Under The Marker Of Transaction Cost The Enterprise To Invest And The Value Analysis

The financial goals of enterprises are to realize the maximum of enterprise's value. The enterprise's value is closely related with investment activity and investment decision of enterprise. It involves such as the enterprise's fundraising decision, the capital structure of enterprise's financing scheme choice, the formulation of share bonus's policy, the reducing of investment risk etc.. In order to realize the maximization of enterprise's value, we must carry on science to analyze and research to the value of enterprises. It is an important subject of financial theoretical research all the same.This text under the situation that the market has no arbitrage, there is a friction factor, we use the analytical method of mathematics and physics , probe into enterprise's capital structure and the share bonus's policy impact on enterprise's value. The main conclusion is as follows:First, if the other situations of two enterprises are the same, but share out bonus's policies are different, then under the terms of considering income tax rate factor, the price of the stock is different too, the present stock price is low when share out bonus a lot, the present stock price is high when share out bonus few. To share out bonus few can make the stock price rise, thus can increase enterprises' value. So consider the factor of the income tax rate, enterprise's best share bonus policy is: It is the better to share out bonus little, had better not share out bonus.Second, if the bond interest can support taxes, then the two enterprises with the same values in futures, on the premise of not going bankrupt in enterprises, the present value of enterprise is greater which issues with more bond. If consider breaking a contract, enterprises must weigh between issuing bond tax reduction income and bankrupt expenses, it is not that debt is the more, the better.Third, if consider the individual Income tax impacting on the enterprise's value ,when the personal income tax rate of the bond more than the personal income tax rate of stock, the enterprises' value that issue bond is more costly than the ones that do not issue bond; When the personal income tax rate of the bond more than the personal income tax rate of stock, the enterprises' value that issue bond is lower than the ones that do not issue bond; When the personal income tax rate of the bond is equal to the personal income tax rate of stock, the enterprises' value has nothing with the ratio of bond and stock..