试论企业最优资本结构的确定

资本结构是否合理对企业经济效益将产生重大影响。本文拟通过数学模型的建立,从最大化企业运营效用的角度探讨了企业最优资本结构(即借入资本与自有资本的比例)的取值区间,并利用模型对湖北省上市公司资本结构的合理性作出初步判断,结果显示,湖北省多数企业的资本结构仍是合理的。同时还对不合理的企业资本结构的改进提出了政策建议。

Disscussions On the Confirment of Enterprise best Capital Structure

Whether the capital structure is reasonable may have import impacts on enterprise economic efficiency. In this paper, the authors try to discuss the numerical value range of of enerprise best capital structure from the view of the biggest enterprise operation utility bysetting up the mathematical model. And the author also make judge of treasonableness of listed companies' capital structure in Hubei province by using the model, the results shows that most of them are reasonable. Also some suggestion about how to optimize the unreasonable capital structure are put forward in this paper.