Capital Structure: The Balance Between Strategy Effects And Agency Costs

The financing management of modern enterprises involves the formulation questions of a lot of financial policies, among them, investment policy, capital there is for enterprise in policy and formulation, dividend of policy structure must, getting more important most decision where routine make. It influences the capital cost, project investment of the company directly to make policy in the structure of the capital, therefore influence the business risk, profit level and evaluation in company's business performance and development prospect of capital market of the company, and the financing policy is often regarded as the starting point of making the financial policy, so, compared with become research focuses of academia further on investment policy and dividend policy it. But just as what the plum was pointed out in 1984 then, the structure of the capital was still a mystery.The future thrust of the structure theory of the capital will be launched from industrial organization and two respects of company's administration structure. Study Company's financing behavior in terms of market competition of the products and company's strategy; it is a hot question of front of the financial academia of international company. To subject matter and developing direction that exist at present, this text focus on to competitive strategy and act for how influence choice, capital of structure carry on the theoretical research cost.This text has analyzed two in interaction between enterprise's capital structure, tactics of product market and agency by agreement in a comparatively general frame of analyzing of theory a basic problem. First, the impact on enterprise's capital structure decision of competition of the product market, second, enterprise's administration structure, namely the effect to enterprise's capital structure decision of agent's cost, and then has analyzed a manager restrain the rational decision behavior under the terms in the face of the market competition state of the external product and capital market financing environment, etc. in enterprises.The research of this text is divided into three parts from the level; corresponding research contents and conclusion are as follows:The fist part of the essay makes one survey to capital development, structure of theory partially. According to the research theme of this text, this text makes the comparatively full and accurate survey to structure documents of capital based on industrial organization and administration structure on the basis of the company, in gentle while in foundation such as research document such as cost such as shape, offer detailed progress that field study this to domestic other researchers too.The second part of this text passes and designs a basic encouragement contract model, in receiving the assorted equilibrium foundation, it is analyzed that enterprises carry on the balanced result that Stahl and Burger play chess, studies have shown: But speech as to carry on strategy substitute enterprise of competition at product market, the impact on one's own and competitiveness of product market of competition enterprise of improvement of the debt level of an enterprise depends on the tactics effects and corresponding agent's effects of enterprise's debt, enterprise's debt level was raised but tactics effect and corresponding agent's effect that produce have decided the capital structure of enterprises in the balanced place .The third part of the essay combine our country make the transition economy characteristic that the market operates, have analyzed and made the transition development and these three respects of enterprise's administration structure of developing , capital market of the market competition under the economic system at first; Secondly pass the products market competition behaviors and capital market financing behaviors of analyzing enterprise's manager, have explained enterprise's manager's high liabilities, excessive stock financing expand the rationality of strategy; Through the analysis of enterprise's administration structure finally , explained the choice between stock right and debt of enterprises.Finally, in the conclusion, the author pointed out the next expansion direction of this text again.