权衡理论和控制权理论的比较

The Tradeoff Theory and the Control Rights Theory—A Contrastive Study

资本结构理论是西方财务学中最具挑战性的理论之一,近50年来财务学家做了大量的有关资本结构和融资偏好方面的研究。从破产成本、税收和代理成本角度来研究资本结构问题的权衡理论是该领域的主流;20世纪90年代以来,研究者开始尝试从控制权配置的视角重新审视资本结构问题。本文主要探讨权衡理论和控制权理论的差别,期望对我国相关领域的理论研究和改革实践有所启示。

A lot of financial literature focused on the capital structure form tax, agency cost and information in the last fifty years. From 1990's, researchers have changed a new insight into the MM theory: control (decision) rights. This paper focuses on the differences between the tradeoff theory and the control rights theory and it is hoped to be helpful to the research and reform practice of China.