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论财务管理目标与资本结构优化摘要随着我国经济体制改革的不断深化，对企业财务管理体制的完善和发展提出了新的要求。如何科学地设置财务管理的最优目标，对于研究企业财务管理理论，确定资本的最优结构，有效地指导财务管理实践具有一定的现实意义。分析财务管理目标与资本结构理论的关系，是研究企业资本结构优化问题的重要途径。财务管理目标的发展经历了利润最大化、每股收益最大化、经济效益最大化和企业价值最大化。通过比较财务管理的目标，指出财务管理目标应为企业价值最大化，要充分利用财务杠杆和负债比率来优化企业资本结构，以实现企业的财务管理目标，并在分析影响企业资本结构有关因素的基础上，提出优化资本结构的措施，对企业在未来市场条件下的发展提出了建议。关键词：财务管理目标；资本结构；企业价值AbstractAlongwithourcountryeconomicrestructuringunceasingdeepening,setthenewrequesttotheenterprisefinancialcontrolsystemconsummationandthedevelopment.Howestablishesthefinancialcontrolscientificallythemostsuperiorgoal,regardingtheresearchenterprisefinancialcontroltheory,thedefinitecapitalmostsuperiorstructure,instructsthefinancialcontrolpracticetohavecertainpracticalsignificanceeffectively.Theanalysisfinancialcontrolgoalandthecapitalstructuraltheoryrelations,arestudytheenterprisecapitalstructureoptimizationquestiontheimportantway.Thefinancialcontrolgoaldevelopmenthasexperiencedtheprofitmaximization,eachincomemaximization,theeconomicefficiencymaximizationandtheenterprisevaluemaximization.Throughthecomparisonfinancialcontrolgoal,pointedoutthefinancialcontrolgoalshouldfortheenterprisevaluemaximization,havefullyoptimizestheenterprisecapitalstructureusingfinancialreleaseleverandthedebtratio,achievesenterprise'sfinancialcontrolgoal,andintheanalysisinfluenceenterprisecapitalstructurerelatedfactorfoundation,proposedtheoptimizedcapitalstructuremeasure,putforwardtheproposaltotheenterpriseunderthefuturemarketconditiondevelopment.Keywords：Financialcontrolgoal;Capitalstructure;Enterprisevalue目录摘要·······································································································ⅠAbstract·······································································································Ⅱ一、财务管理的目标························································································6（一）财务管理目标的概念··········································································6（二）财务管理目标的比较··········································································61.以利润最大化作为财务管理的目标·····················································62.以每股收益最大化作为财务管理目标··················································63.以企业经济效益最大化作为财务管理目标············································74.以企业价值最大化作为财务管理目标··················································7（三）财务管理目标的选择——企业价值最大化···············································7二、资本结构理论···························································································9（一）资本结构的概念················································································9（二）资本结构的具体理论··········································································91.净收益理论···················································································92.净营业收益理论·············································································93.MM理论························································································94.代理理论····················································································105.等级筹资理论··············································································10（三）资本结构理论在实现企业价值最大化中的启示·······································111.负债筹资是成本最低的筹资方式······················································112.成本最低的筹资方式未必是最佳筹资方式··········································113.最优资本结构是一种客观存在·························································11三、资本结构优化与财务管理目标的实现···························································12（一）资本结构优化·················································································121.资本结构优化的概念·····································································122.资本结构优化分析········································································123.资本结构优化的途径·····································································16（二）资本结构优化有助于实现财务管理目标················································19四、我国企业资本结构优化的建议····································································21（一）改革国家融资制度···········································································21（二）改善融资主体的治理效应··································································21（三）推动资本市场的发展········································································22结论·········································································································24致谢·········································································································25参考文献·····································································································26附录一·····································································································27附录二·····································································································28企业财务管理目标是企业进行财务管理活动所希望实现的目的或结果。资本结构对企业的生存发展至关重要，优化资本结构是企业实现财务管理目标的重要途径和手段。为了完善财务管理的理论结构，有效指导财务管理实践，必须对财务管理目标和资本结构进行认真地研究。财务管理目标直接反映着理财环境的变化，并要根据环境的变化做适当的调整，它又是财务管理理论结构中的基本要素和行为导向，是财务管理实践中进行财务决策的出发点和归宿点。因此，不研究财务管理的目标，就无法正确确定财务管理的理论结构。财务管理目标制约着财务运行的基本特征和发展方向，是财务