中英文外文文献翻译资本结构理论与企业资本结构优化.doc

本科毕业设计（论文） 中英文对照翻译 (此文档为word格式,下载后您可任意修改编辑!) 文献出处:Ashkanasy N M. The study on capital structure theory and the optimization of enterprise capital [J]. Journal of Management, 2016, 5(3): 235-254. 原文 The study on capital structure theory and the optimization of enterprise capital structure Ashkanasy N M Abstract In this paper, corporate finance is an important content of modern enterprise management decision. Around the existence of optimal capital structure has been a lot of controversy. Given investment decisions, whether an enterprise to change its value by changing the capital structure and the cost of capital, namely whether there is a market make the enterprise value maximization, or make the enterprise capital structure of minimizing the cost of capital? To this problem has different answers in different stages of development, has formed many theory of capital structure. Key words: Capital structure; financial structure; Optimization; Financial leverage 1 Introduction In financial theory, capital structure due to the different understanding of capital in the broad sense and narrow sense two explanations: one explanation is that the capital as all funding sources, the structure of the generalized capital structure refers to the entire capital, the relationship between the contrast of their own capital and debt capital, as the American scholar Alan c. Shapiro points out that the companys capital structure - all the debt and equity financing; an alternative explanation is that if the capital is defined as a long-term funding sources, capital structure refers to the narrow sense of their own capital and long-term debt capital, and the tension and the short-term debt capital as the business capital management. Whether it is a broad concept or narrow understanding of the capital structure is to discuss the proportion of equity capital and debt capital relations. 2 The capital structure theory Capital structure theory has experienced a process of gradually form