公司资本结构决定因素研究综述

A Survey on the Determinants of Corporate Capital Structure

文章对自1958年产生的MM定理以来的现代资本结构理论所表明的资本结构决定因素进行了分类,认为资本结构决定因素可以分为微观层次上的特定企业变量、中观层次上的特定行业变量以及宏观层次上的国家因素变量。在这一分类框架下,文章对相应的因素进行了文献综述,系统地总结了资本结构理论所预测的这些变量与资本结构之间的关系,以及实证结果所表明的关系。

This paper classifies the determinants of corporate capital structure that have been shown since the coming of MM theorem. It is shown that the determinants of corporate capital structure can be classfied into three kinds ： micro firm - specific factors, industry - specific factors, and macro country - specific factors. Based on the classification. I survey every factor, generalize the relation between these factors and capital structure, and the relation shown by empirical tests.