企业最佳资本结构的确定——兼论优化我国企业资本结构的建议

通过分析如何利用比较资本成本法确定企业的最佳资本结构以及企业资本结构的影响因素,来进一步对我国企业资本结构现状进行分析,发现我国企业资本结构中存在的问题,针对我国企业融资实践中存在对股权融资偏好、负债资金不合理、企业资本结构缺乏弹性等问题,提出了优化我国资本结构的建议。     

The structure of invention

This paper explores the process by which radically novel technologies - ones such as radar, the turbojet, or the polymerase chain reaction - come into being. It shows that this process - “invention” - has a certain logical structure common to all cases. Invention is a process of linking some purpose or need with an effect that can be exploited to satisfy it. It may begin with a purpose or need for which existing methods are not satisfactory; this forces the seeking of a new principle (the idea of an effect in action). Or it may begin with a phenomenon or effect itself - usually a freshly discovered one - for which some associated principle of use suggests itself. Either way, translating this base principle into physical reality requires the creation of suitable working parts and supporting technologies. These raise their own challenges or problems, the solution of which may raise further challenges. As a result, invention is a recursive process: it repeats until each challenge or problem (and subproblem, and sub-subproblem) resolves itself into one that can be physically dealt with. It is challenging, usually lengthy, part-conceptual, and part-experimental.     

The structure and future of the information economy

The structure of the U.S. economy is analyzed to determine whether a shift has occurred from a service to an information economy. National Income Accounting concepts are reviewed to facilitate a critical comparison of the works of Machlup and Porat. Evidence about the future of an information economy is reviewed. It is concluded that the growth of the information economy will not continue at the same rate it has in the past and further that the growth will be in information products, not information services. It is also concluded that it is unwarranted to restructure the National Income Accounts to reflect a change to an information economy.