目 录
内容摘要( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (2
MM理论的发展阶段( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (3
最初的MM理论（无税条件下资本结构理论）( ( ( ( ( ( ( ( ( ( ( ( ( (3
修正的MM理论（含税条件下资本结构理论）( ( ( ( ( ( ( ( ( ( ( ( ( (3
米勒模型理论( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (3
权衡模型理论( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (4
资本结构理论对我们的启示( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (4
负债筹资是成本最低的筹资方式( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (4
成本最低的筹资方式，未必是最佳筹资方式( ( ( ( ( ( ( ( ( ( ( (4
最优资本结构是一种客观存在( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (5
衡量资本结构重要指标( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (5
提高企业的盈利能力 ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (5
降低企业负债利率 ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (6
优化资本结构应考虑的主要因素 ( ( ( ( ( ( ( ( ( ( ( (6
经济周期因素( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (6
市场竞争环境因素( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (7
行业因素( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (7
预计的投资效益情况( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (7
总结( (( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (7
内 容 摘 要
本文通过分析资本结构理论与财务管理目标的关系，对如何优化资本问题进行了探讨，提出财务管理目标应为企业价值最大化。财务杠杆利益是衡量企业资本结构的重要指标，并在分析影响企业资本结构有关因素的基础上，对如何优化企业结构问题提出了建议，引导企业优化其资本结构，完善企业财务管理，最大程度的提升企业价值。
