权衡理论在企业资本结构战略中的应用  

The application of the balance theory in enterprise capital structural strategies

作　　者：赵洪侠[1] 

机构地区：[1]吉林农业工程职业技术学院,吉林公主岭136100

出　　处：《吉林粮食高等专科学校学报》2005年第3期54-57,共4页Journal of Jilin Grain College

摘　　要：在资本结构战略中有很多理论指导,本文讨论权衡理论在资本结构战略中的应用。权衡理论认为,利息可以由税前抵扣,从而产生抵税收益,财务杠杆可以增加企业的价值,但是企业负债是有成本的,在企业负债规模较小时,企业市场价值与企业杠杆成递减函数关系,一旦财务杠杆持续扩展下去,企业的价值将要减少,企业存在一个最优的负债水平。There are many theory instructions in the capital structural strategies. The article talks about the application of balance theory in capital structural strategies. Balance theory thinks interest can be eliminated before taxed so at to produce the benefits by paying a tax. Financial level can increase the value of the enterprises. But there is cost for business in debt. When the scale of business in debt is small, it is the relationship of diminishing function between enterprising marketing value and enterprising level. Once financial level expands continuously, the enterprsing value will be reduced. At this time, the enterprises exist the best level in debt.

关 键 词：负债 财务拮据成本 代理成本 权衡理论 企业价值 

分 类 号：F270[经济管理—企业管理]