资本结构与公司价值:理论演变及启示

Capital Structure and Corporate Value: Theoretical Evolution and its Inspiration

放宽MM定理中的主要假设条件,引入税收、破产成本、不对称信息、代理成本、交易成本等变量,由此证明了现实经济环境中资本结构通过避税效应、公司治理机制和信号机制三条途径影响公司价值。因此,改善上市公司质量的关键在于健全税收制度和破产制度,优化资本结构,完善资本市场。

By relaxing the main assumptions in the MM Theorem and introducing such variables as taxation, bankruptcy cost, asymmetric information, agency cost and transaction cost, this paper proves that in real economic situations, capital structure influences corporate value through three channels, namely tax avoidance effect, corporate governance mechanism and signal mechanism. Therefore, the key to improve the quality of listed companies is to amplify taxation system and bankruptcy system, optimize capital structure and perfect capital market.