资本结构控制权理论评析

Review of the Theory of Control Right of Capital Structure

资本结构控制权理论是现代资本结构理论的重要组成部分,它为我们在财务合约不完全的情况下研究企业资本结构选择与控制权安排提供了一种新的且最有力的分析工具。本文在对该理论的主要模型进行介绍的基础上,对该理论的历史性贡献和有待进一步研究的问题进行归纳,指出了该理论对完善我国国有企业资本结构从而完善其治理结构的借鉴意义。

The theory of control right is an important part of the modern capital structure theory.It's a new but the best powerful method to research the relation between the selection of capital structure and the arrangement of control right in the condition of incomplete financial contract.This paper reviews the primary model of control right theory,puts some opinions for the historical contributes of control right theory and the needs for future research.Additionally,it also discusses the implication of control right theory to perfect the capital structure and consequently to perfect the corporate government structure of our state—owned firms.