资本结构与治理结构研究综述

A Summary on the Study of Capital Structure and Administer Structure

在完善的资本市场条件下 ,传统的企业金融理论认为治理结构对资本结构的选择没有关系 ,但是由于完善的资本市场在现实中并不存在 ,于是 ,人们逐一放松了其严格的假设条件 ,通过分析得出 :一方面 ,不同的资本结构影响着公司治理结构的制度安排 ;另一方面 ,不同的公司治理结构也影响着资本结构的决策。因此 ,在发挥资本结构治理效率的同时应该研究治理结构对资本结构决策的影响机理 。

Under the condition of perfect capital market, traditional capital circulation theories of enterprise consider that administer structure is irrelevant to the choice of capital structure, but because perfect capital market is non-existance in fact, the premise term is gradually softened. By analying,it is hold different capital struetures effect the sysytem arrangement of company administer structure and different administer structures of company influence the policy decision of capital structure. So while the administer efficiency of capital structure is brought into play, the influence mechanism of administer structure on the policy decision of capital stracture should be studied.