Corporate Capital Structure Of Strategic Management

The capital structure theory is an important component of the financial theory, the development of the whole financial theory opens the prelude with the birth of the modern capital structure theory. Though the capital structure theory has already had a history of dozens of years in the west, the research of it in china is just an unacquainted field. Grasping the different ideological system of the capital structure theory are the bases of studying capital structure in China. The reality of Chinese enterprises needs the explanation and guides of the capital structure theory.With the development of knowledge economy and information economy, the strategic management attracts much attention. Enterprises seek to make and implement effective strategies, which can make fast reaction to the violent changes of the environment. As the important content of enterprise's financial theory, the combination of capital structure and strategic management will be the inevitable trend. The purpose of this dissertation is to study the capital structure from the aspect of strategic management.The goal of capital structure, which is the logic starting point of studying the capital structure, is the beginning of this dissertation. The dissertation consists of four parts. In the first part, the text have explained the relevant concepts of enterprise's strategic management of capital structure, studied the goal of capital structure, pointed out that optimal goal of managing the money should be the maximum of enterprise value, and put forward the differences between the strategic management of capital structure and the other capital structure model. After defining the goal, the second part analyzes typical capital structure models of western countries, and propounds the theory of rational liability level. In the third part, the debt financing strategy has been studied. This part mainly discusses the composition of debt and relationship between the composition of debt and the composition of stockholder's equities. This part is subdivision of the theories in the second part, aim at studying...