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1、摘要本文主要采用博弈論和最優(yōu)化方法，對企業(yè)資本結(jié)構(gòu)的以下幾個理論問題進行研究:.r1)企業(yè)資本結(jié)構(gòu)與經(jīng)營效率分析認(rèn)第Z章，主要研究了企業(yè)資本結(jié)構(gòu)對經(jīng)營者的約束，提出企業(yè)破產(chǎn)和經(jīng)營者被解雇的條件，并分析了資本結(jié)構(gòu)與經(jīng)營效率之間的關(guān)系，結(jié)果表明:企業(yè)所有者可以設(shè)計一種資本結(jié)構(gòu)來驅(qū)使經(jīng)營者的經(jīng)營更有效率;卜2)企業(yè)最優(yōu)資本結(jié)構(gòu)的確3章，運用博弈模型，推導(dǎo)出資本結(jié)構(gòu)最優(yōu)時企業(yè)股權(quán)資本和債務(wù)函數(shù)關(guān)系式，并提出資本結(jié)構(gòu)非優(yōu)向最轉(zhuǎn)化的條件;卜3)影響企業(yè)最優(yōu)資本結(jié)構(gòu)的因素4章，首先，討論市場噪聲對企業(yè)資本結(jié)構(gòu)的影響，結(jié)論是，如果7的風(fēng)險增加，企業(yè)將增加負(fù)債而減
2、少股權(quán);如果負(fù)債市場的風(fēng)險增加，企業(yè)將增加股權(quán)而減少負(fù)債。其次，研究了政府計劃經(jīng)濟增長率對企業(yè)價值的影響，結(jié)果表明:政府計劃經(jīng)濟增長率對企業(yè)價值的影響程度取決于對經(jīng)理的懲罰系數(shù)與市場對企業(yè)類型關(guān)心程度洲4)企業(yè)資本結(jié)構(gòu)對政府宏觀經(jīng)濟政策的適應(yīng)伍第5章，建立了企業(yè)與政府之間的博弈模型，分析了企業(yè)資本結(jié)構(gòu)對宏觀經(jīng)濟政策的動態(tài)適應(yīng)性，給出了包含宏觀經(jīng)濟變量的最優(yōu)資本q構(gòu)函數(shù)關(guān)系式，討論了政府宏觀經(jīng)濟政策變動對企業(yè)資本結(jié)構(gòu)的影響。尸2f關(guān)鍵詞資本aK1/1lam.均衡n噠葆宏觀經(jīng)AbstractInthispaper,thefollowingproble
3、msaboutthecapitalstructrueofcompanyarestudied:1)Ananalysisofcapitalstructureandoperatingefficiency.Inchapter2，westudymanager'sconstrainfromcapitalsrtucture，presenttheconditionbankruptcyandfiring，andanalysetherelationbetweencapitalstructureandefficiency.Theconclusionisalsodraw
4、nthattheownerofthecompanycandesignacapitalstructuretomakethemanager'soperationmoreefficient;2)Thefunctionoftheoptimumcapetalstructureofcompany.Inchapter3，whencapitalstructureofcompanyisoptimum，thefunctionofequityanddebtsisdeduced，andpresentstheconditionunderwhichnon-optimumst
5、rctureistransformedintooptimumstructure;3)Thefactorswhichinfluencethecapitalstructureofcompany.Inchapter4，firstly，thenoiceinmarketisdiscussed,Theconclusionisthatiftheriskofequitymarketrises，thequantityofequityreducesandthequantityofdebtsrises;iftheriskofdebtsmarketrises，thequ
6、antityofequityrisesandthequantityofdebtsreduces.Secondly，theinfluenceofplaned-economic-increasingrateofgovernmentisstudied，theresultshowsthatthedegreeoftheinfluenceisdecidedbymanager'spenaltycoefficientandhowthemarketpaysattentiontothetypeofcompany;4)Theadaptabilityofcapitals
7、tructuretomacroeconomicpolicy.Chapter5buildsaGamemodelbetweencompanyandgovernment，andanalysestheadaptabilityofcapitalstructuretomacroeconomicpolicy.Theoptimumcapitalstructurefunctionisgivenwhichincludesthevariableofcapitalstructure.Theinfluenceofthemacroeconomicpolicyontheopt
8、imumcapitalstructureofthecompanyisalsodiscussed.Keywordscapitalstruc
