企业最优债务融资量与债务期限结构稳定性分析

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1、企业最优债务融资量及债务期限结构稳定性研究ABSTRACTDebtfinancingisanimportantcontentofthefinancingdecisionsforaenterprise,aswellasthecorecontentofthemodernmicroscopicfinancialsystemandcorporatefinance.Thenumberoffinancinghasacloselyrelationshipwiththebusinesscapitalontheissueofsustainability.Theenterprisecanpredictthesiz

2、eoffuturecashflowsbyoptimizingthedebtfinancingstructuretodeterminetheoptimalnumberoffinancing,sothatthestabilityofthecapitalchaincanbeprotectedinmaximumdegree.Forthecapitalmanagementandcashflowmanagementofaenterprise,howtodeterminetheoptimalnumberofdebtfinancinginthefinancialdecisionandthestabilityo

3、fenterprise'sdebttimestructureintheinvestmentandfinancialdecisionbothhaveanimportantpracticalandtheorysignificance.Basedonthepreviousresearchresults,thepricingoftheenterprisevalue,theoptimalnumberofdebtfinancingintheoptimalcapitalstructureconsideringtheenterprisevaluemaximizationandfinancingcostsmin

4、imization,thestabilityofenterprise'sdebttimestructurehavebeenresearchedinthispaper.Theconcretecontentincludesthefollowingseveralaspects:Basedonconsiderationoftheenterprisefuturebusinessgrowthandtheinternalstructureoftheenterprisevalue,theaddedenterprisefuturevaluehasbeenpricedaccordingtoBlack-Schole

5、soptionpricingmodelandrealoptiontheory.Theenterprisevaluemodelconsideringtheaddedenterprisefuturevaluehasbeenestablishedincludingtheequityandbondvalue.Finally,theeffectivenesshasbeenverifiedaccordingtotheexample.Accordingtotheenterprisevaluemodel,theexistenceofthemaximizationofenterprisevaluehasbeen

6、verifiedafterthemodelhasbeendeducedaccordingtotheextremumvaluetheory.Theoptimalnumberofdebtfinancingmodelhasbeenestablishedundertheoptimalcapitalstructureofenterprisesafterwards.Meanwhile,consideringtheminimizationfinancingcostproblemandthecomprehensiveoptimalnumberofdebtfinancingmodel,theresultprov

7、idesthecorrespondingreferencefortheenterprise'sdebtfinancingdecision.Accordingtothedifferenttheoreticalperspectiverelatedwiththefinancingstructure,thecorrespondingindexsystemhasbeenestablishedaccordin