现代资本结构理论

The Theory on Contemporary Capital Structure

自Modigliani和Miller提出MM理论以来 ,资本结构问题一直是理论界和实务界关注的焦点。本文从MM理论及其修正———基于税差的分析、基于权衡理论的资本结构理论、信息不对称条件下的资本结构理论、资本结构的实证研究四个方面阐述了自 2 0世纪 5 0年代以来资本结构理论的发展和研究成果 。

Since Modigliani and Miller put forward the famous MM theory, capital structure hsa been focus in theory and practice This paper surveys capital sturcture theories based on tax benefit, bankruptcy cost, informational asymmetric following the path MM mapped, discuss the releating emprical literature for 50 years Trying to provid some help for other scholars