跨国公司资本结构优化研究
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摘要
资本结构优化对于跨国公司顺利开展全球范围的资本运营、实现企业市场价值最大化目标具有重要意义。本文系统的研究了跨国公司的资本结构问题，为跨国公司资本结构的优化决策提供理论支持。全文内容安排如下：
“引言”部分深入阐述了本文的研究主题，本研究的理论意义及现实意义。
第一章“资本结构理论进展及评价”着重进行资本结构研究的理论综述。本章首先界定了本研究中“资本结构”的定义；然后从发展的角度对早期资本结构理论、现代资本结构理论、新资本结构理论等流派形成、主要观点进行了分析；最后对资本结构理论发展进行评述，指出当代资本结构理论发展的新特点与新趋势。
第二章“跨国公司最优资本结构的决定和影响分析”着重揭示跨国公司最优资本结构的形成规律，及对影响跨国公司最优资本结构决策的因素进行分析。本章首先提出了基于权衡模型的跨国公司资本结构的决定机制；然后深入研究了权衡模型中跨国公司最优资本结构的决定因素。最后综合分析了环境因素、产业差异因素、公司个体差异因素对跨国公司最优资本结构决策的影响作用。
第三章“跨国公司资本结构优化与资本成本研究”着重分析跨国公司资本结构优化的主要途径，即资本成本的控制问题。本章首先明确了资本结构的优化目标，剖析了资本成本的控制是资本结构优化的必然途径。然后基于跨国公司多国经营造成的资本成本的特殊性，从跨国公司整体利益出发，对跨国公司特有的各种融资方式的资本成本进行了计量。最后提出了以控制资本成本为基础的融资方式组合及融资工具选择等优化资本结构的认识。
第四章“跨国公司海外子公司资本结构决策”。海外子公司的资本结构决策是跨国公司全球资本结构决策的有机组成部分，并且各子公司的资本结构得当与否直接关系到跨国公司对外直接投资全局的成败。本章分析了海外子公司融资决策的指导目标及融资渠道，着重分析了跨国公司海外子公司的资本结构安排问题。
第五章“我国跨国公司资本结构优化对策”。本章着重从现实角度对我国企
业资本结构存在的问题进行了概括分析，并提出了我国跨国公司资本结构优化的
对策。
本文主要创新点包括以下几个方面:
1.研究对象创新。国内开展资本结构研究的对象大部分是国有企业或上市
公司，专门针对跨国公司资本结构问题的研究十分鲜见。本文以跨国公
司的资本结构为研究对象，具有创新意义。
2.提出了权衡模型下跨国公司资本结构的决定框架，为跨国公司最优资本
结构的定位提供了系统的研究平台。这是本文对此问题在研究角度和研
究方法上的创新。
3.以全球战略的观点把握跨国公司整体资本结构优化问题。这体现在:从
跨国公司整体利益出发，研究跨国公司资本结构优化及资本成本计量的
问题;提出我国跨国公司资本结构优化要着眼于国内母公司不合理的资
本结构的观点。
Capital structure optimization is very important to MNCs' worldwide capital operation and helps so much to the target of "maximum firm's market value". This paper researches the optimization issue of MNCs' capital structure. It has been arranged as follows:
" Preface" illuminates the subject of this paper and the necessities of this study.
Chapter one is " The development and evaluation of capital structure theories ". At first, the paper scientifically defines what is the " capital structure", and then it introduces the development of capital structure theories and makes comment of them relatively. It also points out the new characteristics of contemporary theories.
Chapter two is " The analysis of MNCs' optimum capital structure determinants". The paper proposes the innovative analysis framework about the problem on the basis of Tradeoff Model, and then it studies further on the determinants of MNCs' capital structure; finally the paper synthetically analyzes how the environmental factors, industry difference factors, and corporation's individual factors directly influence the MNCs' capital structure.
