摘要
資本結(jié)構(gòu)對企業(yè)的經(jīng)營至關(guān)重要，隨著現(xiàn)代企業(yè)制度的建立和資本市場的發(fā)展，經(jīng)濟全球化的進(jìn)程的推進(jìn)，資本結(jié)構(gòu)是否合理，將直接關(guān)系到企業(yè)能否獲得國際投資者的信任、能否在國際市場競爭中取得良好的經(jīng)營業(yè)績和長遠(yuǎn)發(fā)展。
本文在分析長客企業(yè)資本結(jié)構(gòu)的現(xiàn)狀的基礎(chǔ)上提出了優(yōu)化資本結(jié)構(gòu)的對策。按照資本結(jié)構(gòu)理論，由于負(fù)債的節(jié)稅效果，適度的負(fù)債對于企業(yè)降低籌資成本具有財務(wù)杠桿效應(yīng)，一定比例的負(fù)債可以降低企業(yè)的綜合資本成本；并且從理論上講，以股東財富最大化為目標(biāo)的上市公司在籌資戰(zhàn)略決策上必然以追求最優(yōu)資本結(jié)構(gòu)為前提。然而縱觀我國上市公司的資本結(jié)構(gòu)，結(jié)果并非如此，根據(jù)有關(guān)資料分析，我國深滬兩地的上市公司的資產(chǎn)負(fù)債率歷年低于全國企業(yè)的水平，從負(fù)債結(jié)構(gòu)來看，我國上市公司更不盡合理。
關(guān)鍵詞： 資本結(jié)構(gòu) 負(fù)債 財務(wù)杠桿效應(yīng)

Abstract
Capital structure plays a major role in operation and management of an enterprise. With the establishment of modern enterprise system, the development of capital market and the advancement of economic globalization, the rationality of capital structure would lead to directly the acquisition of the trust of international investor and favorable business performance and long-term development in global market competition.
This paper, based on the information concerning the current situation of Changchun Railway Vehicles Co., Ltd. (CRC), proposes some strategy in optimizing capital structure. According the theory of capital structure, due to the effect of debt in tax saving, moderate debt would work as lever in reducing cost of raising funds. Appropriate proportional indebtedness would reduce composite cost of capital of a corporation; theoretically, the prerequisite of listed companies whose goals are maximizing the wealth of stockholders is bound to seek to the optimal capital structure. Nevertheless, after reviewing the capital structure of listed companies in China, we find eventually that the result is not so. According to a number of pertinent data, the asset-liability ratio of some listed companies in China is lower than other national enterprises; in addition, judged by liability composition, listed companies in China are also not reasonable.
Key words: Capital structure debt effect of debt