目标资本结构

目标资本结构确定与经理人行为模式

Target Capital Structure and the Behavioral Aspects of Manager

权衡理论认为企业存在目标资本结构。

The dynamic trade-off theory argues that firms do have a target capital structure .

它应当是企业的目标资本结构。

It should be the goal of the enterprise capital structure .

此外，企业竞争力越强，向目标资本结构调整速度越快。

The more competitive the company is , the faster adjusting speed of capital structure is .

经理人在确定目标资本结构的过程中面临较高的确定成本；

The decision cost is high ;

目标资本结构的确定探析

On defining target capital structure

公司在向目标资本结构调整的过程中，调整速度受到公司自身因素和宏观经济环境的双重影响。

The speed of capital structure adjustment was influenced with firm-specific characteristics and macroeconomic conditions during the adjustment process .

目标资本结构组合是公司一定时期计划拥有的融资组合。

Target capital structure mix is the mix of financing sources that the firm plans to maintain through time .

另外，通过实证检验，本文还分析了其他公司特征因素对目标资本结构和调整速度的影响。

Furthermore , the article also empirically tests how the other firm characteristics effect on optimal capital structure and adjustment speed .

另外，公司层面特征变量对实际资本结构决定和对目标资本结构的拟合也具有显著作用。

In addition , the company level characteristic variables play an important role on the actual capital structure and the target capital structure .

实证结果表明，实际资本结构与目标资本结构的差距、企业规模对调整速率具有显著的影响。

The findings are that the gap between the firm 's actual and its target debt ratios and firm size have remarkable effect on the adjustment speed .

大型规模企业的信贷获得能力强，向目标资本结构调整的速度更快，而对信贷成本的关注度相对较低。

Large size companies have higher ability to gain credit fund and adjust quicker to their target capital structure . However , they have lower attention to interest rate .

再次，采用一元线性回归模型来检验中小企业板上市公司是否存在目标资本结构，得出了肯定的结论。

Thirdly , we used a uni-linear regression model to verify whether the enterprises listed on SMEs board have an optimal capital structure , and the answer is yes .

由于资本市场的不完善，导致调整成本很高，使得部分上市公司长期偏离其目标资本结构。

The adjustment cost is large due to the imperfection of the capital market , which leaves some companies depart from their target capital structure for a relatively long period .

本文从行为金融学角度对我国上市公司经理人在目标资本结构确定过程中可能采行的三种行为模式（羊群行为、追随领头人行为和拍脑袋行为）进行了分析。

S : This paper investigates three possible behaviors ( herding , following the leader and patting head ) which the managers may adopt in deciding the target capital structure from the viewpoint of behavioral finance .

回答了诸如不同支付方式对并购双方的风险与收益的影响，以及企业目标资本结构与融资方式选择的关系。

Answers are put forward to resolve the questions of how payment methods influence the risks and gains of shareholders of both acquiring and acquired companies , and the relationship between the company 's target capital structure and financing methods .

然而，资本结构理论也并不是用来解释实际可观测的资本结构之间的差异，而是来解释不同公司间的最优资本结构，即目标资本结构之间的差异。

However , capital structure theory is not actually used to explain the observed differences among the capital structure , but to explain the differences among the optimal capital structure in the company , that is the differences among the target capital structure .

在保持目标资本结构的前提下，尽可能利用留存收益来满足投资所需要的权益资本，这将有助于企业选择资本成本最低的筹资方式，从而实现企业价值最大化的目标。

On the premise of keeping goal capital structure , meeting rights and interests advantage needed to make the investment to come to utilize will help enterprises choose the lowest fund-raising of the capital cost , thus realize the goal of the maximum of enterprise value .

公司治理的目标和资本结构优化的目标具有内在一致性，都是为了使企业的价值最大。

The goal of corporation governance and the goal of capital structure have inherent continuity . Both of them are maximizing the corporation value .

文章通过研究财务管理目标与资本结构理论的关系，对如何优化企业资本结构问题进行了探讨。

The article researches the relationship between financial management target and funds structure theory , then explores how to optimize funds structure of an enterprise .

理论方面，本文介绍了代理成本理论、权衡理论、控制权理论、激励理论，并且讨论了目标最优资本结构的确立和判定方法。

This paper introduces the theory , agency cost theory , trade-off theory , control theory , motivation theory , and discusses the goal of optimal capital structure establishment and judgement method .

最后，分析了公司治理结构对企业财务目标、资本结构、投资政策、股利政策的影响，指出健全的公司治理结构是作出正确财务决策的关键。

Last , the paper analyses that corporate governance influence the financial target , investment policy and dividend policy etc. and renders perfect corporate governance structure is the key to work out accurate financial decision-making .

知识经济时代，现代企业财务管理必须适应知识经济发展的要求，从理财观念、管理目标、资本结构的认识、风险管理方法以及分配方式等方面进行根本的转变，以保证企业财务目标的实现。

At knowledge economy age , with the rapid development of modern knowledge economy , people in the financial field must change their ideological conception in managing money , managing goal , capital structure , risk management in order to meet the demands of modern society and economy .

财务管理目标与企业资本结构优化

The Objective of Financial Management and the Optimization of Enterprise Capital Structure

企业资本结构的目标是研究企业资本结构问题的逻辑出发点。

The goal of capital structure , which is the logic starting point of studying the capital structure , is the beginning of this dissertation .

从企业筹资行为看，企业围绕经营目标所形成的资本结构是企业作出筹资决策的主要影响因素。

From enterprises ' perspective , the capital structure , which has been established in the light of business objectives , will influence the enterprise 's decision-making on capital financing to a large extent .

本文针对企业的发展做了深入探讨：公司上市策略及其达到的目标股本结构和目标资本结构；

The paper deeply discusses its development : its policy of entering stockmarket ; its target capital stock structure and target capital structure ;