湖南电信资本结构优化：理论及战略研究
摘要
资本结构优化问题是企业财务管理的难题之一，也是电信企业改革的重点。
毫无疑问解决好电信企业的资本结构优化问题，将有利于电信企业的改革，使企
业增强获利能力，实现企业市场价值最大化的目标，在激烈的市场竞争中立于不
败之地。
本文以湖南电信资本结构优化这一课题为研究对象，首先介绍了资本结构优
化的理论，主要介绍早期的净收益理论、营业净收益理论、传统资本结构理论和
现代资本结构理论，重点介绍MM理论及由MM理论发展而来的权衡理论，特别是
权衡理论的数学模型分析，为企业提供了计算最优举债额的参考方法，同时对最
佳资本结构条件下的筹资决策方法进行了研究;然后分析了电信业资本运营现状
及存在的问题，对湖南电信的市场需求、财务状况、经营环境进行了分析；接下
来，对湖南电信资本结构优化战略措施进行了研究，在线性规划模型的基础上，
建立了湖南电信资本结构优化线性规划模型，得出了最佳资本结构范围结论；论
文最后对湖南电信资本结构优化结果进行了分析与探讨。
从上述内容分析得出如下结论：在完善的市场条件下，资本结构的变动会
影响企业市场价值和赢利关系。根据最优资本结构的存在性理论，可以区分哪些
企业多举债，哪些企业少举债。当总资产收益率高于债务平均利率的情况下，可
更多的利用财务杠杆得到更高的利益，这时举债融资比股票融资可获得更多的收
益，否则，企业举债是不利的。最优的债务比一般是在O.5-0． 61之间。而对湖
南电信的资本结构研究得出，负债结构比例不合理，湖南电信总资产收益率低于
负债平均利率，财务杠杆将发生负面作用，举债对公司不利，可通过股票融资优
化资本结构。
As one of the problem of business financial administration, the optimization of capital structure has been the reform stress of telecommunication business. Undoubtedly the solution of capital structure problem can benefit the business reform and enable the telecommunication business to make a greater profits in the market, even reach its maximum marketing value (MV).
This dissertation centers on the capital structural optimization of Hunan telecommunication. First, it introduces the theory of capital structural optimization and analyzes the theories of early net proceeds, net operating earnings, eclecticism and modern capital structure, with an emphasis on the MM theory and the balance theory based on MM. Especially the mathematical model analysis of balance theory which offers a reference for enterprises to calculate the optimized funds raisin. The paper also studies the financing decision methods under the condition of optimized capital structure. Then, it presents the problem analysis of current capital operation in telecommunication industry with a detailed study of the market demand > financial situation as well as the condition of business in Hunan telecommunication business. Moreover, on the basis of linear programming model, the paper suggests the linear project model of capital structural optimization of Hunan telecommunication to get the best capital structure
coverage. Finally, the paper discusses the strategic methods and projects of capital structural optimization of Hunan telecommunication business.
Thus the paper draws the conclusion that the change of capital structure will affect the relationship between the business marketing value and its profits in a supposed perfect market. According to the theory of capital structural optimization existence, the debt-more enterprise can be easily distinguished from the debt-less enterprise. When the rate of total capital returns exceeds the average debt ratio, the
financial leverage can be fully employed for more interest, for debt financing is more profitable than stocking financing. Otherwise, it's unreasonable for the enterprise to float the loan. The optimized debt ratio is between 0.5-0.61. However, the analysis of Hunan telecommunication capital structure shows its rate of total funds earning is lower than its average debt ratio, and thus its financial leverage will work negatively. Debt does harm to the company and the only solution for an optimized capital structure is to raise funds by stocking.
