现代资本结构理论的发展:从MM定理到融资契约理论

The Development of Modem Capital Structure Theory

本文疏理了现代资本结构理论研究中近半个世纪来的主要进展,分析评价了现代资本结构理论中MM定理、代理理论和融资契约理论的发展历程、主要贡献和关键问题,在此基础上,着重对被视为现代资本结构理论最新发展的融资契约理论及其运用进行了总结,说明了现代资本结构理论的研究越来越贴近企业内部的信息和权利,对现实的解释力也越来越强。

This paper first introduces the main development of modern capital structure theory in recent 50 years, and then reviews three main parts of the theory, they are MM theorem, agent theory and financial contract theory. Finally, the author studies the financial contracts theory and its practices, and proves that modem capital structure theory has become more important for the interinformation and fights in the enterprise.