资本结构理论及对我国国企改革的启示

Capital Structure Theories and Their Revelations to the Reform of State-owned Enterprises

现代资本结构理论主要是指MM理论和在其基础上引入的权衡理论、信号传递理论。现代资本结构理论实质上研究的是以企业价值最大化为目标的融资决策问题,但其理论的深层意义却超过了财务决策本身。研究西方现代资本结构理论的目的是为我国国企改革探寻出路。

Modern capital structure theories,namely,MM(Myers一Majlif) Theory,Trade-off Theory derived from MM Theory,Signaling Hypothesis Theory,essentially focus on the fund-raising decisions aiming to maximize the enterprise values,whose profound significance is far beyond the financial decision itself.The study of the modern Western capital structure theories may well lead to solutions to the State-owned enterprise reform in China.