Optimization And Research Of Capital Structure Under Uncertainty

Enterprise capital structure is regarded as the research object in the paper. On the basis of analysing the modern western capital structure theory, combining the development of capital structure, by stochastic differential equation and games theory methods, considering the market is uncertain, the capital structure of enterprise is analysed and discussed, then the total enterprise value model is established, s obtained the approach and method of optimizing capital structure.The chapter structure of this thesis is the following roughly:(1)Briefly introduced the background and meaning of the paper,the main content of western enterprise modern capital structure theory and historical development trend, commented on the corresponding view of main schools. The paper introduced and commented some domestic important models of capital structure. Briefly introduced application of games theory in capital structure.(2)As the main job, Then considering in an uncertain environment, if initial value of enterprise is fixed, expression of tax-sheltering value about debt and bankruptcy cost is given in the paper, the total enterprise value model is established. By optimising the model, under condition which initial value of enterprise is fixed, we got a fixed ratio between debt and claim, and obtained the approach and method of optimizing capital structure.(3)As the Second important work, considering the incomplete information in our life, we established a game. From stock and debt the manager chose, the payoff of manager is received, then we can get the function of stock value and debt value, so the total enterprise value model is established. Then capital structure can be optimized by maximizing total enterprise value.