税收、破产成本和资本结构

TAXES, BANKRUPTCY COST AND CAPITAL STRUCTURE

在ＭＭ 原命题的基础上， 首先通过对Ｍｉｌｌｅｒ 的论文“负债与税收”的简单介绍， 分析了个人所得税对资本结构的影响， 在此基础上通过引入破产成本， 建立了一个统一的分析模型， 得出税收和破产成本的共同作用， 使得资本结构有一个最优解．

This article first introduces simply Miller's famous article“Debt and Taxes', analyses the effect of the personal income tax to the capital structure based on the orient MM's theorem. Then, we induct the cost of bankruptcy, and establish an analysis unifying model. The model has an optimal solution of the capital structure by joint effect of taxes and bankruptcy cost and may carry conveniently out empirical test, also.