企業(yè)最佳資本結(jié)構(gòu)探討【開(kāi)題報(bào)告+論文+外文及翻譯+文獻(xiàn)綜述+任務(wù)書(shū)】

摘 要

 資本是企業(yè)參與競(jìng)爭(zhēng)的一個(gè)重要基礎(chǔ)，是衡量企業(yè)償債能力的重要尺度。資本結(jié)構(gòu)是指企業(yè)各種資金的來(lái)源構(gòu)成及其比例關(guān)系，資本結(jié)構(gòu)對(duì)企業(yè)的經(jīng)營(yíng)至關(guān)重要，資本結(jié)構(gòu)理論形成于20世紀(jì)50年代，以1958莫迪格利尼(FrancoModig)和Miller共同提出的著名定理為中心。
2004年1月31日國(guó)務(wù)院頒布了《關(guān)于推進(jìn)資本市場(chǎng)改革開(kāi)放和穩(wěn)定發(fā)展的若干意見(jiàn)》，為我國(guó)資本市場(chǎng)的發(fā)展指明了方向。隨著現(xiàn)代企業(yè)制度的建立和資本市場(chǎng)的發(fā)展，我國(guó)企業(yè)的資本結(jié)構(gòu)經(jīng)歷了質(zhì)的變化，但同時(shí)也暴露出一些問(wèn)題。大部分企業(yè)都沒(méi)有實(shí)現(xiàn)資本結(jié)構(gòu)的最優(yōu)化，各自都出現(xiàn)不同的問(wèn)題，對(duì)于資本結(jié)構(gòu)中長(zhǎng)期債務(wù)資本和權(quán)益資本的構(gòu)成比例并沒(méi)有達(dá)到最優(yōu)。本文通過(guò)對(duì)資本結(jié)構(gòu)的概述，在了解資本結(jié)構(gòu)特征的同時(shí)通過(guò)對(duì)企業(yè)找出影響資本結(jié)構(gòu)的因素，找到優(yōu)化途徑并討論如何實(shí)現(xiàn)資本結(jié)構(gòu)的最優(yōu)化。
關(guān)鍵詞：資本結(jié)構(gòu) 最佳資本結(jié)構(gòu) 優(yōu)化途徑

ABSTRACT

Enterprises to participate in the capital is an important basis of competition，and is an important measure of business solvency standards. Corporate capital structure is constituted of various sources of funds and a proportional relationship, the capital structure of the critical enterprise management, capital structure theory was formed in the 20th century, 50s, to 1958 Modigliani (FrancoModig) and Miller co-sponsored The famous theorem for the center.
 January 31, 2004 the State Council promulgated the "on promoting the capital market reform and stable development of a number of opinions", the development of China's capital market clear direction. With the establishment of modern enterprise system and capital market development, China's capital structure has undergone a qualitative change, but it also exposed some problems. Most enterprises have not achieved optimal capital structure, each have different problems arise, for long-term debt capital structure the composition of capital and equity capital ratio is not optimal. Based on the capital structure of the overview to understand the capital structure of the same impact on corporate capital structure to identify the factors, and discuss how to find ways to optimize the capital structure optimization.
Keywords: Captial Structure； Optimal Captial； Optimization Approach  
 

目   錄
中文摘要 I
英文摘要 II
引言 1
一 資本結(jié)構(gòu)概述 2
（一）資本結(jié)構(gòu)概念 2
（二）資本結(jié)構(gòu)理論 2
1．凈收益理論 2
2．營(yíng)業(yè)收益理論 2
3．傳統(tǒng)理論 2
4．MM 理論 3
5．權(quán)衡理論 3
二 最優(yōu)資本結(jié)構(gòu)的認(rèn)識(shí) 4
（一）國(guó)內(nèi)外學(xué)者對(duì)最優(yōu)資本結(jié)構(gòu)的認(rèn)識(shí) 4
1. 支持最優(yōu)資本結(jié)構(gòu)存在的認(rèn)識(shí) 4
2. 不支持最優(yōu)資本結(jié)構(gòu)存在的認(rèn)識(shí) 4
（二）企業(yè)負(fù)債經(jīng)營(yíng)的優(yōu)缺點(diǎn) 4
1．企業(yè)負(fù)債經(jīng)營(yíng)的優(yōu)點(diǎn) 4
2．企業(yè)負(fù)債經(jīng)營(yíng)的缺點(diǎn) 6
（三）企業(yè)負(fù)債經(jīng)營(yíng)與最優(yōu)資本結(jié)構(gòu)的關(guān)系 6
三 如何實(shí)現(xiàn)最優(yōu)資本結(jié)構(gòu) 7
（一）我國(guó)企業(yè)資本結(jié)構(gòu)的基本特征 7
（二）優(yōu)化資本結(jié)構(gòu)應(yīng)該考慮的因素 9
1．企業(yè)未來(lái)的成長(zhǎng)和銷售穩(wěn)定性企業(yè)未來(lái)的銷售狀況 9
2．所有者和經(jīng)營(yíng)者的態(tài)度 9
3．企業(yè)的獲利能力和償債能力 9
4．抵稅因素 10
（三）優(yōu)化我國(guó)企業(yè)資本結(jié)構(gòu)的方法 10
1．調(diào)整存量資本優(yōu)化資本結(jié)構(gòu) 10
2．調(diào)整增量資本優(yōu)化資本結(jié)構(gòu) 12
四 總結(jié) 16
參考文獻(xiàn) 17
致  謝 18