不完全信息下的企业资本结构理论评析

Comment on Capital Structure Theory under Incomplete Information

阐述了近 1 0年来西方经济学家关于资本结构理论的最新研究成果 ,分析了不完全信息下企业资本结构理论的特点 ,并与中国现行的企业资本结构评价方法进行了对比分析。分析结果认为 ,适用于西方市场经济发达国家的不完全信息下企业资本结构理论 ,并不完全适合尚处于市场经济初期的中国 ,中国必须探索自己的资本结构理论。

This paper deals with the western economists’ research achievements on capital structure theory in the recent decade, analyses the characteristics of capital structure theory under the incomplete information and compares them with the current appraisal method of capital structure used in our country. The analytical results indicate that the enterprise capital structure theory adaptable to the western market economically developed countries under incomplete information doesn’t completely fit Chinese situation in the early stage of market economy; Accordingly, China must probe into its own capital structure theory.