资本结构影响因素分析

企业资本结构并不存在一个绝对标准,与企业所处的内部和外部环境相适应、能够促使企业价值提高的资本结构就是合理的资本结构.影响企业资本结构的微观因素包括负债动机、盈利能力、经营风险、资产构成状况、产品市场潜力、贷款人和信用评级机构的态度、管理人员对待风险的态度、产权清晰程度、代理关系的有效性、企业控制权以及企业所处的行业特征.影响资本结构的宏观因素主要有政治、历史、文化因素、经济因素和法律因素.

An Analysis On Factors of Capital Structure

There is no absolute criterion of enterprise's capital structure.It is a reasonable capital structure which can adapt to the enterprise's inside and outside environment,and can make the enterprise's value rise.The micro factors that affect the enterprise's capital structure include liabilily motive, interest ability,risk of operation, asset structure,product respect,the attitude of loaner and credit evaluating organize, the manager's attitude to risk, the degree of property distincting, the effective of agent relation, control ability and the industry feature which the enterprise belongs to.The macro factors include politics,history, culture, economics and law.