Chapter three is " The study of MNCs' capital structure optimization and MNCs' capital cost". At first, the paper points out that "capital cost control" is the inevitable measure of capital structure optimization must to take. It discusses the particularity of the MNC's capital costs and puts forward the method to calculate them. Finally, it analyzes how to optimize MNCs' capital structure.
Chapter four is "The decision of oversea subsidiaries' capital structure ". Firstly it throws light on the status of subsidiaries' capital structure in MNCs' whole capital structure, and then it analyzes the goal and the channels of oversea financing; at last it discusses the arrangement of oversea subsidiaries' capital structure.
Chapter five is " The counter-measures of Chinese MNCs' capital structure optimization". The paper analyzes the existing problems of Chinese MNCs' capital structure, and then proposes a series of countermeasures about optimization.
The innovations of this paper include following respects:
1.Research object innovation. Most of domestic papers just launch researches on
the state-owned enterprises' capital structure; and study for MNCs' capital structure has scarcely been seen. This paper's subject is MNCs' capital structure, and it must have innovative meanings.
2. To propose the analysis framework of MNCs' optimum capital structure based on Tradeoff Model. It is the innovation of research angle and approach on this problem.
3.To study the MNCs' capital structure issue from worldwide viewpoint. The paper measures MNC's capital cost on the basis of MNCs' whole interests; and it puts forward
the idea that Chinese MNCs' must focus on optimizing domestic unreasonable capital structure,
“引言”部分深入阐述了本文的研究主题，本研究的理论意义及现实意义。
第一章“资本结构理论进展及评价”着重进行资本结构研究的理论综述。本章首先界定了本研究中“资本结构”的定义；然后从发展的角度对早期资本结构理论、现代资本结构理论、新资本结构理论等流派形成、主要观点进行了分析；最后对资本结构理论发展进行评述，指出当代资本结构理论发展的新特点与新趋势。
第二章“跨国公司最优资本结构的决定和影响分析”着重揭示跨国公司最优资本结构的形成规律，及对影响跨国公司最优资本结构决策的因素进行分析。本章首先提出了基于权衡模型的跨国公司资本结构的决定机制；然后深入研究了权衡模型中跨国公司最优资本结构的决定因素。最后综合分析了环境因素、产业差异因素、公司个体差异因素对跨国公司最优资本结构决策的影响作用。
第三章“跨国公司资本结构优化与资本成本研究”着重分析跨国公司资本结构优化的主要途径，即资本成本的控制问题。本章首先明确了资本结构的优化目标，剖析了资本成本的控制是资本结构优化的必然途径。然后基于跨国公司多国经营造成的资本成本的特殊性，从跨国公司整体利益出发，对跨国公司特有的各种融资方式的资本成本进行了计量。最后提出了以控制资本成本为基础的融资方式组合及融资工具选择等优化资本结构的认识。
第四章“跨国公司海外子公司资本结构决策”。海外子公司的资本结构决策是跨国公司全球资本结构决策的有机组成部分，并且各子公司的资本结构得当与否直接关系到跨国公司对外直接投资全局的成败。本章分析了海外子公司融资决策的指导目标及融资渠道，着重分析了跨国公司海外子公司的资本结构安排问题。
第五章“我国跨国公司资本结构优化对策”。本章着重从现实角度对我国企
业资本结构存在的问题进行了概括分析，并提出了我国跨国公司资本结构优化的
对策。
本文主要创新点包括以下几个方面:
1.研究对象创新。国内开展资本结构研究的对象大部分是国有企业或上市
公司，专门针对跨国公司资本结构问题的研究十分鲜见。本文以跨国公
司的资本结构为研究对象，具有创新意义。
2.提出了权衡模型下跨国公司资本结构的决定框架，为跨国公司最优资本
结构的定位提供了系统的研究平台。这是本文对此问题在研究角度和研
究方法上的创新。
3.以全球战略的观点把握跨国公司整体资本结构优化问题。这体现在:从
跨国公司整体利益出发，研究跨国公司资本结构优化及资本成本计量的
问题;提出我国跨国公司资本结构优化要着眼于国内母公司不合理的资
本结构的观点。
Capital structure optimization is very important to MNCs' worldwide capital operation and helps so much to the target of "maximum firm's market value". This paper researches the optimization issue of MNCs' capital structure. It has been arranged as follows:
" Preface" illuminates the subject of this paper and the necessities of this study.
