Their theory manifest the mainstream of modern theory of capital structure, having means of directing modern companies’ financing decision.A company’s financing decision determines its capital structure, but financing decision is often affected by present financial environment. The influence of macro-level elements cannot be ignored in spite of the fact that a company is free to make financing decision. Chinese reform of economic mechanism is continuing and the market environment is improving, but the financial environment fails in adapting the process of companies’ marketization, which holds the attainment of funds. So we must quicken the reform of financial mechanism, and create external condition for optimizing companies’ capital structure. The first part this article briefly reviews the development of the capital structure theory, pointing out the relation between the capital structure theory and the financing decision. The second part deals with the five main elements influencing the capital structure decision. The third part descripts the characteristics of Chinese companies’ capital structure and the financing situation, analyzes from four aspects the reasons of their formation. The fourth part tells that we must establish a financing pattern adjusted to our condition to change the present financing situation and optimize the capital structure.更多还原