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资本结构一般是企业长期资本价值的构成及其比例关系,即长期债务资本与权益资本的构成及其比例关系。本文通过企业所得税和资本弱化防范对负债资本与权益资本选择的影响出发分析了债务资本与企业价值、财务杠杆、加权平均资本成本的关系,提出利用债务资本成本的免税作用适度的债务规模有助于实现企业价值最大化的财务管理目标,扩大财务杠杆作用,降低加权平均资本成本,但增加债务资本须考虑资本弱化防范和财务困境成本对资本结构的限制。
Capital structure is generally the composition and proportion of long-term capital value of enterprises, that is, the composition of the long-term debt capital and equity capital and its proportional relationship. This paper analyzes the relationship between debt capital and enterprise value, financial leverage, and weighted average cost of capital through the impact of corporate income tax and capital weakening prevention on the choice of debt capital and equity capital. It proposes that the use of the debt-tax cost- To achieve the goal of maximizing the value of the enterprise’s financial management, expand the financial leverage and reduce the weighted average cost of capital, but to increase the debt capital must take into account the capital weakening prevention and financial distress cost constraints on capital structure.