Chapter one is " The development and evaluation of capital structure theories ". At first, the paper scientifically defines what is the " capital structure", and then it introduces the development of capital structure theories and makes comment of them relatively. It also points out the new characteristics of contemporary theories.
Chapter two is " The analysis of MNCs' optimum capital structure determinants". The paper proposes the innovative analysis framework about the problem on the basis of Tradeoff Model, and then it studies further on the determinants of MNCs' capital structure; finally the paper synthetically analyzes how the environmental factors, industry difference factors, and corporation's individual factors directly influence the MNCs' capital structure.
Chapter three is " The study of MNCs' capital structure optimization and MNCs' capital cost". At first, the paper points out that "capital cost control" is the inevitable measure of capital structure optimization must to take. It discusses the particularity of the MNC's capital costs and puts forward the method to calculate them. Finally, it analyzes how to optimize MNCs' capital structure.
Chapter four is "The decision of oversea subsidiaries' capital structure ". Firstly it throws light on the status of subsidiaries' capital structure in MNCs' whole capital structure, and then it analyzes the goal and the channels of oversea financing; at last it discusses the arrangement of oversea subsidiaries' capital structure.
Chapter five is " The counter-measures of Chinese MNCs' capital structure optimization". The paper analyzes the existing problems of Chinese MNCs' capital structure, and then proposes a series of countermeasures about optimization.
The innovations of this paper include following respects:
1.Research object innovation. Most of domestic papers just launch researches on
the state-owned enterprises' capital structure; and study for MNCs' capital structure has scarcely been seen. This paper's subject is MNCs' capital structure, and it must have innovative meanings.
2. To propose the analysis framework of MNCs' optimum capital structure based on Tradeoff Model. It is the innovation of research angle and approach on this problem.
3.To study the MNCs' capital structure issue from worldwide viewpoint. The paper measures MNC's capital cost on the basis of MNCs' whole interests; and it puts forward
the idea that Chinese MNCs' must focus on optimizing domestic unreasonable capital structure,
引文
1． Aghion P.& Bolton P.An incomplete contracts' approach to bankruptcy and the optimal financial structure of the firm.Mimeo,Harvard University,1986(8) :125-154
2． Ahmed Riahi-Belkaoui,James W.Bannister.Multidivisional Structure and Capital Structure:The Contingency of Diversification Strategy,Managerial and Decision Economics,Vol.15,1994:267-276
3． Alan C.Shapiro.Foundations of Multinational Financial Management.Prentice Hall,Inc.,3rd edition,1998
4． Alan C.Shapiro.The impact of taxation on the currency-of-denomination decision for long-term borrowing and lending.Journal of International Business Studies,Spring/Summer 1984:15-25
5． Alfons J.Weichenrieder.Transfer pricing,double taxation,and the cost of capital.Scand.J.of Economics,98(3) ,1996:445-452
6． Bhagwan Chowdhry,Joshua D.Coval.Internal financing of multinational subsidiaries:Debt vs.equity.Journal of Corporate Finance,1998,4:87-106
7． Collins,J.Markham,and William S.Sekeley.The relationship of headquarters,country,and industry classification to financial structure.Financial Management,Autumn 1983:45-51
