资本结构管理

刍议中国上市公司资本结构管理

Management of Capital Structure in Listed Companies of China

国际市场上出现了整合资本结构管理与风险管理的趋势，资本结构管理与风险管理整合起来研究已成为不可避免的趋势。

In the international market , there is a trend of integration of capital structure management and risk management .

企业法人控制权竞争中的负债融资行为研究&基于资本结构管理控制理论的分析

Study On Debt Financing In Competition of Enterprise Legal Person Control & Analysis Based On Capital Structure Management Control Theory

资本结构管理是公司财务管理的一个重要方面，它将影响公司价值、治理结构、经营管理效率等许多方面，因此有必要对我国上市公司的资本结构进行深入研究。

The capital structure management is an important item of the modern corporation financial management . It can influence the market value , corporate governance and management efficiency of the corporations .

与传统的资本结构管理观点相比，保守的财务政策更加注重获得财务灵活性以防范风险和捕捉未来的投资机会，是一种崭新的资本结构管理的观点。

Compared with the traditional view of capital structure management , the conservative financial policy , a brand new conception thereof , pays more attention to obtaining financial flexibility to be on guard against risks and embrace future investment opportunities .

资本结构管理控制学派认为在公司管理者持有很少股份或没有股份时，面对约束、激励、接管和破产，会通过融资行为固守职位并最大化自身效用。

According to the managerial model of capital structure , when managers hold few or no share of their corporation , they would strengthen their position and maximize their own utility by financing activities while they were in constraint , incentive , takeover or bankruptcy .

在研究资本结构与管理层激励的文献中，学者们的研究思路主要有两种：将管理层激励视为资本结构的一个决定因素；

There are two views during the literature that study capital structure and managerial incentives .

实证结果表明，资本结构、管理者利益侵占与公司业绩三者之间存在相互影响关系。

Its empirical results indicate that there exist interactions among capital structure , manager expropriation and firm performance .

资本结构对管理者利益侵占行为产生显著的正向影响，这表明负债融资不能抑制管理者的利益侵占行为；

Capital structure has a significant positive influence on manager expropriation , which means leverage can not restrain managers from expropriation behavior .

但是，如何确定最佳资本结构仍是财务管理中的一大难题。

This paper interprets the reason of the existence of the best capital structure from theories of financial crisis cost and agency cost .

现在重要的是做好民营银行的框架设计规定，其主要内容包括地区选择、资本结构和分级管理三个方面。

At present , focus should be put on the framework design for private banks , which includes area selection , capital structure and management at different levels .

为适应知识经济发展的要求，企业财务管理要从管理目标、融资内容、资本结构、风险管理方法、财务分析以及分配方式等方面进行创新；

For satisfying the requirements of knowledge economy development , the financial management of enterprise should have a series of innovations in such aspects as management target , financing contents , capital composition , risk management method , financial analysis , and distribution manner , etc.

论文最后总结了通过对RD研究所人力资本和结构资本的管理变革实施，会显著提升企业的知识创造、转移和共享的水平，即具备无可替代的核心的竞争能力，使得企业能够完成其战略目标。

The conclusion part tells that the implementation of human capital and structural capital improvement plan will promote the enterprise capability in knowledge creation , transfer and sharing , which is irreplaceable core competence .

上市公司资本结构的选择与管理绩效&基于代理理论的思考

Listed Company Capital Structure and Management Achievement

对民营银行的框架设计主要包括以下内容：市场定位、设立地区选择、资本结构规定和分级管理问题。

The design of civil bank includes : market location , setting area choosing , capital structural stipulation and management in different problem .

企业资本结构作为企业财务管理一个重要方面，总是受各种不同因素的影响，在不同国家不同地区有不同的影响因素。

As an important aspect of financial management , Capital structure always affected by various factors and it diff from different countries and different regions .

但由于民营企业的家族式资本结构、家族式管理模式及民营企业主素质不高等原因，导致了当前不少民营企业的人本管理还处于缺失状况。

However , familial capital structure , familial managing mode and low quality of the private enterprisers caused the lack of the human-oriented management in present private enterprise .

除此之外，企业还应优化资本结构设置，提升管理水平，控制财务风险，不断增强研发能力。

In addition , the enterprise should also optimize the capital structure , enhance the level of management and control financial risks , continue to strengthen research and development ability .

后资本结构理论的形成与发展&资本结构管理控制理论及其验证

Theory of post Capital Structure : Formation and Development

作为后资本结构理论的代表性流派之一，资本结构管理控制学派是在新资本结构理论走向式微，公司控制权市场发展到顶峰阶段的背景下崛起的。

As one of the representative schools of Post-theory of Capital Structure , Managerial Model of Capital Structure grows up while the Neo-theory of Capital Structure is diminishing and the market for corporate control is developing to its zenith .

当前、企业知识资本管理主要集中在人力资本、关系资本和结构资本的管理上；

At present , this management in enterprises concentrates on the personnel , relationship and structure .

最后，本文根据实证分析的结论和我国资本市场的现状，对加强我国企业资本结构问题的微观管理和宏观政策方面提出了一些建议和对策，具有一定的现实意义

Finally , the paper brought forward some suggestions and countermeasures about enhancing the micro economic management of capital structure and macro economic policy according to the conclusions from empirical study and the situation of capital market in our countries , all these things are valuable in realistic application

从根源上理解不同企业资本结构形成差异的原因，对于企业决策者在不同的社会环境下动态地进行资本结构管理和优化，以及政府扶持企业发展、优化筹资环境都是至关重要的。

To primarily understand the discrepancy of capital structures among different firms is important , not only for decision maker to manage and optimize capital structure dynamically under different social environment , but also for government to support enterprise and optimize financing environment .