| 资本结构决策方法新探 |
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| 引用本文： | 夏嘉华.资本结构决策方法新探[J].华东师范大学学报(哲学社会科学版),2005,37(4):83-88. |
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| 作者姓名： | 夏嘉华 |
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| 作者单位： | 华东师范大学,商学院,上海,200062 |
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| 摘 要： | 目前财务学界探讨和介绍较多的资本结构决策方法———每股收益分析法,存在着没有考虑权益资本成本和决策准则不尽合理等诸多弊端,因此在实际工作中难以应用,而作为一种新的资本结构决策方法———边际收益分析法则弥补了这些不足。按照边际收益分析法,只有当资本的边际收益大于或等于零时,企业方可进行筹资;由于资本成本高低不同,权益筹资和债务筹资必须符合不同的边际资本产出水平条件。在边际资本产出达到一定水平的前提下,企业应结合多种因素对筹资方式和资本结构作出灵活、合理的选择,从而确保企业利润和股东财富的增加。
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| 关 键 词： | 资本结构 每股收益分析 边际收益分析 |
| 文章编号： | 1000-5579(2005)04-0083-06 |
| 修稿时间： | 2005年3月2日 |
A New Research on the Decision - making Method of Capital Structure |
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| XIA Jia-hua.A New Research on the Decision - making Method of Capital Structure[J].Journal of East China Normal University :Philosophy and Social Sciences Edition,2005,37(4):83-88. |
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| Authors: | XIA Jia-hua |
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| Institution: | ( XIA Jia-hua |
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| Abstract: | Though the earnings per share is the most popular decision-making method of capital stucture introduced in all kinds of relevant textbooks,it is difficult to carry out such a method in practice due to its various deficiencies such as neglecting the cost of equity capital and operating irrational decision-making rules.Based on an analysis and estimaton of the earnings per share,this paper introcuces the marginal analysis into approaches of capital structural decision-making,and puts forward a new method-marginal income analysis.According to it,an enterprise sets to raise funds only if the marginal income of capital is greater than or equal to zero.Because of different costs of capital,equity financing and debt financing must satisfy their own required levels of marginal capital output.Under the precondition that the marginal capital output has reached a required level,the enterprise should choose a correct financing method and a capital structure flexibly,and combine factors such as its own debt ratio,cash flow and growth capacity,thus guaranteeing an increase both in its profit and shareholders' fortune. |
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| Keywords: | capital structure earnings per share analysis marginal income analysis |
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