试论我国上市公司资本结构的优化  

On the Optimization of Capital Structure of Chinese Listed Companies

作　　者：张佳林[1] 杜颖[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《财经理论与实践》2004年第3期51-54,共4页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金 (70 172 0 18);湖南科委软科学课题 (2 0 0 2P62 2 63 )

摘　　要：资本结构是否合理直接影响到公司的经营业绩和长远发展。优化资本结构可以降低资金成本起到节税和财务杠杆作用 ,在通货膨胀时期获得收益 ,还可以降低代理成本并有效缓解内部人控制。建议大力发展我国企业债券市场 ,培育理性的投资者 ,鼓励适当的股份回购 ,强化债权的“相机性控制”并进一步完善审批制度。The operation performance and long-term development of a firm are directly influenced by its capital structure. To optimize the structure can gain more profit even during an inflation period, reduce agency's cost and alleviate inside people control effectively, as well as can reduce capital cost, save taxes and effect financial leverage. Accordingly, the paper is concluded with some suggestions for optimization of capital structure of Chinese listed companies. Of those suggestions include expanding enterprise bond market, cultivating rational investors, encouraging proper stock repurchasing, strengthening contingent control and improving the system for investigation and approval.

关 键 词：上市公司 资本结构优化 中国 MM理论 股权融资 企业债券市场 相机性控制 

分 类 号：F832.5[经济管理—金融学]