Capital Management in a Stochastic Earnings Framework

许多澳大利亚的大公司都有持续的资本管理项目。这些计划旨在确保公司保持最佳的资本结构。这通常是根据经验法则或以一些财务比率为基准来完成的。从某种程度上说，对最优资本结构的分析可以更严格地引入，这对澳大利亚公司有明显的好处。当然，企业参与资本管理计划的首要原因是降低资本成本和增加价值。任何降低澳大利亚企业资本成本的举措都将导致生产率的提高和经济增长。

Many large Australian firms have on-going capital management programs. These programs are aimed at ensuring that the firm maintains an optimal capital structure. This is often done according to rules of thumb or benchmarked against a few financial ratios. To the extent that more rigor can be introduced into the analysis of optimal capital structure, there is a clear benefit to Australian firms. Of course, the reason firms engage in capital management initiatives in the first place is to lower their cost of capital and to increase value. Any initiative that lowers the cost of capital of Australian firms will result in increased productivity and economic growth.