企业最优资本结构研究毕业设计论文.doc

PAGE 毕业论文 企业最优资本结构研究 摘 要 资本结构是指企业各种长期资金筹集来源的构成及其比例关系，是企业筹资决策的核心问题。企业的筹资决策就是寻求最优资本结构，而所谓资本结构的优化就是如何使企业达到最优资本结构，也就是使资本成本最低、企业价值最大化的资本结构。随着我国社会主义市场经济的发展和现代企业制度的建立，企业的筹资渠道和筹资方式日趋多元化，合理地利用负债筹资，科学地安排其比例，对企业降低综合资本成本率、增加企业的市场价值等方面有着重要的意义。然而，从目前的实际来看，我国企业的资本结构不容乐观，在产权比率上，资本来源结构不合理，负债比例过高，在负债方面，流动负债比重较大，负债筹资结构不合理。因此，如何使企业的资本结构进一步优化，是亟需思考和探寻的问题。本文通过探讨资本结构及其理论的 HYPERLINK /fazhan/ 发展历程，在确定企业最优资本结构标准的基础上，深入分析影响最优资本结构的因素，提出了确定最优资本结构的方法。同时，结合我国企业资本结构现状，分析存在问题，对我国现有资本结构提出了优化思路和策略。 关键字：资本结构；结构比例；优化；策略 Abstract Capital structure refers to the enterprises of various long-term funding sources and the ratio between the composition of the capital structure of financial management and practice in an extremely important issue, but also the core issue of corporate financing decisions. Corporate financing decision is finding the optimal capital structure, the so-called optimal capital structure is how to enable enterprises to achieve optimal capital structure, which is the lowest cost of capital, capital structure to maximize enterprise value. With the development of Chinas socialist market economy and modern enterprise system, corporate funding channels and funding have become more diversified, rational use of debt financing arrangements for its proportion of scientific, enterprises reduce overall cost of capital, rational use of financial Leverage to obtain certain benefits and increase their market value, and so has important significance. However, from the practical point of view the present, our companys capital structure is not optimistic on the equity ratio, source of capital structure is irrational, debt ratio is too high, the liability side, a larger proportion of current liabilities, debt financing structure is irrational. Therefore, how to further optimize the capital structure of enterprises, is the need to think and explore issues. Meanwhile, the combined status of the capital structure of enterprises, analyzing problems, to put forward our existing capital structure optim