企业并购是西方企业资本扩张的重要手段。
The important means of extending enterprises' capital in the west is enterprises' combination.
企业资本结构指企业的负债与总资产的比率。
Enterprises capital structure means the ratio of the debt to total assets.
其次分析了资产证券化对企业资本结构的影响；
Secondly, the asset securitization impact on enterprise's capital structure is analysed.
成功的出版企业资本运营首先必须着眼于人力资本运营。
Therefore, the success capital operation of publication enterprise first must focus on the human capital operation.
一般企业资本税将继续适用于省级皇冠公司和金融机构。
CCT will continue to apply to provincial Crown corporations and financial institutions.
本文认为，企业资本结构优化的标准是企业市场价值最大化。
This paper holds that the criterion of optimizing capital structure of firms is the maximization of market value.
股份制是企业资本的一种组织形式，所有制是生产关系的基础。
Joint stock is one of the forms of the enterprise capital while ownership is the base of production relations.
具体来说，企业资本支出变动的依据，应该是未来状况，不是经济现况。
Specifically, you want to vary capital expenditure to position your firm for what lies in the future rather than the immediate state of the economy.
在第四章中，我分析了企业资本结构的变化对企业产品市场策略的影响。
In chapter four, I studied how the changes of firms' debt level affect the product market competition.
国外的理论和实证研究表明增长机会是影响企业资本结构的一个重要因素。
The abroad theoretical and empirical studies indicate that growth opportunity plays an important role in capital structure.
为了实现企业价值的最大化，必须采用适当的方式使得企业资本成本最低。
In order to realize the maximization of enterprise value, must adopt appropriate means that the lowest cost of capital.
如何通过优化企业资本结构提升企业的价值一直是资本结构研究的核心问题。
How to optimize capital structure and improve enterprise value is a key issue in corporate theories.
自从MM不相关定理诞生以来，企业资本结构理论引起了经济学界的广泛关注。
Since the birth of MM irrelevance theorem, the economic circles have been paying intensive attention to the theory of capital structure in enterprises.
自从MM不相关理论诞生以来，企业资本结构理论引起了经济学界的广泛关注。
Since the birth of MM irrelevance theory, the economic circles have been paying intensive attention to the theory of capital structure in enterprises.
在总结资本结构相关理论的基础上，探讨金融工程对企业资本结构决策的影响。
After reviewing the capital structure theories briefly, the paper researches the impact of financial engineering on corporate capital structure.
造成我去国国企产权结构单一化的原因在于社会资本向企业资本转化的机制缺位。
The cause of single structure of our state-owned enterprises lies in the lack of transitional mechanism from social capital to enterprise capital.
企业负债的动机，是确立企业资本结构中负债与股东权益资本比例关系的逻辑起点。
The motive of the enterprise's liability is the logic starting point to establish the proportional relationship between the liability and owner's equity capital in enterprise's capital structure.
衡量企业资本结构的方法通常有比较资金成本法、权益资本利润率法和每股收益分析法。
The methods which can measure the capital structure of corporations, include comparing fund cost, equity capital interest rate and analyzing lucre of pers hare.
并通过对公司治理模式的再梳理，指出企业资本结构是影响公司治理模式选择的内生因素；
Then it draws a conclusion that capital structure is the endogenesis factor to select corporation governance models.
企业资本结构问题是当代经济学的一个前沿理论问题，也是现代企业经营管理的重要课题。
The capital structure issue is the frontier theory of contemporary economics and also one of important topic for management in modern enterprises.
当前我国企业资本运营中存在着理念扭曲、主体模糊、人才缺乏、对外资本运营较少等问题。
In the current, enterprise capital operation of our country has the problems of idea distortion, the fuzzy subject, lacks the talented person, the less foreign capital operation and so on.
按照现代资本结构理论，企业资本结构的选择影响企业资本的使用效率，最终影响企业的价值。
According to the modern capital structure theory, the choice of capital structure influences corporate capital efficiency which will ultimately affect the value of the enterprise.
资本结构理论能够解释某一个国家企业资本结构形成机制却不能解释另一个国家的企业资本结构。
How come Western capital structure Theory that can account for enterprises' capital structure of one country can not do so of another country?
将企业资本按物质资本、金融资本和以智慧资本和社会资本为主的无形资产作为企业资本的构成。
We also divide capital into material capital, financial capital, and invisible assets including Intellectual capital and social capital.
资本运营是指通过对存量资产的优化配置、提高资产运用效率，以实现企业资本最大增值的经营活动。
Capital operation is a series activities which is, by means of optimizing the stock assets and improving the efficiency of assets operating, to achieve the value increase of assets of enterprises.
将企业价值计量的两要素扩展为四要素，并结合企业资本构成要素及其相应的资本成本建立了相关模型。
Enlarging the measurement of the corporation value from two factors to four factors, corresponding model has been constructed in the thought of the value of each factor.
债务战略效应将产业组织理论与公司金融理论结合起来，研究了企业资本结构与产品市场竞争之间的关系。
The debt strategic effect, which links the industrial organization theory and the corporate financial theory, researched the relationship between the capital structure and product market competition.
而资本经营的本质是通过对价值形态的经营管理使企业资本活化、流动起来，在流动中实现资本增值最大化。
However, the essence of capital managing is to make enterprise capital active and floating by way of management the forms of value and make it get maximum rise in value.
但由于债务本身亦存在代理成本，因此，企业资本结构决策必须在股权代理成本与债务代理成本之间做出权衡。
For debt also has agency cost, an enterprise has to weigh between equity agency cost and debt agency cost when making capital structure decision.
但由于债务本身亦存在代理成本，因此，企业资本结构决策必须在股权代理成本与债务代理成本之间做出权衡。
For debt also has agency cost, an enterprise has to weigh between equity agency cost and debt agency cost when making capital structure decision.
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