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现代公司融资理论认为,企业的资本结构至少要受三方面因素影响:一是所处体制环境;二是所处行业特点;三是企业自身特点。而且西方资本结构理论是以有效的资本市场为条件,最优资本结构是由企业根据市场环境等因素确定的。我国国有企业资本结构形成具有体制性原因,改善和形成最佳资本结构,首先应从体制改革方面加以研究,其目的既是为了推进改革进程,同时也是为最终实现企业决策资本结构目标。
Modern corporate finance theory believes that the capital structure of enterprises at least subject to three factors: First, the institutional environment in which it is located; Second, the characteristics of the industry; Third, the characteristics of their own enterprises. Moreover, the theory of western capital structure is based on the effective capital market. The optimal capital structure is determined by the enterprises according to the market environment and other factors. The formation of the capital structure of state-owned enterprises in our country is of an institutional reason. To improve and form the optimal capital structure, firstly, we should study it from the perspective of system reform. The purpose of this study is both to promote the reform process and to finally realize the objective of the enterprise's decision-making capital structure.