西方后资本结构理论综述

Review of Western Theory of Post Capital Structure

梳理了控制权理论、资本结构产业组织理论、市场择时理论等西方后资本结构理论后,发现后资本结构理论虽然在理论模型上成功地挑战了新资本结构理论,但这种理论上的挑战在经验证据上所能得到的支持是十分有限的。当然,它将是今后资本结构理论的研究方向。

The paper reviews Western theory of post capital structure such as control right theory, industrial organization theory of capital structure and market timing theory, and finds that, although post capital structure theory is a challenge to the new capital structure theory in model, the theoretical challenge is in want of empirical evidence. Post capital structure theory will be the focus of study in the future.