毫无疑问解决好电信企业的资本结构优化问题，将有利于电信企业的改革，使企
业增强获利能力，实现企业市场价值最大化的目标，在激烈的市场竞争中立于不
败之地。
本文以湖南电信资本结构优化这一课题为研究对象，首先介绍了资本结构优
化的理论，主要介绍早期的净收益理论、营业净收益理论、传统资本结构理论和
现代资本结构理论，重点介绍MM理论及由MM理论发展而来的权衡理论，特别是
权衡理论的数学模型分析，为企业提供了计算最优举债额的参考方法，同时对最
佳资本结构条件下的筹资决策方法进行了研究;然后分析了电信业资本运营现状
及存在的问题，对湖南电信的市场需求、财务状况、经营环境进行了分析；接下
来，对湖南电信资本结构优化战略措施进行了研究，在线性规划模型的基础上，
建立了湖南电信资本结构优化线性规划模型，得出了最佳资本结构范围结论；论
文最后对湖南电信资本结构优化结果进行了分析与探讨。
从上述内容分析得出如下结论：在完善的市场条件下，资本结构的变动会
影响企业市场价值和赢利关系。根据最优资本结构的存在性理论，可以区分哪些
企业多举债，哪些企业少举债。当总资产收益率高于债务平均利率的情况下，可
更多的利用财务杠杆得到更高的利益，这时举债融资比股票融资可获得更多的收
益，否则，企业举债是不利的。最优的债务比一般是在O.5-0． 61之间。而对湖
南电信的资本结构研究得出，负债结构比例不合理，湖南电信总资产收益率低于
负债平均利率，财务杠杆将发生负面作用，举债对公司不利，可通过股票融资优
化资本结构。
As one of the problem of business financial administration, the optimization of capital structure has been the reform stress of telecommunication business. Undoubtedly the solution of capital structure problem can benefit the business reform and enable the telecommunication business to make a greater profits in the market, even reach its maximum marketing value (MV).
This dissertation centers on the capital structural optimization of Hunan telecommunication. First, it introduces the theory of capital structural optimization and analyzes the theories of early net proceeds, net operating earnings, eclecticism and modern capital structure, with an emphasis on the MM theory and the balance theory based on MM. Especially the mathematical model analysis of balance theory which offers a reference for enterprises to calculate the optimized funds raisin. The paper also studies the financing decision methods under the condition of optimized capital structure. Then, it presents the problem analysis of current capital operation in telecommunication industry with a detailed study of the market demand > financial situation as well as the condition of business in Hunan telecommunication business. Moreover, on the basis of linear programming model, the paper suggests the linear project model of capital structural optimization of Hunan telecommunication to get the best capital structure
coverage. Finally, the paper discusses the strategic methods and projects of capital structural optimization of Hunan telecommunication business.
Thus the paper draws the conclusion that the change of capital structure will affect the relationship between the business marketing value and its profits in a supposed perfect market. According to the theory of capital structural optimization existence, the debt-more enterprise can be easily distinguished from the debt-less enterprise. When the rate of total capital returns exceeds the average debt ratio, the
financial leverage can be fully employed for more interest, for debt financing is more profitable than stocking financing. Otherwise, it's unreasonable for the enterprise to float the loan. The optimized debt ratio is between 0.5-0.61. However, the analysis of Hunan telecommunication capital structure shows its rate of total funds earning is lower than its average debt ratio, and thus its financial leverage will work negatively. Debt does harm to the company and the only solution for an optimized capital structure is to raise funds by stocking.