8． D.Durand.Cost of debt and equity funds for business:trends and problems of measurement.National Bureau of Economic Research,Conference on Research on Business Finance,New York 1952:215-247
9． Douglas R.Emery & John D.Finnerty.Corporate Financial Management.Prentice Hall.Inc.1997:P780-781
10． F.Modigliani & Merton H.Miller.The cost of capital,corporate finance,and the theory of investment.American Economic Review,1958,6:261-297
11． F.Modigliani & Merton H.Miller.Corporate income taxes and the cost of capital: a correction.American Economic Review,June 1963:433-443
12． Imed Eddine Chkir,Jean-Claude Cosset,"Diversification strategy and capital structure of multinational corporations",Journal of Multinational Financial Management,11,2001:17-37
13． Jensen,Michael & William Meckling.Theory of the firm:Managerial behavior, agency costs,and ownership structure.Journal of Financial Economics,1976,3:305-360
14． James V.Jucker and Clovis de Faro.The selection of international borrowing sources.Journal of Financial and Quantitative Analysis,September 1975:381-407
15． John Kose,Lemma Senbet,Anant Sundaram.Cross-border liability of multinational enterprises,border taxes,and capital structure.Financial Management,1991,20(4) :54-67
16． Kuljot Singh and James E.Hodder.Multinational capital structure and financial flexibility.Journal of International Money and Finance,19,2000:853-844
17． Lawrence Peter Shao.Capital Structure Norms Among Foreign Subsidiaries of U.S.Multinational Enterprises.Global Finance Journal,1997,8(1) :145-157
18． Lee K.C.and Chuck C.Y.Kwok.Multinational Corporation vs.Domestic Corporation:International environmental factors and determinants of capital structure.Journal of International Business Studies,Summer 1988:195-217
19． Leland H.& Pyle D.Information asymmetries,financial structure and financial intermediation.Journal of Finance,1977,32(2) :371-387
20． Liu,Y.Angela,L.Paul Hsueh.Tax effect on the debt denomination decision of multinational projects.Journal of International Business Studies,1993,24(1) :145-154
21． Madura J.International Financial Management.South-Western College Publishing,Fifth Edition,1998
22． Marjorie Thines Stanley,Capital structure and cost of capital for the multinational firm.Journal of International Business Studies,Spring/Summer 1981:103-120
23． Merton H.Miller & F.Modigliani.Dividend policy,growth and the valuation of shares.Journal of Business,October 1961:411-443
24． Michael Bradley & Gregg A.Jarrel,E.H.Kim.On the existence of an optimal capital structure:Theory and evidence.Journal of Finance,July 1984:863-882
25． Myers S.C.Determinants of corporate borrowing.Journal of Financial Economics, November 1977:147-175
26． Myers S.C.& Majluf N.Corporate financing and investment decision when firms have information that investors do not have.Journal of Financial Economics,1984(13) :187-221
27． Myers S.C.Determinants of corporate borrowing.Journal of Financial Economics, 1977,5:146-175
28． Nell Garrod and William Rees.International diversification and firm value.Journal of Business & Accounting,25(9) &(10) ,1998:1255-1248
29． Ram Mudambi.MNE internal capital markets and subsidiary strategic independence.International Business Review,8,1999:197~211
30． Reeb,David,Chuck C.Y.Kwok,and Young Baek.Systematic risk in the multinational corporation.Journal of International Business Studies,1998,29:263-279
31． Remmers,Lee,Arthur Stonrhill,Richard Wright,and Theo Beekhuisen.Industry size as debt ratio determinants for manufacturing internationally.Financial Management,Summer 1974:24-32
32． R.E.Hoskisson.Multidivisional structure and performance:the contingency of diversification strategy.Academy of Management Journal,1987,30:625-644
