不对称信息下的融资决策、资本结构优化与企业价值成长

研究了企业融资决策中的资本结构、利益冲突与企业价值成长的关系。通过修正塔格特模型，深入探讨了基于企业价值成长的资本结构优化条件，并根据中国企业制度的特殊性提出了建议。研究表明，当融资债券具有税盾效应时或当企业家前期消费的边际效用与后期的非金钱支出的边际效用之比大于一个临界值时或当分配给企业家的股份超过一个临界值时，企业家会倾向于支持较高的负债率，减少非金钱支出，以此促进企业的价值成长。

Financial Decision, Capital Structure Optimizing and Enterprising Value Maximum Based on Information Asymmetry

This paper studied the relation among capital structure,interest conflict and enterprising value growth on financing decision-making.By modifying Taggart model,lucubrating capital structure optimizing based on enterprise growth.The research result shows that entrepreneur is inclined to approve higher debt ratio and reduce non-money expending for promoting enterprising growth when bond has tax defense effect or marginal utility ratio about the former period to the latter period is greater than critical value or entrepreneur's stock is greater than critical value.