基于代理理论探讨人力资本对资本结构的优化

为弥补传统资本结构的缺陷,提升企业价值,采用规范研究、对比分析、定性和定量分析相结合的方法,从代理理论的视角,引入经营者人力资本.根据股东、债权人和经营者之间的制约关系,构建了三元资本结构体系,分析了新体系下资本结构的优化,提出动态优化资本结构的相应建议.研究认为,经营者人力资本对理顺资本结构关系十分重要,优化的资本结构应涵盖人力资本;而且,均衡动态的资本结构优化,还需要政府的支持和企业的努力.

Discussion on capital structure optimization from the effect of human capital based on agency theory

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.