1 摘 要在企业经营与发展的过程中，资本是十分重要的一项资源。企业在融资的过程中，如果企业有了很好的资本结构，那么企业相同投入时，资本成本就会很少，而且能够使得公司的经济效益有所提高。此外，还能够加强企业的规范化经营，使得企业的市场价值有所提高。现在的财务管理中，企业的资本结构最优化也成了很重要的理论，也是公司筹集资金和管理决策的重心，对公司的生存发展有着较为紧密的联系。为此，文章先介绍云南白药公司资本结构，然后提出负债期限不完善、融资方式单一、股权集中度较高、内源融资比例较低等问题。通过对问题的分析，找到了相对应的原因，资本市场不稳定、投资者的不理性、经营现金流不足、权益资金风险意识差及公司股东监督力度弱等，通过以上的分析了解了出现问题的原因，最后相应给出了对策：调整负债期限结构、拓展融资渠道、优化公司股权结构、提高内源融资比例、加大公司股东监督力度等。这不仅可以对云南白药集团股份有限公司优化股本结构提供帮助，还能为其他上市公司运到同样的问题提供参考依据。关键词：资本结构；股本；权益资本结构2AbstractCapital is indispensable for an enterprise.In the process of financing,if an enterprise has a reasonable capital structure,it can reduce the capital cost of the company on the basis of the same investment,and improve the economic benefit of the company.In addition,it can also strengthen the standardized operation of the enterprise,so that the market value of the enterprise has been improved.In modern financial management,enterprise capital structure optimization is also an important theory,at the same time,it is also the core of corporate financing decision,and has a close relationship with the survival and development of the company, Ltd,Ltd.is analyzed firstly,and the related concepts of the capital structure are recognized firstly,and then the capital structure of Yunnan Baiyao Group Co.,Ltd is analyzed.Then we find some problems,Ltd.,such as unreasonable debt term structure,single financing mode,high concentration of equity and low ...
