从债权资本利用的角度浅议我国上市公司资本结构与西方资本结构理论的背离

The Capital Structure of Chinese Listed Company Deviate from The Western Capital Structure theory:Analys from Using Creditor's Capital

采用理论分析和比较分析法,从债权资本利用的角度,探讨西方资本结构理论与我国上市公司资本结构现状不相符的原因。指出由于我国证券市场存在的弊端,使得西方资本结构理论对我国上市公司缺乏指导性。若要让理论与实践相符,必须有赖于证券市场的完善和投资的逐步理性。

This paper discusses the reason that the capital structure of chinese listed company deriates from the western capital structure theory,using the theoretical and comparative analysis,from the perspective of debt capital Utilization,and points out the disadvantages in securities market make the chinese listed company lack guidance.If we want to make theory coincide with practice,we should depend on the perfection of securities market and the rationality of investment.