资本结构理论的发展与我国企业资本结构优化

资本市场效率、利率、税收、通货膨胀、资产形态、盈利能力等宏观和微观因素对企业资本结构有较大影响。我国资本市场不发达,法律环境不完善,企业盈利能力差,资产运营效率低,代理人风险偏好等,使资本结构优化受到严重影响。应当按成本最小化原则确定最优融资策略,充分发挥证券市场功能,实现股权多元化,有效规避财务风险和股票融资偏好。

Development of Capital Structure Theory and Optimization of Capital Structure of Chinese Enterprises

The macro and micro factors such as efficiency of capital market,interest rates,tax policies,inflation,asset forms,profitability and etc. have a great influence upon capital structure.In our country,the undeveloped capital market,imperfect legal environment perfect,weak profitability,low operating efficiency of assets,agential risk partiality and etc,will set a goal for optimization of capital structure when debt ratio occurs between 30% and 60%.The optimization lies in best financing strategies determined by the principal of minimum cost,full use of the functions of security market,diversified stock rights,efficient evasion of financing risk,preferemce to stock financing and etc.