上海管理科学2017，Vol.39Issue(2)：1-5,5.
EVA函数与最优资本组合的数值实验研究
A Numeral Experiment of EVA Function and Optimal Capital Combination
杨忠直 1刘畅 1刘红丽1
作者信息
- 1. 上海交通大学安泰经济与管理学院,上海 200030
- 折叠
摘要
Abstract
This paper designs the Long-Term Production Functions of debt and equity as variables abide by the properties and structures of production function in economics and forms the EVA function by means of embedding Long-Term Production Function in EVA formula. Then a model of EVA maximization is established and the equations solving the optimal combination of debt and equity are deduced. For proving the proposition to the existence and unique of optimal combination of capital, the structure characteristics of pong-term production function, WACC function, and EVA function are showed by the numeral experiments.Further, EVA function is formed with rational selection of parameters of long-term production function and WACC function, the optimal combination of debt and equity is solved, and the maximum of EVA is computed. The results of the paper offer the theoretic foundation for the evaluation of management performance and the optimization of capital structure.关键词
长期生产函数/EVA函数/RI函数/资本组合/资本结构Key words
long-term production function/EVA function/RI function/capital optimal combination/capital structure分类
管理科学引用本文复制引用
杨忠直,刘畅,刘红丽..EVA函数与最优资本组合的数值实验研究[J].上海管理科学,2017,39(2):1-5,5.
