2008年以来中国资本结构实证研究综述

An Overview of Empirical Research on Capital Structure in China since 2008

资本结构问题是一个具有重大理论价值和实践意义的研究课题。资本结构与企业的税收、财务状况和代理成本直接相关,它不仅影响企业的资本成本和企业的总价值,而且影响企业的治理结构(企业相关利益者的利益权衡契约关系)以及经理行为,进而影响一个国家或地区的总体经济增长和稳定。中国资本结构的实证研究起步较晚。但是2008年以来也取得了一定的成绩。中国资本结构的实证研究主要包括两个方向,即资本结构的影响因素和资本结构与上市公司经营绩效之间的关系研究。与国外资本结构的研究相比,中国资本结构的实证研究还有待于进一步的深入。

Capital structure is worthy of study for its great theoretical and practical values.Capital structure is directly related to tax,financial position and agency cost.It not only affects the enterprise cost of capital and enterprise value but also has an influence on governance structure（balance contractual relationship of enterprise stakeholders） and behavior of mangers,thus it can affect economic growth and stability of the enterprise.Empirical research on capital structure in China began lately,but it has obtained some achievements since 2008.It mainly includes two aspects,the factor of capital structure and the relationship between capital structure and corporation performances.Empirical research on capital structure in China still needs to be further compared to the foreign capital structure research.