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资本结构与企业价值之间究竟有关无关?资本结构的核心与本质到底是什么?本篇以债券价值为资本结构变量的企业价值方程和加权平均资本成本方程为工具,研究得出:在不考虑财务风险和代理成本的情况下,“利差收益”、“抵税收益”是负债资本结构中最为本质的东西。不管是否考虑企业所得税,直线上升、直线走平(即MM理论所说的资本结构与企业价值无关)、直线下降是增加负债对企业价值影响的三种形态。而曲线下降、直线走平、曲线上升则是增加负债对企业加权平均资本成本影响的另外三种形态,这些结论使困扰西方经济学家半个多世纪的资本结构之迷大白于天下。
What is the relationship between capital structure and enterprise value? What is the core and essence of capital structure? In this paper, using the enterprise value equation of bond value as the capital structure variable and the weighted average cost of capital equation as a tool, Financial risk and agency costs, “spread income ”, “tax return ” is the most essential thing in the debt capital structure. Regardless of whether the enterprise income tax is taken into consideration, the straight-line rise and the straight-line take-off (ie the capital structure mentioned by MM theory has nothing to do with the enterprise value). The straight-line decline is the three forms that increase the impact of the liability on the enterprise value. The decline of the curve, the straight line and the rise of the curve are the other three forms that increase the impact of the debt on the weighted average cost of capital. These conclusions make the capitalists confused the western economists more than half a century in the world.