战略视角下的资本结构研究

On Capital Structure Based on Strategic Perspective

20世纪80年代以来,从战略视角研究资本结构引起了战略管理研究者以及财务理论研究者的关注,从战略的角度看,企业的资本结构决策是基于公司战略、竞争战略以及企业所面临的竞争环境所作出的理性选择。连接战略和资本结构,开辟了资本结构研究的新领域。文章对战略视角的资本结构研究的理论基础,公司战略、竞争战略、竞争环境与资本结构之间的内在联系等内容进行综述,以期为我国开展该领域的研究提供借鉴。

Since 1980s,the study of capital structure in the strategic view has attracted more and more attention from strastegy researchers and financial economists.From strategic perspective,enterprises' choice of capital structure is the result based on enterprise strategy,competition strategy and the conditions.Combining strategy with capital structure is a new field for the study of capitl structure.The paper makes a study of the inner relation between cappital structure and other elelments such as enterprises' strategy,competitive conditions and competition strategy.