环境约束:企业资本结构研究与设计的逻辑出发点

Environment Restraint:The Logical Springboard of Investigating and Designing Corporation Capital Structure

本文将资本结构理论划分为效用学派和行为学派,并论述了其局限性。认为环境约束是企业资本结构研究与设计的逻辑出发点。环境变迁是企业资本结构变化的主导因素,也是企业资本结构理论发展的动力。从环境约束作为出发点研究企业资本结构,有利于解释不同背景下的资本结构的差异,有利于发挥资本结构理论对企业资本结构设计与优化的指导。

This paper divides the capital structure theory into two schools--effect school and action school and disserts their limitations. The author thinks that environment restraint is the springboard of investigating and designing corporation capital structure. Environment transit is the dominated factor of corporation capital structure variety and it is the power of the development of corporation capital structure theory too. To study corporation capital structure taking environment restraint as the springboard is helpful to explain the variance of capital structure under different background and is helpful