A study on the capital rationing decision-making under the optimum capital structure 企业最佳资本结构下资本限量决策研究&构建资本限量投资组合优化模型
The author analyses the condition that can help singly investment pattern reach to Ln-optimun capital combination, and demonstrate the average profit is maximum of Ln-optimun investment combination in both independent and stable market pattern and its advancing toward optimum gradually. 分析单周期投资模型达到Ln最优资产组合的条件,得到序列投资模型中,独立市场、平稳市场模型的Ln最优投资组合的平均获利最大、渐进最优性质。
The research of relation between accumulation and consumption is actually the question that concerns whether capital is in the optimum level of accumulation, the research of dynamic efficiency has just offered a concrete judge standard for the optimum accumulation problem of capital. 这种积累与消费关系的研究实质上也就是一个考察资本最优积累水平的问题,动态效率的研究正是为这种资本的最优积累提供一个具体的判别标准。
Effects of the pond size, labour force and capital investment on total production in freshwater fish farming are analysed in detail, and suggestions are made as to the optimum scope and overall management of a fish farm. 具体分析了淡水池塘养殖生产中鱼池面积,劳动力与资金投入对总产量的影响程度,并提出了最佳综合养殖措施组合方案和养殖的最佳经营规模。
In addition, the thesis studies the optimum contract which can incent and restrict venture capitalists to make their best efforts for the venture capital, and concludes that when the risk-neutral venture capitalists are endowed with residual claim rights, the optimum incentive contract can bring into effect. 其次,本文研究了激励约束风险投资家人力资本做出最优努力的最佳契约安排,认为如果赋予风险中性的风险投资家剩余索取权,最优激励契约便可实施;
To practice the finance strategy management in the enterprise is the powerful weapon for the carrying out capital management effectively, realizing the optimum resource configuration and insuring the maximum value. 实行财务战略管理是现代企业有效开展资本经营、实现资源优化配置、确保价值最大化的有力武器。
At last, we can conclude the necessary condition for China capital account liberalization that is the countermeasure preventing the financial crisis, and also the optimum opening pattern and sequence. 最后得出中国要进行资本项目开放,所必须具备的先决条件,也就是防范诱发金融危机的对策,以及资本项目开放本身要注意的模式和顺序选择。
The capital structure theory mainly studied on the relationship of the capital structure and corporate value, and its key question is how to confirm the optimum capital structure in order to improve the corporate value. 资本结构理论研究的主要内容是资本结构与企业价值的关系,其核心问题是如何确定最优资本结构,以提高企业价值。
Based on the dynamic relationships between foreign capital and domestic savings, we propose that it is important to improve the efficiency of using foreign capital in order to achieve the optimum adjustment of the over-lapping capital inflows. 同时,结合我国储蓄与外国资本流入关系的动态变化,认为我国在引入外资过程中,更应注重对外资的利用效率,从而实现跨期资本流入的最优调整。
The optimizing capital structure research is a hot area in financial management theory, whether is the existence of optimum capital structure? 资本结构优化问题是财务管理理论研究中的一个热门话题,最优资本结构是否存在?
Companies should weigh the debt tax shield and financial difficulties cost while arranging the structure of capital, make the structure of capital reach the optimum state, promote and perfect the administration structure. 在安排资本结构时要合理地权衡债务税盾和财务困难成本,使资本结构达到最优状态,并促进完善治理结构。
But according to the mainstream theory of modern capital structure, optimum finance sequence is inside finance, debt finance and equity finance. 而且按照现代资本结构的主流理论,企业最优的融资顺序是内源融资、债务融资、股权融资。
The results reveal that there is high trade cost in dynamic adjustment of capital structure of Chinese listed companies, which prevents the capital Structure of Chinese listed companies from being adjusted to the optimum capital structure. 实证检验了中国上市公司资本结构影响因素和调整速度影响因素,实证研究表明我国上市公司的资本结构存在调整成本,这是我国上市公司的资本结构会产生偏离最优资本结构的原因。
The article studied the eight issues which concerning agricultural mechanization in China. They are as follows: 1. Capital accumulation and optimum project for investment. 本文探讨制约中国农业机械化的八个问题:一、资金积累与投资最优方案问题;
In the development of the West, roles of fund-raising through capital market and optimum distribution of resources should be played sufficiently and effectively. 在西部大开发中,应当充分有效地发挥资本市场融资和优化资源配置的作用。
In mixed economy, the government can raise the marginal productivity by increasing public capital, so as to promote a continuous economic development under its optimum condition. 在混合经济中,政府可以通过公共资本的增加来提高私人资本的边际生产力,促使经济在最优状态下实现持续增长。
The multilevel capital market is the optimum means to solve the financing problem faced by high-tech firms. This market can meet the capital need for such firms to the greatest extent and promote high-tech achievement transformation. 多层次的资本市场是解决高新技术企业融资难问题的最佳手段,且能够最大限度地满足高新技术企业的资金需求,更好地促进高新技术成果转化。
The study shows that the input of finance capital and human capital is relevant to transaction fee and arrangement of rights and has an optimum extent; 研究结果表明,各种资本在企业的投入量与交易费用的存在和产权界定系数相关,并有一个最优的配置规模;
Chapter Three studies the static and dynamic capital in raising money. Ways to solving the problems are to set up an optimum capital structure in the purpose of decreasing the cost of long-term capital, and meanwhile assure the flowing of short-term capital. 第三章研究筹资中的静态风险和动态风险,解决的办法是建立最优资本结构以降低长期资本成本,合理确定短期资本的流动性;
At the same time, capital market developing rapidly, it as enterprise harmony set the effective place promoted funds optimum resource allocation in the flow of production factor in economic development, plays an important role. 与此同时,资本市场迅速发展,它作为企业融集资金的有效场所促进了资源的优化配置与生产要素的流动,在经济发展中具有重要作用。
The total of Fictitious Capital is increasing constantly and the risk of which conformed that the optimum as well as the malignancy of the Fictitious Capital and the real economy are interactive and co-figurative. 这充分显示了随着虚拟资本总量不断增加和风险的不断积聚,虚拟资本与实体经济的良性和恶性互动并存。
Then, the current situation of the capital structure of listed company in China, the current situation of industrial competition, and the current situation of the industrial competition influencing the optimum capital structure of listed company are analyzed. 接着,本文对我国上市公司资本结构现状、产业竞争现状以及产业竞争对上市公司最优资本结构影响的现状进行了分析。
It is more familiar for people that capital operation is a kind of methods which makes publishing enterprises achieve most optimum distribution of resources and expansion of capital value. 资本运营作为一种实现出版企业资源优化配置、价值增值的手段,渐渐为人们所熟悉。
For that reason, encouraging human capital investment, increasing human capital stock level and promoting the free flow of human capital are important conditions for optimum allocation of human capital which provides important guarantee for economic growth. 因此,鼓励人力资本投资,提高人力资本存量水平,促进人力资本自由流动是实现人力资本优化配置的重要条件,而人力资本的优化配置是实现经济增长的重要保证。
On this basis, The author considers that the object of optimizing the capital structure of listed companies should be achieving the optimum of the value of company. 以此为基础,笔者认为,上市公司融资结构优化的目标,应该是实现企业价值最大化。