论企业资本运营及其三大相关理论.pdf

100102 Abstract The paper brings forward that the essence of firm’s capital operating is that the capital owners or controllers adjust the firm’s micro-productive relation and increase their interest. The related theories of capital operating mainly consist of the theories of finance cycle of firm, the five-level value-added model of capital market, and the investment banking theory basing on the value-added model. In the different phase of life cycle of firm there is the diversification of finance demand that need to set up a multi-level capital market system, in which there is the law of five-level value-added. The investment bankers develop their all business of capital operating encircling the chains of five-level value-added. Keywords firm’s capital operating, related theories capital operating