现代资本结构理论及对我国的启示

MM Theory and Its Enlightenment to China

MM理论的诞生标志着资本结构理论的研究进入了一个新的阶段 ,这一理论最初是建立在无公司税的假设之上的 ;后来 ,又在考虑了公司税和个人所得税的基础上进行了修正。在 MM理论的基础之上 ,又建立了权衡理论、不对称信息理论等现代的资本结构理论 ,它们都是对 MM理论的发展。这一古老而又成熟的理论不仅对西方国家融资决策有价值 ,而且对我国优化资本结构、发展资本市场和建立现代企业制度都有着重要的借鉴意义。

The birth of the MM Theory represents a new stage of the capital structure study.In its initial stage of studies this theory was based on the hypothesis of non-corporate tax.Later on,it was revised on the consideration of corporate tax and personal income tax.On the basis of the MM Theory,such modern capital structure theories as Balance-weighing Theory,Asymmetric Information Theory,etc.were established.They all contributed a lot to the advancement of the MM Theory.This ancient and matured western theory is...