企业筹资的资本结构分析

本文从传统的资本预算模型出发，导出了企业筹资的资本结构模型。文中进一步研讨了考虑已有债务、自有资本的边际成本、实际边际资本成本、闲置资本和企业所得税的情况，该模型的不足和适用范围，以及债务资本的各种资金成本率。并举例说明了企业筹资时模型决策的具体应用。

An Anlysis of Capital Structure in Firm''''s Fund-raising

This paper deduces a capital structure model of fund-raising which is based on the traditional capital budgeting model. It is studied on the condition of debt-existing, the marginal cost of equity, the actual marginal cost of capital, idle capital, the corporate income tax, the lack and the extent of the model, and the various cost rates of debt. The sample presents the application of the decision-making of the model in a firm's fund-raising.