CAJ | 학술논문

自20世纪50年代MM理论提出以来，理论界逐渐放松了MM理论最早提出的各种假设条件，但对企业增长为零的假设条件却没有予以放松。关于企业最佳资本结构的确定问题，理论界一直认为加权平均资本成本WACC最小时的资本结构就是企业的最佳资本结构。而本文通过对资本结构与资本成本、利润增长、企业价值之间的关联关系进行分析研究之后发现加权平均资本成本最小时的资本结构并不一定就是企业的最佳资本结构。企业的最佳资本结构的确定应该从两个方面去考虑：一是从资本成本的角度去考虑；二是从企业利润增长速度的角度去考虑，即只有满足WACC—g最小时，而不是WACC最小时的资本结构才是企业的最佳资本结构。只有这样确定的资本结构，才能使企业的价值达到最大化。
자20세기50년대MM이론제출이래，이론계축점방송료MM이론최조제출적각충가설조건，단대기업증장위령적가설조건각몰유여이방송。관우기업최가자본결구적학정문제，이론계일직인위가권평균자본성본WACC최소시적자본결구취시기업적최가자본결구。이본문통과대자본결구여자본성본、리윤증장、기업개치지간적관련관계진행분석연구지후발현가권평균자본성본최소시적자본결구병불일정취시기업적최가자본결구。기업적최가자본결구적학정응해종량개방면거고필：일시종자본성본적각도거고필；이시종기업리윤증장속도적각도거고필，즉지유만족WACC—g최소시，이불시WACC최소시적자본결구재시기업적최가자본결구。지유저양학정적자본결구，재능사기업적개치체도최대화。
Since 1950s when the MM theory was put forward, theorists gradually shifted focus from the earliest assumptions of the MM theory, but the assumption of zero growth in the enterprise has always been under con- sideration. As to the determination of the optimal capital structure for corporations, theorists have always hold that the minimum WACC （ weighted average cost of capital） corresponds with the optimal capital structure. This paper, based on the relationships between capital structure and capital cost, profit growth as well as corpo- rate value, fmds out that when WACC reaches the minimum, the capital structure is not necessaxily the optimal capital structure. The determination of the optimal capital structure should be based on two factors： capital cost and the growth rate of corporate profit. In another word, when WACC- g raffler than WACC reaches the mini- mum, a corporation can get its optimal capital structure. Only in this way can a corporatian realize maximization of its corporation value.