企业最优债务融资量及债务期限结构稳定性研究

发布时间：2018-06-07 01:50

本文选题：企业价值 + 债务融资　；参考：《南京航空航天大学》2013年硕士论文

【摘要】：债务融资是企业进行融资决策时的重要内容，也是现代微观金融体系与企业金融的核心内容之一。债务融资数量的多少密切关系到企业经营资金上的可持续性问题，通过优化企业的债务融资结构，确定最优的融资数量大小，可以辅助企业预测未来现金流的大小，最大程度的保障企业资金链的稳定性。因此，如何确定企业融资决策时所需确定的最优债务融资数量、如何在企业进行投融资决策时判定企业债务期限结构的稳定性对于企业的资金管理以及现金流管理均具有重要的现实意义与理论意义。本文基于前人的研究成果，对企业价值的评估、同时考虑企业价值最大化以及融资成本最小化时的最优债务融资数量以及企业债务期限结构的稳定性做了进一步的研究。具体内容包括以下几个方面：（1）从企业价值的内部结构出发，考虑企业未来经营的成长性，根据Black-Scholes期权定价模型以及实物期权理论对企业未来价值增值进行了定价。同时考虑权益价值与债券价值的大小，构建了考虑未来价值增值的企业价值模型，并根据实例验证了模型的有效性。（2）根据企业价值模型，利用极值理论对企业价值模型进行了推导，验证了企业价值最大化的存在性，，据此构建了最优资本结构下的企业最优债务融资数量模型。同时考虑融资成本最小化的决策因素，从而根据最优债务融资数量模型为企业进行的债务融资决策提供了相应的参考依据。（3）根据融资结构内容相关的不同理论视角，对影响企业债务期限结构稳定性的因素构建了相应的指标体系，利用灰色关联极大熵权重模型确定相应的指标权重，从而对企业的债务期限结构的稳定性进行了度量，为债务企业或债权企业的融资或投资决策提供了相应的理论依据。
[Abstract]:Debt financing is not only an important part of enterprise financing decision, but also one of the core contents of modern micro financial system and enterprise finance. The amount of debt financing is closely related to the sustainability of business capital. By optimizing the debt financing structure of enterprises and determining the optimal amount of financing, it can help enterprises predict the size of future cash flow. To the greatest extent to ensure the stability of the corporate capital chain. Therefore, how to determine the optimal amount of debt financing needed when enterprises make financing decisions, How to determine the stability of corporate debt maturity structure when enterprises make investment and financing decisions has important practical and theoretical significance for the management of capital and cash flow. Based on the previous research results, this paper makes a further study on the evaluation of enterprise value, considering the optimal amount of debt financing and the stability of corporate debt maturity structure when the enterprise value is maximized and the financing cost is minimized. Specific elements include the following: 1) based on the internal structure of enterprise value and considering the growth of enterprise's future operation, this paper puts forward the pricing of enterprise's future value increment according to Black-Scholes option pricing model and real option theory. At the same time, considering the value of equity and bond, the enterprise value model considering the value increment in the future is constructed, and the validity of the model is verified by an example. 2) according to the enterprise value model, the paper deduces the enterprise value model by using the extreme value theory, verifies the existence of the enterprise value maximization, and constructs the optimal debt financing quantity model of the enterprise under the optimal capital structure. At the same time, the decision factors of minimizing the financing cost are taken into account, and the optimal debt financing quantity model provides the corresponding reference basis for the debt financing decision of the enterprise according to the optimal debt financing quantity model. According to the different theory angle of financing structure content, this paper constructs the corresponding index system for the factors that affect the stability of the debt maturity structure, and uses the grey correlation maximum entropy weight model to determine the corresponding index weight. Thus, the stability of debt maturity structure is measured, which provides a theoretical basis for the financing or investment decision of debt enterprises or creditor's enterprises.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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