产业竞争、非理性行为、公司治理与最优资本结构——现代资本结构理论发展趋势及理论前沿综述

Industry Competition,Irrational Activities,Corporate Governance and Capital Structure:A Survey of The Theory of Capital Structure

资本结构理论是现代金融理论的重要基石之一。本文主要尝试从学科交叉研究的角度 ,对 1 980年以来资本结构理论发展的主要学术成果进行全面回顾 ,介绍产业组织理论、行为金融理论、公司治理理论和资本结构理论融合发展的最新研究成果和文献 ,充分阐述产业竞争、非理性行为、公司治理和企业最优资本结构之间的内在有机联系 ,并展望现代资本结构理论的进一步发展。

The theory of capital structure plays a very important role in modern financial research. From the cross-study point of view, this paper reviews the main academic compositions and achievements in this area since 1980, gives a comprehensively introduction to the up-to-date literatures on joint-research based on the theory of industry organization, the theory of behavioral finance, the theory of corporate governance and the theory of capital structure, discloses the inter-relationship between industry competition, irrational activities, corporate governance and capital structure. At last, on the basis of the front studies, this paper gives some remarks on the developing trend of the theory of capital structure.