| On Optimization of Enterprise Capital Structure |
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| 作者姓名： | GAO Feng-qin XU Jie |
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| 作者单位： | 1. Department of Eronornics and Administration ,Jining Vocational Technology College,Jining 272000, China; 2. School of Finance and Taxation, South Western University of Finance and Economies, Chengdu 610074, China |
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| 摘 要： | Financing is the prerequisite for an enterprise to start,survive and develop.To maximize its market value,an enterprise needs to take the revenue and cost derived from various kinds of financing into consideration and make out the optimum financing structure and the best ratio debt level.Based on the MM theory and equilibrium theory,the article prove the economic model of the best enterprise capital structure: P_L = P_u + P_u-R(d)(1-T_c)]d.Proposition 1.If P_u >R(d)(1-T_c),the debt financing can bring the good effect.Proposition 2.If P_u
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| 关 键 词： | capital structure financing debt |
| 收稿时间： | 2006/4/10 0:00:00 |
| 修稿时间： | 2006/4/10 0:00:00 |
On Optimization of Enterprise Capital Structure |
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| GAO Feng-qin,XU Jie.On Optimization of Enterprise Capital Structure[J].Storage & Process,2006(8):159-162. |
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| Authors: | GAO Feng-qin XU Jie |
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| Institution: | 1. Department of Eronornics and Administration ,Jining Vocational Technology College,Jining 272000, China; 2. School of Finance and Taxation, South Western University of Finance and Economies, Chengdu 610074, China |
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| Abstract: | Financing is the prerequisite for an enterprise to start,survive and develop.To maximize its market value,an enterprise needs to take the revenue and cost derived from various kinds of financing into consideration and make out the optimum financing structure and the best ratio debt level.Based on the MM theory and equilibrium theory,the article prove the economic model of the best enterprise capital structure: P_L = P_u + P_u-R(d)(1-T_c)]d.Proposition 1.If P_u >R(d)(1-T_c),the debt financing can bring the good effect.Proposition 2.If P_u
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| Keywords: | capital structure financing debt |
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