摘要:隨著世界經(jīng)濟(jì)的高速發(fā)展，各項(xiàng)法律法規(guī)準(zhǔn)則的完善，使資本結(jié)構(gòu)優(yōu)化成為公司財(cái)務(wù)風(fēng)險(xiǎn)管理問題的重中之重，公司資本結(jié)構(gòu)的合理與否直接影響公司的生產(chǎn)經(jīng)營以及未來的發(fā)展，這將影響到公司的融資行為及企業(yè)價(jià)值的實(shí)現(xiàn)，并與中國的經(jīng)濟(jì)發(fā)展密切相關(guān)。隨著資金來源的多元化，企業(yè)經(jīng)營機(jī)制的轉(zhuǎn)換，我國企業(yè)也逐漸重視資本結(jié)構(gòu)，影響我國企業(yè)的資本結(jié)構(gòu)的因素和如何進(jìn)行資本結(jié)構(gòu)優(yōu)化也成為當(dāng)下研究的熱點(diǎn)問題。

　　　本文正是基于上述時(shí)代背景，在國內(nèi)和國外的相關(guān)文獻(xiàn)的基礎(chǔ)上，首先介紹了資本結(jié)構(gòu)的相關(guān)理論及資本結(jié)構(gòu)理論的發(fā)展歷程。其次，運(yùn)用案例分析法，以中南控股集團(tuán)為例找出該集團(tuán)現(xiàn)有資本結(jié)構(gòu)存在的問題，具體分析影響該集團(tuán)資本結(jié)構(gòu)的因素。最后，借鑒國內(nèi)外資本結(jié)構(gòu)優(yōu)化的經(jīng)驗(yàn)，并結(jié)合企業(yè)的實(shí)際情況，提出資本結(jié)構(gòu)優(yōu)化的建議。

關(guān)鍵詞 最佳資本結(jié)構(gòu)；人力資本；證券市場(chǎng)

Abstract:With the rapid development of the world economy and the improvements of all laws, rules and regulations, optimizing the capital structure has become an important aspect in the issues of a company's financial risk management. Whether the capital structure of a company reasonable or not impact directly on the production and operation of the company as well as its future development, besides, this will also affect the financial behavior and the achievement of the company’s value and closely relate to the economic development of China. With the diversification of the sources of funding and the operational mechanism of the enterprise, Chinese enterprises also lay more emphasis on capital structure. Meanwhile, factors affecting the capital structure of Chinese enterprises and the way to carry out the optimization of capital structure have also become hot issues of present studies.

　　　On the basis of the above-mentioned background and the related references which are both home and abroad, firstly this paper starts with the introduction of relevant theories of capital structure and their evolutions. Secondly, by means of case analysis, through analyzing ZhongNan Construction Group, the author finds the existing problems of it and has a detailed analysis on several factors which affect its capital structure. At last, drawing on the experience of advanced capital structures, both domestic and overseas, the author integrates real conditions of ZhongNan Construction Group and then provides some suggestions to improve its capital structure better.

Keywords  Target Capital Structure  Human Capital  Securities Market