后资本结构理论的形成与发展——资本结构管理控制理论及其验证

Theory of post Capital Structure: Formation and Development

作为后资本结构理论的代表性流派之一 ,资本结构管理控制学派是在新资本结构理论走向式微 ,公司控制权市场发展到顶峰阶段的背景下崛起的。它着重考察了资本结构和公司控制权市场之间的联系 ,并突出了管理者在资本结构决策中的重要作用。它主要包括了Stulz模型、Harris-Raviv模型和Israel模型等三个重要的理论模型。实证研究的结果有限度地支持资本结构管理学派的理论假设。资本结构管理控制学派既是对现代资本结构理论和新资本结构理论的批判 ,也是对它们的继承和发展。

As one of the representative schools of Post-theory of Capital Structure, Managerial Model of Capital Structure grows up while the Neo-theory of Capital Structure is diminishing and the market for corporate control is developing to its zenith. It places emphasis on the relationship between capital structure and the market for corporate control and also highlights the important role of managers in capital structure decision. It mainly includes three important theoretical models: Stulz Model, Harris-Raviv Model and Israel Model. The results of empirical researches limitedly support its theoretical hypothesis, and it is not only a criticism but also a heritage and development of the Modern and Neo-theories of Capital Structure.