文档介绍：毕业设计(论文)
题目
浅论企业最佳资本结构
系(院)
经济与管理系
专业
会计电算化
班级
2009级专科4班
学生姓名
黄永贵
学号
2009021332
指导教师
柳海燕
职称
讲师
二〇一二年六月三十日
浅论企业最佳资本结构
摘要
资本结构对企业的经营至关重要,随着现代企业制度的建立和资本市场的发展,我国企业的资本结构经历了质的变化,但同时也暴露出一些问题。教条的生搬硬套西方的相关理论学说,对于一个面临复杂、多变的市场经济的企业来说是行不通的。只有客观的面对市场,从自身出发,辅以成熟的资本结构理论,企业才能找到财务杠杆的“支点”。本文针对存在的问题,首先认识了企业最佳资本结构的概念与意义,然后分析了影响企业最佳资本结构的因素及衡量企业最佳资本结构的标准。最后提出优化企业资本结构的若干政策方法,从而进一步说明企业最佳资本结构应该是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的投资收益时的资本结构。
关键词:资本结构;衡量标准;资本决策
Enterprise best in the capital structure
Abstract
Capital structure of the business is crucial important. As the modern enterprise system and capital market developed, panies’ capital structure has undergone a qualitative change. At the same time, some problems also exposed. Western dogma of mechanically related theories will not work when plex and changing market economy. In the face of the market, what we should do is being objective, from our own, combined with mature capital structure theory. And panies can find the "fulcrum" of the financial leverage. In this paper, aimed at the problems, first we are aware of the concept of corporate optimal capital structure and its significance, and then we analysis the factors which affects the best capital structure and the standard that measures the best of corporate capital structure. Finally, we put forward a number of policy approaches those optimize the capital structure. And we further illustrate that the optimal capital structure is the structure of enterprises should be the lowest weighted average cost of capital and minimum financial risk for maximum return on investment.
Keywords: capital structure; measure; capital decision-making
目录
引言…………………………………………………………………………………………………….1
第一章企业最佳资本结构的概述 1
最佳资本结构的概念 1
选择最佳资本结构的意义 1
第二章影响企业最佳资本结构的因素 3
影响企业最佳资本结构的外部因素 3
3
3
税率的因素 3
3
3
影响企业资本结构的内部因素 4
企业的组织形式 4
企业的资产结构 4
企业的销售状况 4
企业治理层及管理层的态度 4
企业的财务状况 5