资本结构影响因素的战略观点:一个新视角

本文从战略视角提出资本结构的形成过程就是公司各种战略执行的过程,资本结构本来就是公司运用各种资本以实现企业战略的资本构成结果.我们寻找的所谓资本结构影响因素其实就是构成公司战略环境的战略要素.因此,将资本结构置于一个更为广阔和更为系统的分析框架--战略分析框架不仅是合适的,而且是必须的.单个因素对企业资本结构的影响方式必须置于全部因素形成的企业的战略环境中进行分析才能得出正确的结论.

The Strategy Point to the Influential Factors of Capital Structure: A New Vision

This paper puts forward that the process of the formation of the capital structure is the executive process of the corporate.The capital structure is originally the financial result of the corporate using its all kinds of financial resources to realize its strategy.The influential factors of the capital structure which we are looking for are actually the strategic essentials which form the corporation strategy environment.So it is not only appropriate but also necessary to put the research of capital structure in a wider and more systematic analysis framework.When analyzing the way of the influences to the capital structure of one factor,we should put it in the whole strategy environment which composed by all the influential factors can we get the right conclusion.