Title: Discussion on capital structure optimization from the effect of human capital based on agency theory
Abstract: In order to compensate for the shortcomings of traditional capital structure and enhance corporate value,methods of normative research,comparative analysis,combining of qualitative and quantitative analysis are used.Based on agency theory,human capital of the manager is considered,and the three-dimensional capital structure is constructed,according to the constraints of the relationship among owners,creditors and managers.Then,capital structure optimization is analyzed under the system of new capital structure.Finally,some suggestions were put forward to optimize capital structure dynamically.It is concluded that human capital of the manager is of great significance to rationalize relationships that exist in the capital structure,and human capital should be included in the optimized capital structure.Besides,balanced and dynamic optimizations of capital structure also need support of government and efforts of enterprises.
Publication Year: 2010
Publication Date: 2010-01-01
Language: en
Type: article
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