引文
[1] 周朝琦．企业财务战略管理．北京：经济管理出版社，2001
[2] James C.Van Home.Financial Management and Policy.Eleventh Edition.Prentice Hall, 1998
[3] Modingilani E and M.H.Miller. The cost of capital,corporation finance and the theory of Inverstment . Amerian Economic Review, 1958, 48(6) :267-297
[4] Modlgligni F and M.H.Miller . Taxes and the cost of capital:A correction. American Economic Feview, 1963, 53(7) :433-443
[5] Jensen,Mc.and Meckling,w. Theory of the firm:Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 1976, 3(4) : 305-360
[6] Gabriel Hawawini,Claude Viallet. Finance forExecutives:Managing for Value Crestion. Beijing :China Machine Press,2000
[7] Ross.S. The Determination of Financial structure: the Incentive signaling Approach Bell Journal of Economics, 1997,8: 23-40
[8] Jensen,M.C. , Murphy , K.J . Performance pay and top-management incentives. Journal of Political Economy, 1990,98 (2) :225-264
[9] Leland H.Debt value,bond covenants,and optimal capital structure.Journal of Finance. 1994,49:54-57
[10] Leland H.and K.Toft.Optimal capital structure,endogenous bankruptcy,and the tem structure of credit spreads. Journal of Finance. 1996,51:987~ 1019
[11] 傅元略．企业资本结构优化理论研究．大连：东北财经大学出版社，1999
[12] 盛连东．企业最佳资本结构决策模型．财经理论与实践，2000，35(9) ：21-23
[13] 杨凤娟．论企业融资及资本结构优化：[硕士学位论文]．河南：河南大学， 2001
[14] 何志勇，郑常德，张绍学．公司理财．成都：西南财经大学出版社，1998
[15] 容月林，李觅芳．国内电信业改革与发展．北京：人民邮电出版社，2000
[16] 朱玉辰．企业资本运营．北京：中国财政经济出版社，2000
[17] 张建农，侯书森．资本经营全书．北京：中国经济出版社，1998
[18] 王红梅．电信全球竞争．北京：人民邮电出版社，2000
[19] 石兆文．现代产业资本运营．北京：中国经济出版社，2001
[20] 吴基传．信息技术与信息产业．北京：新华出版社，2000
[21] 邓志成．中国电信业的市场新格局．中国电信业，2002，(1) ：23-26
[22] 曾剑秋，李立清．电信资费谁说了算．北京：北京邮电大学出版社，2000
[23] 2000湖南电信年鉴．湖南：湖南人民出版社，2001
[24] 会计师会计实务．北京：中国财政经济出版社，1995
[25] 吕一林，杨延龄．现代市场营销学．北京：清华大学出版社，2000
[26] 湖南电信财务年报．湖南：内部资料，2001
[27] 徐立春，企业资本结构战略：[博士学位论文]．天津：天津财经学院，2000
[28] Stephen A.Ross ,Randolph W.Westerfield Jeffrey F.Jaffe. Corporate Finance(5th Edition). McGraw-Hill,2000
[29] 李树丞，李斌．从负债经营正负效应看企业最佳资本结构．湘潭大学社会 科学学报，2001，25(5) ：12-15
[30] Frederic S Mishdin .The Economics of Money,Banking,and Financial Madets. Third Edition,Harper Collins publishers, 1992
[31] Gerry Johnson，Kevan Scholes(英)．公司战略教程．华夏出版社，1998
[32] Wayne L．Winston，S．Christina Albright．Practical Management Science．大连： 东北财经大学出版社，1998
[33] 1999中国上市公司基本分析．北京：中国科技出版社，2000
[34] 王良元．电信企业经营战略管理．北京：人民邮电出版社，2001
[35] David Besanko，David Dranove，Mark Shanley．Economics of Strategy．北京 大学出版社，1999
[36] 张惠恩．管理线性规划．大连．东北财经大学出版社，2001
[37] Douglas.R.Emery, John D.Finnerty. Corporate Financial Management, PrenticeHall, 1999
[38] 李付良，周秀霞．最佳资本结构的确定．开封大学学报，1996(3) ：65-67
[39] 李斌，李树丞，李林．企业筹资过程中最佳资本结构优化．湘潭大学学报， 2001，23(4) )：111-116
[40] 方文胜．新形势下电信企业发展的财务战略．邮电企业管理，2000(5) ：33-34
[41] 丑文亚，李斌．电信企业改革的探讨．湖南大学学报，2001，15(4) ：130-132
[42] 叶锒．负债经营论．湖北：湖北人民出版社，2002
[43] 陈收，刘卫国．投资决策与资本结构优化互动关系综述及研究．管理科学学报，1999，2(2) ：16-21
[44] 熊楚熊．公司筹资策略．深圳：海天出版社，2001
[45] 杨亚达，王明虎．资本结构优化与资本运营．大连：东北财经大学出版社,2001
[46] 夏乐书，姜强．资本运营理论与实务．大连：东北财经大学出版社，2000
