资本结构理论反思  

Thinking on the Capital Structure Theories

作　　者：侯颖[1] 陈振宇[1] 金春[1] 

机构地区：[1]齐齐哈尔大学应用技术学院,黑龙江齐齐哈尔161006

出　　处：《财会通讯（下）》2014年第3期72-75,79,共5页Communication of Finance and Accounting

基　　金：黑龙江省人文社会科学项目"齐齐哈尔市装备制造业资本结构优化问题研究"(项目编号:12512354)阶段性成果

摘　　要：当前的资本结构理论认为资本结构可以影响企业的价值;优化企业的资本结构,可以提高企业的价值,降低企业的加权平均资本成本。而本文认为资本结构与企业的价值无关,与企业的加权平均资本成本也无关;企业的价值决定于企业的经营风险。一个企业应该选择怎样的资本结构,取决于企业的风险特征和经理人员对待风险的态度。在目标风险既定的前提下,企业需要对经营风险和财务风险做出权衡。Present capital structure theories insist that corporate value be influenced by capital structure,which means that if a corporation's capital structure can be optimized,the value of the corporation will increase while the weighted average capital cost will decrease.But in this article,the writer insists that neither the corporate value nor the weighted average capital cost be influenced by the capital structure.That is,operation risk can decide the corporate value.How many debts a corporation will raise is decided by the corporate risk characteristics and the altitude to risk of the corporate management.Fixing the object risk degree,a financial manager must balance the operation risk degree and the fiscal risk degree.

关 键 词：资本结构 企业价值 MM理论 权衡理论 财务杠杆 

分 类 号：F275[经济管理—企业管理]