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在资本结构的“馅饼模型”中,经济实体的价值由负债的市场价值与所有者权益的市场价值构成。白痴也会说,经济实体的管理层的目标是竭力使实体增值,而实体增值的前提是:管理层要选择使实体价值最大化的负债—权益比。两个极端的负债—权益比的实体是人们常见的。一是负债无穷大,权益却为零,比如财政部;二是权益无穷大,负债却为零,比如央行。财政部实体负债极其简单,当财政赤字时一只手发国债,另一只手则向央行借款。2003年10月23日国务院向全国人大常委会提交的《关于规范处理1995年以
In the “pie model” of capital structure, the value of the economic entity consists of the market value of the debt and the market value of the owner’s equity. An idiot would also say that the goal of the management of the economic entity is to strive to add value to the entity, while the value added of the entity is based on the management’s choice of a liability-equity ratio that maximizes the value of the entity. The two extremes of debt-equity ratio entities are commonplace. First, the indebtedness, rights and interests are zero, such as the Ministry of Finance; Second, unlimited rights and liabilities, but the debt is zero, such as the central bank. Treasury bonds are extremely simple, with one hand issuing the national debt when the fiscal deficit is in hand and the other hand borrowing money from the central bank. On October 23, 2003, the State Council submitted to the Standing Committee of the National People’s Congress "