对最优资本结构衡量标准的探讨

本文通过对资本结构研究文献的回顾和评析,试图探寻最优资本结构的衡量标准及其与企业价值间的关系。然后从企业价值最大化的衡量标准入手,分析得出在“利益相关者共同治理”的理念下,息税前收益代表了企业的价值,而其最优资本结构的衡量标准应是各种投入资本的加权平均资本成本最小。最后笔者对投入资本成本与企业价值间的关系给予了新的理解。

Quest for the Standard of the Best Capital Structure

By reviewing and commenting on literatures of the capital structure, this article is trying to find the standard of the best capital structure, and the correlation between the standard and corporation value. Then the article starts with the standard of the corporation value, and reaches a conclusion through analyzing that with the concept of stakeholder, EBIT represents the corporation value, and the standard of the best capital structure is the minimum of the weighed average cost of capital devoted into the corporation.At last, the writer gives out a new understanding of the correlation between capital devoted into the corporation and the corporation value.