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资本结构指在企业长期财务结构中,负债与权益的相关混合比例。严格地指与企业经营所需的永久性或长期性资本相关。现代财务理论的资本结构之谜主要研究两个问题:1.能否通过改变负债与权益结构的比率来增加或减少该企业有价证券的市值;2.什么因素决定了最佳资本结构,从而使企业市场价值最大化和资本成本最小化。这里政府是筹投资双方市场交易中不请自来的第三者,利用税收来改变双方的利益分配格局。本文首先介绍负债的税收抵减价值,即M&M公司税模型,再通过权衡模型对负债运用限制做些分析,讨论影响负债融资的各种因素。一、负债的税收抵减价值现代资本结构理论以莫迪格利安尼和米勒的M&M资本结
Capital structure refers to the long-term financial structure in the enterprise, the debt and equity related to the mixed ratio. Strictly refers to the permanent or long-term capital required for business operations. The capital structure puzzle of modern financial theory focuses on two questions: 1. Whether it can increase or decrease the market value of the securities of the enterprise by changing the ratio of debt to equity structure; 2. What factors determine the optimal capital structure so that To maximize the market value of the enterprise and minimize the cost of capital. Here, the government is an uninvited third party in the market transactions between investors and investors, and uses tax revenue to change the pattern of interest distribution between the two sides. This paper first introduces the tax-deductible value of liabilities, that is, the M & M corporate tax model, and then analyzes the restrictions on the use of liabilities through a trade-off model to discuss various factors that affect debt financing. First, the debt tax debt value Modern capital structure theory to Modigliani and Miller M & M Capital Results