33. Ross S. A. The determination of financial structure: the incentive signaling approach. Journal of Economics, 1977(8): 23～40
34. Sekeley W. & T. M. Collins. Cultural Influences on International Capital Structure. Journal of International Business Studies, Spring 1988:87～100
35. Sidney M. Robbins and Robert B. Stobaugh. Financing foreign affiliates. Financial Management, Winter 1972:56～65
36. Todd A. Burgman. An empirical examination of multinational corporate capital structure. Journal of International Business Studies, 1996, 27(3): 553～570
37. Vihang R. Errunza and Lemma W. Senbet.The effects of international operations on the market value of the firm: Theory and evidence. The Journal of Finance, May 1981:401～417
38. Wayne Y. Lee & Kanwal S. Sachdeva. The role of the multinational firm in the integration of segmented capital markets. Journal of Finance, May 1977: 479～492
39. OECD 1995 edition, Financial Statements of No financial Enterprises
40. OECD/DAF, Financial Market Trend, No.65, November 1996
41．顾卫平，薛求知，“跨国公司在华融资行为实证与分析”，《国际经济合作》，1999．10
42．刘海云：《跨国公司经营优势变迁》，中国发展出版社，2001年版
43．王照凤：《银企关系制度比较研究》，人民出版社，2001年版
44．郭树华：《企业融资结构理论研究》，中国社会科学出版社，1999年版
45．[美]阿兰．C．夏皮罗：《现代公司财务金融》，中国金融出版社，1992年中文版
46．张宗新：“中国融资制度内在缺陷的实证分析”，《改革》，2001．6
47．《中国统计年鉴》、《中国证券期货统计年鉴》相关各期
48．黄泰岩，侯利：“企业融资结构的国际比较”，《中国工业经济》，2001．4
49．刘海虹，元英：“一个最佳融资结构的理论模型”，《财贸经济》，2001．1
50．张维迎，吴有昌：“公司融资结构的契约理论：一个综述”，《改革》，1995．4
51．李向阳：“美日德企业资本结构比较”，《世界经济》，1995．9
52．巫宁耕，邱巍：“经济全球化与跨国公司的资本及组织重组”，《经济学家》，2001．3
2． Ahmed Riahi-Belkaoui,James W.Bannister.Multidivisional Structure and Capital Structure:The Contingency of Diversification Strategy,Managerial and Decision Economics,Vol.15,1994:267-276
3． Alan C.Shapiro.Foundations of Multinational Financial Management.Prentice Hall,Inc.,3rd edition,1998
4． Alan C.Shapiro.The impact of taxation on the currency-of-denomination decision for long-term borrowing and lending.Journal of International Business Studies,Spring/Summer 1984:15-25
5． Alfons J.Weichenrieder.Transfer pricing,double taxation,and the cost of capital.Scand.J.of Economics,98(3) ,1996:445-452
6． Bhagwan Chowdhry,Joshua D.Coval.Internal financing of multinational subsidiaries:Debt vs.equity.Journal of Corporate Finance,1998,4:87-106
7． Collins,J.Markham,and William S.Sekeley.The relationship of headquarters,country,and industry classification to financial structure.Financial Management,Autumn 1983:45-51
8． D.Durand.Cost of debt and equity funds for business:trends and problems of measurement.National Bureau of Economic Research,Conference on Research on Business Finance,New York 1952:215-247
9． Douglas R.Emery & John D.Finnerty.Corporate Financial Management.Prentice Hall.Inc.1997:P780-781
10． F.Modigliani & Merton H.Miller.The cost of capital,corporate finance,and the theory of investment.American Economic Review,1958,6:261-297
11． F.Modigliani & Merton H.Miller.Corporate income taxes and the cost of capital: a correction.American Economic Review,June 1963:433-443
12． Imed Eddine Chkir,Jean-Claude Cosset,"Diversification strategy and capital structure of multinational corporations",Journal of Multinational Financial Management,11,2001:17-37
13． Jensen,Michael & William Meckling.Theory of the firm:Managerial behavior, agency costs,and ownership structure.Journal of Financial Economics,1976,3:305-360
14． James V.Jucker and Clovis de Faro.The selection of international borrowing sources.Journal of Financial and Quantitative Analysis,September 1975:381-407
15． John Kose,Lemma Senbet,Anant Sundaram.Cross-border liability of multinational enterprises,border taxes,and capital structure.Financial Management,1991,20(4) :54-67
