摘要
企业资本结构不仅影响到企业的投资报酬率、财务风险和企业治理,而且与企业的价值密却相关。本文阐述了由于资本结构效应和代理成本的存在,内涵型和外延型两种投资决策与企业资本结构的关系,研究了在宏观法律制度和微观代理矛盾的共同作用下,高负债型企业和高权益型企业的投资行为及其资本结构效应。
Capital structure affects pay rate of the business investment, financing risk and business administration. It is also closely related to the business value. This paper expatiates the relations between the interior dilation-oriented and exterior dilation-oriented investment strategies and the business capital structure due to the existence of the domino effect of capital structure and the surrogate cost. Besides, it studies the investment behavior of the high-debt-rate businesses and the high-rights-and-interests businesses as well as the domino effect of the business capital structure under the influence of the contradiction of macro legal system and the micro surrogate.
出处
《昆明理工大学学报（社会科学版）》
2003年第3期54-57,共4页
Journal of Kunming University of Science and Technology(Social Sciences)
关键词
资本结构
委托代理
博弈
投资决策
capital structure
entrusted surrogate
game
investment decision-making
