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构建了不同债务期限下企业财务治理结构对公司价值影响的经济学模型,模型显示,最优财务杠杆与任意债务期限的风险性公司债券价格相关,企业最优财务杠杆依赖于企业债券期限。由于我国现行资本市场制度的不完备性,照搬市场经济发达国家的做法是不现实的,因此,必须根据我国上市公司股权结构自身特点,做出合理的债务结构安排,以优化我国公司的财务治理结构,提高公司价值。
An economic model of the influence of corporate financial governance structure on corporate value under different debt durations was constructed. The model shows that the optimal financial leverage is related to the risk corporate bond price of any debt maturity, and the optimal financial leverage of an enterprise depends on the maturity of corporate bonds. Due to the inadequacy of China’s current capital market system, it is unrealistic to copy the practices of market economy developed countries. Therefore, according to the characteristics of the ownership structure of listed companies in China, reasonable debt structure arrangements must be made to optimize the financial governance of Chinese companies. Structure, improve company value.