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资本结构与企业价值关系研究综述.docx

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资本结构与企业价值关系研究综述 Abstract Thispaperaimstoprovideacomprehensiveoverviewoftherelationshipbetweencapitalstructureandfirmvalue.Thecapitalstructureofafirmreferstothewayitfinancesitsoperations,includingtheproportionofdebtandequityusedintheprocess.Theoptimalcapitalstructureisdeterminedbyanumberoffactorssuchasthecostofborrowing,taxbenefitsofdebt,andbankruptcyrisk.Thepaperreviewsthevarioustheoriesofcapitalstructureandhowtheyinfluencefirmvalue.Italsoexaminesempiricalstudiesthathaveexploredtherelationshipbetweencapitalstructureandfirmvalueandprovidesinsightsintothedeterminantsofcapitalstructure.Thefindingsrevealthatthereisasignificantrelationshipbetweencapitalstructureandfirmvalue,andtheoptimalcapitalstructureisinfluencedbyseveralfactorsincludingfirmsize,profitability,andindustrycharacteristics. Introduction Capitalstructureisthewayafirmfinancesitsoperations,includingtheproportionofdebtandequityusedtofunditsinvestments.Thecapitalstructureofafirmdeterminestheriskandreturnassociatedwithitsoperations,anditisanessentialcomponentoffinancialmanagement.Theoptimalcapitalstructurehelpstoreducethecostofcapitalandmaximizethevalueofthefirm.Therefore,understandingtherelationshipbetweencapitalstructureandfirmvalueiscriticalforfirmstomakethebestfinancingdecisions. Theobjectiveofthispaperistoprovideacomprehensivereviewoftheliteratureoncapitalstructureandfirmvalue.Thepaperbeginsbydefiningcapitalstructureandpresentingthevarioustheoriesthatexplainitsrelationshipwithfirmvalue.Itthenreviewsempiricalstudiesthathaveexploredtherelationshipbetweencapitalstructureandfirmvalueandprovidesinsightsintothedeterminantsofcapitalstructure.Finally,thepaperconcludesbysummarizingthefindingsandofferingsomerecommendationsforfutureresearch. TheoriesofCapitalStructure Thereareseveraltheoriesthatexplaintherelationshipbetweencapitalstructureandfirmvalue.Thefirstisthetradeofftheory,whichsuggeststhatfirmsbalancethecostsandbenefitsofdebtandequityfinancingwhendeterminingtheiroptimalcapitalstructure.Thecostsofdebtincludethei