企业最优资本结构计算模型  

An Optimal Capital Structure Model

作　　者：楚义芳 

机构地区：[1]南开大学经济学院,天津

出　　处：《金融》2022年第6期557-564,共8页Finance

摘　　要：企业最优资本结构的计算是一个尚待解决的问题。在投资的实践中,企业一般将自己的债务融资成本,作为投资项目财务基准收益率的最小值。有鉴于此,本研究就将企业债务融资成本设定为企业加权平均资本成本的最小值,并由此推导出企业最优资本结构的计算模型。基于该模型,对中国与美国企业的最优资本结构做了试算与讨论。Optimal capital structure has been a problem to be solved. In practice, businesses often set the debt financing cost as the bottom line of project investment return. Based upon the common practices in corporate budgeting, this study assumes that the minimal weighted average cost of capital equals to corporate’s debt financing cost (cost of debt capital before tax), then derives the Optimal Capital Structure Model (OCSM). Given the tax rates and costs of equity capital, the optimal capital structure (debt to equity ratio) for china and US companies are computed and compared.

关 键 词：加权平均资本成本 债务资本成本 权益资本成本 门槛收益率 

分 类 号：F276[经济管理—企业管理]