《电信企业资本结构的选择的探讨.docVIP

电信企业资本结构的选择的探讨 摘要 在M 理论诞生之后，本结构与企业价值的关系成为理论界学者们探讨的重要问题之一，企业价值最大化的目标研究资本结构的优化本结构的影响因素一直是理论界长盛不衰的话题。电信运营业是国民经济的支柱产业，随着市场竞争的日益激烈，尤其是随着 3G 牌照的发放而展开的大规模网络建设，更是需要电信运营企业进行大量的资金投入。因此，如何通过资本结构的选择和合理安排使得电信运营企业在保证资金需求的同时能够优化资源配置，提高运营效率，保持较强竞争力以及提升企业价值，成为亟待解决的问题。本文是针对电信企业资本结构选择方面的探讨，从企业资本结构背景内容及多方面进行研究。 关键词：现有企业资本结构，电信运营企业资本结构，电信企业资本结构选择 Abstract：After the birth of M theory, the structure and enterprise value relations become one of the important problems of the theoretical circle scholars, enterprise value maximization goal of the study the influence factors of capital structure optimization of the structure has been the theory of enduring topic.Telecom operators is the pillar industry of national economy, with the increasing competition in the market, especially with the issuance of 3 g licences for large-scale network construction, but also need a large amounts of money into telecom operating companies.Therefore, how to through the choice of capital structure and reasonable arrangement of telecom enterprises in ensuring funding needs at the same time to optimize the allocation of resources, improve operational efficiency, maintain strong competitiveness and improve enterprise value, become a problem to be solved.This article is in view of the telecom enterprise capital structure choice of discussion, from the enterprise capital structure to study the content and various background. Key word: Existing enterprise capital structure, enterprise capital structure, telecom enterprise capital structure choice 目录 摘要………………………………………………………………………………… 1 Abstract…………………………………………………………………………… 1 一、前言…………………………………………………………………………… 3 1. 文献综述…………………………………………………………………………3 2. 研究的背景………………………………………………………………………3 3. 研究的现状及意义………………………………………………………………3 3.1.研究的现状…………………………………………………………………… 3 3.2.研究的意义…………………………………………………………………… 4 二、现有企业资本结构选择的理论……………………………………………… 4 1. 建立在边际分析法基础上的传统理论…………………………………………4 2. 建立在一般均衡分析方法基础上的现代理论…………………………………5 2.1“M-M”理论…………………………………………………………………… 5 2.2破产成本理论……………………………