16． Kuljot Singh and James E.Hodder.Multinational capital structure and financial flexibility.Journal of International Money and Finance,19,2000:853-844
17． Lawrence Peter Shao.Capital Structure Norms Among Foreign Subsidiaries of U.S.Multinational Enterprises.Global Finance Journal,1997,8(1) :145-157
18． Lee K.C.and Chuck C.Y.Kwok.Multinational Corporation vs.Domestic Corporation:International environmental factors and determinants of capital structure.Journal of International Business Studies,Summer 1988:195-217
19． Leland H.& Pyle D.Information asymmetries,financial structure and financial intermediation.Journal of Finance,1977,32(2) :371-387
20． Liu,Y.Angela,L.Paul Hsueh.Tax effect on the debt denomination decision of multinational projects.Journal of International Business Studies,1993,24(1) :145-154
21． Madura J.International Financial Management.South-Western College Publishing,Fifth Edition,1998
22． Marjorie Thines Stanley,Capital structure and cost of capital for the multinational firm.Journal of International Business Studies,Spring/Summer 1981:103-120
23． Merton H.Miller & F.Modigliani.Dividend policy,growth and the valuation of shares.Journal of Business,October 1961:411-443
24． Michael Bradley & Gregg A.Jarrel,E.H.Kim.On the existence of an optimal capital structure:Theory and evidence.Journal of Finance,July 1984:863-882
25． Myers S.C.Determinants of corporate borrowing.Journal of Financial Economics, November 1977:147-175
26． Myers S.C.& Majluf N.Corporate financing and investment decision when firms have information that investors do not have.Journal of Financial Economics,1984(13) :187-221
27． Myers S.C.Determinants of corporate borrowing.Journal of Financial Economics, 1977,5:146-175
28． Nell Garrod and William Rees.International diversification and firm value.Journal of Business & Accounting,25(9) &(10) ,1998:1255-1248
29． Ram Mudambi.MNE internal capital markets and subsidiary strategic independence.International Business Review,8,1999:197~211
30． Reeb,David,Chuck C.Y.Kwok,and Young Baek.Systematic risk in the multinational corporation.Journal of International Business Studies,1998,29:263-279
31． Remmers,Lee,Arthur Stonrhill,Richard Wright,and Theo Beekhuisen.Industry size as debt ratio determinants for manufacturing internationally.Financial Management,Summer 1974:24-32
32． R.E.Hoskisson.Multidivisional structure and performance:the contingency of diversification strategy.Academy of Management Journal,1987,30:625-644
33. Ross S. A. The determination of financial structure: the incentive signaling approach. Journal of Economics, 1977(8): 23～40
34. Sekeley W. & T. M. Collins. Cultural Influences on International Capital Structure. Journal of International Business Studies, Spring 1988:87～100
35. Sidney M. Robbins and Robert B. Stobaugh. Financing foreign affiliates. Financial Management, Winter 1972:56～65
36. Todd A. Burgman. An empirical examination of multinational corporate capital structure. Journal of International Business Studies, 1996, 27(3): 553～570
37. Vihang R. Errunza and Lemma W. Senbet.The effects of international operations on the market value of the firm: Theory and evidence. The Journal of Finance, May 1981:401～417
38. Wayne Y. Lee & Kanwal S. Sachdeva. The role of the multinational firm in the integration of segmented capital markets. Journal of Finance, May 1977: 479～492
39. OECD 1995 edition, Financial Statements of No financial Enterprises
40. OECD/DAF, Financial Market Trend, No.65, November 1996
41．顾卫平，薛求知，“跨国公司在华融资行为实证与分析”，《国际经济合作》，1999．10
42．刘海云：《跨国公司经营优势变迁》，中国发展出版社，2001年版
43．王照凤：《银企关系制度比较研究》，人民出版社，2001年版
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