现代资本结构理论模型的新进展——非对称信息、公司控制权与市场机遇

New Advancement of Modem Capital Structure Theory——Asymmetric Information,Corporation Control Rights and Market Timing

70年代以来,现代资本结构理论无论是从研究方法还是研究内容上都得到了进一步的发展。非对称信息模型、公司控制权模型和市场机遇模型就是其中有代表性的三种理论模型.这些模型揭示的基本结论是:非对称信息条件下,将存在融资"强弱顺序";企业的资本结构与企业的市场价值、接管的概率以及接管的价格紧密相关;市场机遇对资本结构将产生巨大的、长期的影响,而且公司资本结构是过去利用股票市场机遇的累积效应。

After seventies,modern capital structure theory gains further development from research methods to contents.Asymmetric information,corporation control rights and market timing are three kinds of representative theory model.Basic conclusions of these methods can be summarized as the follows,there is a finance"perking order"under asymmetric information;capital structure of enterprises is interrelated to market value,probability and price of taking over;market timing will produce large and long-run e...