[47] 诸幼侬．李国粱，邮电通信经济学．北京：中国经济出版社，1993
[48] 孙建中．资本国际化运营．北京：经济科学出版社，2000
[2] James C.Van Home.Financial Management and Policy.Eleventh Edition.Prentice Hall, 1998
[3] Modingilani E and M.H.Miller. The cost of capital,corporation finance and the theory of Inverstment . Amerian Economic Review, 1958, 48(6) :267-297
[4] Modlgligni F and M.H.Miller . Taxes and the cost of capital:A correction. American Economic Feview, 1963, 53(7) :433-443
[5] Jensen,Mc.and Meckling,w. Theory of the firm:Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 1976, 3(4) : 305-360
[6] Gabriel Hawawini,Claude Viallet. Finance forExecutives:Managing for Value Crestion. Beijing :China Machine Press,2000
[7] Ross.S. The Determination of Financial structure: the Incentive signaling Approach Bell Journal of Economics, 1997,8: 23-40
[8] Jensen,M.C. , Murphy , K.J . Performance pay and top-management incentives. Journal of Political Economy, 1990,98 (2) :225-264
[9] Leland H.Debt value,bond covenants,and optimal capital structure.Journal of Finance. 1994,49:54-57
[10] Leland H.and K.Toft.Optimal capital structure,endogenous bankruptcy,and the tem structure of credit spreads. Journal of Finance. 1996,51:987~ 1019
[11] 傅元略．企业资本结构优化理论研究．大连：东北财经大学出版社，1999
[12] 盛连东．企业最佳资本结构决策模型．财经理论与实践，2000，35(9) ：21-23
[13] 杨凤娟．论企业融资及资本结构优化：[硕士学位论文]．河南：河南大学， 2001
[14] 何志勇，郑常德，张绍学．公司理财．成都：西南财经大学出版社，1998
[15] 容月林，李觅芳．国内电信业改革与发展．北京：人民邮电出版社，2000
[16] 朱玉辰．企业资本运营．北京：中国财政经济出版社，2000
[17] 张建农，侯书森．资本经营全书．北京：中国经济出版社，1998
[18] 王红梅．电信全球竞争．北京：人民邮电出版社，2000
[19] 石兆文．现代产业资本运营．北京：中国经济出版社，2001
[20] 吴基传．信息技术与信息产业．北京：新华出版社，2000
[21] 邓志成．中国电信业的市场新格局．中国电信业，2002，(1) ：23-26
[22] 曾剑秋，李立清．电信资费谁说了算．北京：北京邮电大学出版社，2000
[23] 2000湖南电信年鉴．湖南：湖南人民出版社，2001
[24] 会计师会计实务．北京：中国财政经济出版社，1995
[25] 吕一林，杨延龄．现代市场营销学．北京：清华大学出版社，2000
[26] 湖南电信财务年报．湖南：内部资料，2001
[27] 徐立春，企业资本结构战略：[博士学位论文]．天津：天津财经学院，2000
[28] Stephen A.Ross ,Randolph W.Westerfield Jeffrey F.Jaffe. Corporate Finance(5th Edition). McGraw-Hill,2000
[29] 李树丞，李斌．从负债经营正负效应看企业最佳资本结构．湘潭大学社会 科学学报，2001，25(5) ：12-15
[30] Frederic S Mishdin .The Economics of Money,Banking,and Financial Madets. Third Edition,Harper Collins publishers, 1992
[31] Gerry Johnson，Kevan Scholes(英)．公司战略教程．华夏出版社，1998
[32] Wayne L．Winston，S．Christina Albright．Practical Management Science．大连： 东北财经大学出版社，1998
[33] 1999中国上市公司基本分析．北京：中国科技出版社，2000
[34] 王良元．电信企业经营战略管理．北京：人民邮电出版社，2001
[35] David Besanko，David Dranove，Mark Shanley．Economics of Strategy．北京 大学出版社，1999
[36] 张惠恩．管理线性规划．大连．东北财经大学出版社，2001
[37] Douglas.R.Emery, John D.Finnerty. Corporate Financial Management, PrenticeHall, 1999
[38] 李付良，周秀霞．最佳资本结构的确定．开封大学学报，1996(3) ：65-67
[39] 李斌，李树丞，李林．企业筹资过程中最佳资本结构优化．湘潭大学学报， 2001，23(4) )：111-116
[40] 方文胜．新形势下电信企业发展的财务战略．邮电企业管理，2000(5) ：33-34
[41] 丑文亚，李斌．电信企业改革的探讨．湖南大学学报，2001，15(4) ：130-132
[42] 叶锒．负债经营论．湖北：湖北人民出版社，2002
[43] 陈收，刘卫国．投资决策与资本结构优化互动关系综述及研究．管理科学学报，1999，2(2) ：16-21
[44] 熊楚熊．公司筹资策略．深圳：海天出版社，2001
[45] 杨亚达，王明虎．资本结构优化与资本运营．大连：东北财经大学出版社,2001
[46] 夏乐书，姜强．资本运营理论与实务．大连：东北财经大学出版社，2000
[47] 诸幼侬．李国粱，邮电通信经济学．北京：中国经济出版社，1993
[48] 孙建中．资本国际化运营．北京：经济科学出版社，2000