企业资本结构战略管理

【作者】 陈晨；

【导师】 王满；

【作者基本信息】 东北财经大学 ， 会计学， 2005， 硕士

【摘要】 资本结构理论是财务理论的重要组成部分，整个财务理论的发展史，是以现代资本结构理论的诞生揭开序幕的。尽管资本结构理论在西方已有几十年的历史，但是，对于刚刚进入市场经济的我国理论界与企业界却是一个较为陌生的领域。我国企业对资本结构的科学规划属于刚刚起步阶段，不少企业仍然将资本结构看作是企业筹资所形成的一个自然的结果，国有企业的过度负债，已经成为国有企业前进的羁绊，股份制企业则在获有特许融资权利后，过分偏好股权融资。中国企业的现实迫切需要资本结构理论的解释与指导。 随着进入知识经济、信息经济、网络经济日趋占据主导地位的超强竞争时代，战略管理思想备受关注。企业纷纷谋求制定和实施一种既能够充分利用自身优势，又能够对激变的环境做出快速反应的有效战略，战略管理思想逐渐融入企业各项管理活动当中。资本结构作为企业财务管理的重要内容，与战略管理的结合因此成为必然。本文旨在以战略管理的思想研究资本结构问题，以期对我国企业的实际运行提供帮助。 企业资本结构的目标是研究企业资本结构问题的逻辑出发点。本文从此出发，分四个部分对企业资本结构战略管理提出了自己的看法。第一部分对企业资本结构战略管理的相关概念进行了阐述，研究了企业的理财目标即资本结构战略的目标导向问题，提出我国企业科学合理的理财目标应该是企业价值最大化，提出了资本结构战略管理与其它资本结构管理的区别。本文在确定了目标导向后，第二部分系统分析了典型的西方国家资本结构模式，得出一个国家企业负债的平均水平只能与一个国家总体上环境特征相匹配，而不能够将这种负债水平界定为企业公认的放之四海而皆准的负债标准的结论，由此出发，提出了资本结构战略管理总体层面的要求即负债水平合理论。第三部分研究的是负债融资战略，研究的内容不仅涉及到负债自身的构成，也涉及到了负债和股东权益的构成关系。这一部分是第二部分理论的细化，旨在研究企业负债的动机、财务杠杆的效应、企业负债承受能力及负债结构战略等问题。前三部分是资本结构理论的总结，第四部分是将资本结构理论与我国企业实际相结合，从国有更多还原

【Abstract】 The capital structure theory is an important component of the financial theory, the development of the whole financial theory opens the prelude with the birth of the modern capital structure theory. Though the capital structure theory has already had a history of dozens of years in the west, the research of it in china is just an unacquainted field. Grasping the different ideological system of the capital structure theory are the bases of studying capital structure in China. The reality of Chinese enterprises needs the explanation and guides of the capital structure theory.With the development of knowledge economy and information economy, the strategic management attracts much attention. Enterprises seek to make and implement effective strategies, which can make fast reaction to the violent changes of the environment. As the important content of enterprise’s financial theory, the combination of capital structure and strategic management will be the inevitable trend. The purpose of this dissertation is to study the capital structure from the aspect of strategic management.The goal of capital structure, which is the logic starting point of studying the capital structure, is the beginning of this dissertation. The dissertation consists of four parts. In the first part, the text have explained the relevant concepts of enterprise’s strategic management of capital structure, studied the goal of capital structure, pointed out that optimal goal of managing the money should be the maximum of enterprise value, and put forward the differences between the strategic management of capital structure and the other capital structure model. After defining the goal, the second part analyzes typical capital structure models of western countries, and propounds the theory of rational liability level. In the third part, the debt financing strategy has been studied. This part mainly discusses the composition of debt and relationship between the composition of debt and the composition of stockholder’s equities. This part is subdivision of the theories in the second part, aim at studying更多还原