资本结构影响因素之跨国研究

Capital structure influence factor's multinational research

根据Fan、Twist和Titman对39个国家(包括发达国家和发展中国家)资本结构和债务期限选择的研究,他们指出企业融资决策的决定因素是远远不像以前的调查文献中所讨论的那样。在这些文献基础上,本文选择对四个最重要的因素进行讨论。作者运用了相关原理对税收制度,信息不对称,法律制度,消费者偏好这四个因素进行了详细分析。

According to the research of Fan,Twist and Titman to 39 countries（including developed countries and developing countries） about capital structure and the choice of debt maturity,they point out that the study of enterprise＇s deciding factor of the financing decision is much more different from the previous survey as discussed in the bibliography.This paper chose the four most important factors to discuss,which is based on those bibliographies.These factors are tax system,asymmetric information,law system and the customers preference.And the author analyzed these four factors by using relevant theories.