资本结构

应用MM定理分析我国企业资本结构

Analysing the Corporate Capital Structure of China 's Enterprises on the MM 's Theorem

依据MM理论，在理想情况下的完美市场当中，企业的投资策略和资本结构无关。

According to the MM theory , in the ideal case of perfect markets , investment strategy and capital structure are irrelevance .

以MM理论为起点的资本结构理论一直着力于探讨最优资本结构的存在及决定问题。

Started with MM theory , the capital structure theory has been focusing on the existence and determination of the optimal capital structure .

结果显示不管是非ST公司还是ST公司重组的绩效并不理想，资本结构需要调整。

The result shows that the restructuring performance of ST and non-ST companies is not ideal and the capital structure needs to be adjusted .

自MM资本结构定理首次公开之后，西方学术界有关资本结构问题的研究，逐渐成为公司财务研究的重点。

The research on capital structure in the west has become one of the most critical issues of corporate finance since the MM theorem had been known .

在MM定理产生以后，资本结构问题引起了理论与实务界的广泛关注，对资本结构的研究也进入一个新时期。

After the theory of MM , capital structure in the enterprise became to be an issues question in theoretical and practical field . The study on capital structure was in a new period .

本文指出，在基于经济增加值EVA为标准的价值创造管理框架内要从公司资产配置、业务流程、资本结构以及公司治理结构等几个方面对公司进行市值管理。

The paper illustrates the value creation frame based on the EVA criterion should include the company asset allocation , business procedure , capital structure and company governance structure .

无套利均衡分析在公司理财领域的运用最早体现在莫迪格莱尼和米勒（1958）研究企业资本结构与企业价值之间关系的MM理论中。

While it is Modigliani and Miller who first use no arbitrage principle in corporate finance field to explain MM theory , which is about the relationship of firm 's capital structure and it 's value .

自1958年MM理论诞生以来，资本结构理论在经济学界引起广泛的关注，1996年度诺贝尔经济学奖同时授予在资本结构理论研究做出过杰出贡献的三位经济学家：马可维茨、夏普和米勒。

Since the birth of MM theory in 1958 , capital structure theory caused widespread concern in economic circles ; Nobel Prize in economics awarded three economists who have made outstanding contributions in the capital structure .

本部分主要用SPSS统计分析软件对我国深沪两市194家高新技术企业2000年到2004年五年的资本结构与企业业绩数据进行二次方曲线分析；

The real purpose is to build a model of our country 's high-technique enterprise 's capital structure and the enterprise 's achievements by using the SPSS statistical analysis software .

结合对会计指标的考察发现EVA并不比会计指标（EPS、ROE）在更大程度上解释了上市公司资本结构的形成；

However , the influences are not great . Further studies about accounting index discover that EVA does not explain the capital structure more efficiently than EPS and ROE .

此后，许多财务理论专家和经济学家沿着MM理论所开辟的研究路线，从不同的角度对资本结构与企业价值的关系进行了研究，取得了丰硕的研究成果。

Since then , many financial experts and economists researched the relationship between the capital structure and the enterprise value from different angles along the research route which is developed by MM theory . They made great achievements .

自MM理论开始，公司资本结构一直是理论界讨论的焦点问题，如何选择资本结构是现代经济学家反复研究的资本结构之谜。

Since the appearance of the MM theory , the issue of capital structure has generated great interests among the theoretical circle , and how to choose the capital structure is the " riddle of the capital structure " that makes modern economists study repeatedly .

以1992&2002年为观测区间，沪、深股市A股市场的所有上市公司为样本，采用FamaMacbeth方法研究我国上市公司资本结构的调整。

Using data from Chinese A-share market ( 1992 ~ 2002 ), we examined the Chinese listed companies ' capital structure changes by taking the Fama-Macbeth method .

目前对上市公司资本结构的研究主要集中在两方面：一是以MM理论为基础的资本结构主流理论，着重研究资本结构与企业价值的关系；

At present , the study on capital structure of listed company mainly is concentrated on two respects : First , the mainstream theory of capital structure , which is based on MM theory , studies the relation between the capital structure and enterprises ' value emphatically ;

Modigliani和Miller（1958）的经典文献指出公司的资本结构政策和股利政策均与公司价值无关。

In their celebrated papers , Modigliani and Miller ( 1958 ) argued that the capital structure decision and dividend policy is a matter of irrelevance , affecting neither the value of corporation nor its cost of capital .

本文认为在目前复杂多变的环境下，对JL客车的资本结构进行研究分析，优化其资本结构，从而提高公司价值和影响力，是非常必要的。

This paper argues that in the present complex and changeable circumstances , the JL Bus context of the capital structure of research , analysis , optimizes their capital structure to increase corporate value and influence .

本文通过数据分析详细刻画了中国上市公司融资行为和资本结构的特征，发现中国上市公司融资行为与G-7国家实践和西方经典公司金融理论的预期截然相反。

This paper describe the financial behavior of China listed companies clearly by data . We find that the financial behavior is totally different with the characteristics of G-7 nations and the explanations of classical corporate financial theories .

因此，企业需寻求途径以优化资本结构。

So enterprises must seek ways to optimize the capital structure .

行业收益风险、资本结构优化与资本配置效率

Industry Earnings Risk , Capital Structure Optimization and Capital Collocation Efficiency

现代企业的融资安排与公司绩效的改善&兼论我国国有企业资本结构的重整战略

Financial Arrangement of Modern Enterprises and the Improvement of Corporate Performance

企业资本结构对宏观政策的动态适应性分析

An Analysis of Dynamic Adaptability of Capital Structure to Macroeconomic Policy

如何达到最佳的资本结构，是公司理财中需要面对的首要问题。

Capital structure decision is an important issue of corporate finance .

政府所有权对资本结构也有一定的影响。

Public ownership was found to have influence on capital structure .

节税收益、破产成本与最优资本结构

Tax Shield , Bankruptcy Cost and the Optimal Capital Structure

融资结构包括资本结构、权结构和负债结构。

Financing structure includes capital structure , equity structure and debt structure .

国际R&D竞争、资本结构与战略性贸易政策

International R & D Rivalry , Capital Structure and Strategic Trade Policy

企业资产证券化与资本结构优化初探

The Pilot Study of Corporate Asset Securitization and the Optimal Capital Structure

企业资本结构制度分析与调整

Analysis and Adjustment to the System of Business Capital Structure

因此，每个企业都会观注本企业的资本结构。

So , every firm should make much of firm capital structure .