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长期债务与权益资本的组合形成了企业的资本结构,权衡债务的收益和风险,实现合理的目标资本结构,实现企业价值最大化是资本结构的决策内容。资本结构决策是企业融资决策的核心问题,它直接决定企业融资方式的选择及各种融资方式所占的比重,从而影响股东、债权人等相关利益主体对企业控制的程度。随着我国上市公司日益成为我国经济运行中一个重要组成部分,对上市公司资本结构影响因素的研究,不仅有利于企业自身价值最大化,同时对推动国内经济理论与国际研究同步,健全和完善我国的资本市场体系都具有重要的意义。
The combination of long-term debt and equity capital has formed the capital structure of the enterprise, which weighs the proceeds and risks of the debt, achieve a reasonable target capital structure and maximize the corporate value is the decision-making content of the capital structure. Capital structure decision-making is the core issue of corporate financing decision, which directly determines the choice of financing methods and the proportion of various financing methods, thus affecting the stakeholders, shareholders and other stakeholders to the extent of corporate control. As China’s listed companies are increasingly becoming an important part of the economic operation of our country, the study on the influencing factors of the capital structure of listed companies not only helps the enterprises maximize their own value, but also promotes the synchronization of domestic economic theory and international research, and perfects and perfects our country The capital market system is of great significance.