资本结构理论的新发展及其对我国的启示

New Development of Capital Structure Theories and Its Inspiration to China

在对资本及资本结构内涵探讨的基础之上,就早期资本结构理论,即净收入理论、净营业收入理论和传统理论作了简要回顾。对现代资本结构理论——MM理论作了介绍,对其优缺点进行了评价。重点阐述了近几年资本结构理论发展过程中形成的新理论,如激励理论、代理成本理论、信号显示理论、偏好顺序理论和控制权理论等,对我国企业调整融资结构、注重债务融资、实行浮动利率和促进直接融资等融资管理工作有一定的启示。

Based on the connotation of capital and capital structure, this paper,after a brief retrospection on some early capital structure theories (net income theory, net operating income theory, and the traditional theory),introduced MM, the modern capital structure theory, and mainly stated some relatively new theories in recent years, such as Stimulation Theory, Agency Cost Theory, Signal Indicating Theory, picking order theory, and Control Right theory etc. Meanwhile, it illustrated its beneficial inspiration to the management of raising funds for industries in our country.