现代资本结构理论的演进及评析

The Historical Review of the Evolving Modern Capital Structure Theory

现代资本结构理论从MM定理开始,经历了以信息对称为分析框架的旧资本结构理论阶段和以信息不对称为分析框架的新资本结构理论阶段,其中以MM理论和代理成本理论影响最大。虽然资本结构理论的研究成果不断丰富和发展,但至今未能建立起一个与实践经验相吻合的理论框架模型。

Modem capital structure theory starts from MM principle, based on the old capital structure theory clmracterized by symmetry information and the new capital structure theory characterized by information asymmetry. In this area MM principle and agency cost theory have the most significant influence. Although the theoretical research is continuously developed, a theoretical model consistent with reality has not been reached yet.