| 试论股份公司最优资本结构决策 |
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| 引用本文： | 郑振沂. 试论股份公司最优资本结构决策[J]. 莆田学院学报, 2001, 8(2): 15-18 |
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| 作者姓名： | 郑振沂 |
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| 作者单位： | 福建省税务学校财会室 |
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| 摘 要： | 资本结构是筹资决策的核心问题。不同的资本结构，会带来不同的风险和成本，从而引起股票价格的变动。适当地利用负债资金．可降低资本成本，发挥财务杠杆作用，增加每股收益，促使股价上升。但当负债比率太高时，又会带来较大的财务风险，为此，公司必须权衡财务风险和杠杆利益的关系，合理确定负债数额，运用ＥＢＩＴ—ＥＰＳ分析法、比较公司价值法，以确定最优资本结构。
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| 关 键 词： | 资本结构 每股收益 财务风险 决策研究 |
| 文章编号： | 1008-7885200102-0015-04 |
| 修稿时间： | 2001-02-14 |
Probing into the Best Policy or a Company''''s Capital Structure |
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| ZHENG Zhenyi Accounting Department,Fujian Tax Administration School,Putian ,China. Probing into the Best Policy or a Company''''s Capital Structure[J]. journal of putian university, 2001, 8(2): 15-18 |
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| Authors: | ZHENG Zhenyi Accounting Department Fujian Tax Administration School Putian China |
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| Affiliation: | ZHENG Zhenyi Accounting Department,Fujian Tax Administration School,Putian 351100,China |
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| Abstract: | Capital structure plays an important part in making decisions to raise funds. The different capital structures may bring different cost or risk, and cause the fluctuation of stock price. If the liability funds are used properly, it may decrease the capital cost, keep the financial balance, increase earnings per share and make the stock price go up. When liability rates are too high, it may bring the financial risk. So a company must weigh the financial risks and interests, make sure the proper liability amount and apply the EBIT-EPS analysis method, the company value comparision method to determine the best capital structure. |
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| Keywords: | capital structure earnings per share financial risk decision research |
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