资本结构优化论文外文文献

我刚好有，你自己看看能用不？资本结构的理论：Theory of capital structure theory, including net income, net operating income theory, MM theory, agency theory and the theory level of funding. (A) of the net theory The theory that the use of debt can reduce their overall cost of capital. As the cost of debt is generally lower, so the higher the debt level, consolidated cost of capital lower, the greater enterprise value. When the debt ratio to 100%, the enterprise value will be maximized. (B) Net operating income theory The theory that capital structure has nothing to do with the value of the business, deciding the level of the key elements of the value of the enterprise's net operating income. Although the company increased lower-cost debt capital, but also increase the risk of the enterprise, resulting in increased cost of equity capital, the company integrated the cost of capital remains unchanged. Regardless of how the company's financial leverage, the overall cost of capital constant, the value of corporate capital structure will not, therefore there is no optimal capital structure. (C) MM MM theory theory is that in the absence of corporate and personal income tax situation, the value of any enterprise, regardless of whether the liabilities are equal to operating profit divided by the applicable rate of return to their risk level. Risk of the same enterprise, the value of liabilities and whether the extent of the liabilities from the impact; but in considering the case of income tax, tax shelters because of the interests of corporate value will increase with the extent of the liabilities increase, shareholders will receive more benefits . As a result, more debt, the enterprise value will be greater. (D) agency theory agency theory that capital structure will affect the level of work managers and other behavior choices, which affect future cash income and market value. The theory that creditors have a strong incentive funding, and debt as a security mechanism. This mechanism can make managers more work, less personal enjoyment, and make better investment decisions, thereby reducing the separation of ownership and agency costs incurred; However, debt financing could lead to another agency costs, which companies to accept the creditors monitoring costs incurred. Enterprise ownership structure balanced by equity and debt agency costs balance between agency costs to the decision. (E) funding level of theory theory that funding levels: (1) the cost of external financing, including management and underwriting not only cost, but also generated by asymmetric information, "under-investment effect" caused by the cost. (2) debt financing than equity financing. The interests of the corporate income tax saving, debt financing can increase the value of the business, that is, the more debt, increase corporate value more, this is the first effect of debt; however, the cost of the financial crisis and the present value of expected agency costs are value will lead to a decline in enterprise value, namely, the more debt, the greater the decrease in corporate value, which is the second effect of debt. Since these two effects offset, corporate liability should be moderate. (3) The existence of asymmetric information, companies need to retain certain liabilities for profitable investment opportunities in the capacity comes to issue bonds, to avoid the high cost of issuing new shares. View from the mature stock market, corporate pecking order pattern of financing is internal financing first, followed by loans, issue bonds, convertible bonds, and finally the issue of new shares financing. However, the 80 emerging stock markets of the 20th century with obvious preference for equity financing.资本结构的影响因素：Although the modern capital structure theory has become a more complete theoretical system, but it is only theoretically analyzed, and the emphasis on the theory of capital structure are often a factor, and the corporate face of the competitive environment and production environment is complex, factors that affect the capital structure is complex, requiring from the macro, meso and micro-analysis of all aspects. (A) macro-economic factors Macroeconomic factors is the development of a country's overall economic status and income level, the macroeconomic impact of capital structure factors, including economic development cycle, the level of economic development, capital market conditions and inflation. If a country's economic development well in the economic cycle in a stage of recovery or prosperity, strong demand and supply companies, in a good production and business environment, companies right. Strong demand for funds, will indirectly affect the capital structure. But when the stage of a country's economy in recession, most companies in financial difficulties, in order to survive, companies will generally try to reduce the size of external debt in order to avoid liquidity shortages due to bankruptcy. Perfect capital markets, financing channels are smooth, have been identified related to the business capital of organizations can be achieved as planned. Capital markets tend to lag behind allowing companies to be forced to change a previously set to discuss the capital structure, which will lead to the increase in the cost of corporate capital, corporate capital structure in determining the best capital market factors may be considered small, objectively impeded the Superior the realization of capital structure. (B) in view of economic factors The so-called meso-economic factors, which mainly refers to the industry factors, domestic and foreign large number of theoretical and empirical studies have shown that the same industries and enterprises consistent with the capital structure, capital structure of different industries will there is a big difference. The same industry in which the development cycle, risks, capital requirements and other parties on a more consistent side, prisoners of this, in the equity capital and debt capital is often the choice of BU consistency, a similar bias in the debt ratio. Companies in determining the capital structure, pay attention to industry factors, the risk profile of its industry, capital requirements and other conditions, compare levels of the industry average debt ratio, integrated their own factors, reasonably determine the capital structure. (C) of the micro-economic factors 1, the enterprise scale. Firm size on capital structure can be analyzed from two aspects of supply and demand. On the demand side, companies large and the demand for capital, the more, and therefore greater need for diversified financing channels, as in the stock market when funding is limited, demand will increase to debt, debt leverage to seek greater effect. On the supply side, the larger corporate regulation membrane ability to take risks that companies, banks and other creditors to be more willing to provide financing to businesses, enterprises can obtain a lower cost debt capital, so debt is higher. In summary, the corporate debt ratio and firm size is often positively correlated. 2, the company's profitability and growth. High debt ratio of enterprises need sufficient liquidity to pay as interest and debt guarantees, therefore, in general, only with higher profitability and growth of the company can maintain a higher debt ratio. On the other hand, high profitability and growth of enterprises do not want to because the equity financing, equity financing of the old with the dilution of the interests of shareholders, companies continue to grow and need a lot of financial support, the financing of enterprises will be biased in favor of debt financing. Therefore, the debt ratio and corporate profitability and growth are positively correlated. 3, film companies can regulate mortgage assets. Modern enterprises generally use debt financing by way of security, so companies only have a bite larger mortgage assets, to finance by way of debt, for the machinery manufacturing, real estate and other fixed assets, the larger the enterprise, its with more assets can be secured, a greater supply of debt finance and financing costs are lower, companies would be biased in favor of higher debt capital structure. In summary, in terms of capital structure theory and practical analysis of the factors, I believe that the optimal capital structure of enterprises need integrated various factors, both theoretical models to be applied, and must be based on the actual situation of domestic capital markets, real case, alternative financing channels in the actual and reasonable identified in the capital structure to maximize the reduction in the cost of corporate finance, financial needs of corporations, while maximizing the level of corporate earnings. Links in the paper for download