资产专用性对资本结构的影响研究

On Asset Specificity Influence on Capital Structure

传统上,资本结构决策是利用财务理论来解释的。许多经济学家论证了企业的行业属性、规模、盈利性、波动性、成熟度等诸多因素,对企业资本结构的影响,并通过各种计量模型对此进行了实证研究。近来关于交易成本经济的研究发展显示,公司负债比率与战略和控制因素的关系可能比纯粹的财务因素更密切。而资产专用性正是交易成本里面非常重要的因素。因此对资产专用性与资本结构关系的研究具有重要意义。

Traditionally, the capital structure puzzle is explained by financial theories. Many economists have argued the impact of the industry, scale, profitability, volatility, maturity and many other factors on capital structure decision. Recently, the research of transaction costs shows a more intimate relationship between the company debt ratio and the institutional factors than purely financial factors. And the asset specificity is the keystone of the transaction costs theory. Accordingly, the research on asset specificity and capital structure has very important significance.