贵州上市公司资本结构实证分析

Positive analysis of capital structure of listed companies in Guizhou

历史证明,西方资本结构理论缺乏普遍的解释力。资本结构理论能够解释一个国家企业的资本结构形成,却不能解释另外一个国家的;能够解释一个地区企业的资本结构形成,却不能解释另外一个地区的。这是为什么?是不是存在一些制度因素导致不同国家不同地区企业经营者融资动因的差异?是不是可以认为这些制度因素也是决定企业资本结构的内生变量?

History proves that western capital structure theory is short of universal explanation. Capital structure theory can explain capital structure formation of enterprises of a region but can not explain it of another region. Why？ Do system factors cause the differenee of financing agent between entrepreneurs of different regions or different countries？ Do inner variations of enterprise capital structure depend on these system factors？