工程项目融资资本结构最优化模型  

An Optimized Capital Structure Model in Construction Project Financing

作　　者：林鸣[1] 陈建华[1] 马士华[1] 

机构地区：[1]华中科技大学管理学院,武汉430074

出　　处：《基建优化》2005年第5期53-56,共4页Optimization of Capital Construction

摘　　要：从财务杠杠利益与财务风险均衡的角度,探讨了工程项目融资环境下权益资本和债务资本之间的动态调整关系,并指出项目融资最优资本结构是在适度财务风险的条件下,使得综合加权平均资本成本最低,同时使其预期的项目权益资本收益率最高的资本结构。以此为基础,建立了项目融资资本结构的最优化模型。From viewpoint of equilibrium of financial benefits and financial risks, the study discussed dynamic relationship between the owner＇ s equity and debt in construction project financing, and concluded that the optimal capital structure of project finance is the capital structure which minimized integrated weighed capital cost and maximized expected capital revenue of equity considering measurable financial risks. An optimized model of the capital structure in construction project financing was presented.

关 键 词：工程项目 项目融资 资本结构 最优资本结构 

分 类 号：F830.59[经济管理—金融学]