(一)经营风险、资本结构波动与企业价值之间的关系1.资本结构波动及其诱发机理。理论上说,企业处于最优资本结构时,企业价值最大;但在实务中,宏观和微观各种影响因素导致企业实际资本结构持续发生变动。资本结构波动受两大条件影响。一是增量资本,如果企业一段时期内资本总量不发生变动,则资本结构变动的可能性比较小;一旦发生资本总量调整,企 (A) the relationship between business risk, capital structure fluctuations and corporate value 1. Capital structure fluctuations and induced mechanism. In theory, enterprises are in the optimal capital structure, the greatest corporate value; but in practice, macro and micro factors affect the actual corporate capital structure continues to change. The fluctuation of capital structure is affected by two major conditions. First, incremental capital, if the total amount of capital does not change during a period of enterprise, the capital structure is less likely to change; once the total amount of capital adjustment,