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资本结构是现代企业组织结构的一个重要组成部分,现代资本结构理论认为,资本结构优化的目标是使企业价值最大化。本文通过探讨资本结构及其理论的发展历程,深入分析影响最佳资本结构的宏观和微观因素后认为,最优资本结构应该是使企业以最低的加权平均资本成本和最小的融资风险获得最大投资收益,从而实现企业市场价值最大化的一种资本结构。结合我国企业资本结构的现状,分析存在问题,提出优化我国企业资本结构的若干政策建议。
The capital structure is an important part of the modern enterprise organizational structure. The modern capital structure theory holds that the goal of capital structure optimization is to maximize the value of an enterprise. By discussing the development of capital structure and its theory, this paper analyzes the macroscopical and microcosmic factors that affect the optimal capital structure and concludes that the optimal capital structure should make the enterprises obtain the largest investment with the lowest weighted average capital cost and the smallest financing risk Income, so as to achieve the maximization of the market value of a capital structure. Combined with the status quo of China’s enterprise capital structure, this paper analyzes the existing problems and puts forward some policy suggestions on how to optimize the capital structure of our country’s enterprises.