| 论预算软约束下相关影响因素变化所导致资本结构理论的变化 |
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| 引用本文： | 张嘉兴,李昊,张俊民.论预算软约束下相关影响因素变化所导致资本结构理论的变化[J].现代财经,2010(4). |
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| 作者姓名： | 张嘉兴 李昊 张俊民 |
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| 作者单位： | 天津财经大学商学院; |
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| 基金项目： | 国家自然科学基金项目“中国上市公司融资行为异化与治理研究(70940010)”的阶段性研究成果 |
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| 摘 要： | 预算软约束是影响企业融资行为异化的重要因素之一。预算软约束存在于各种经济体中,并影响着不同制度背景下的公司融资模式。本文在回顾已有资本结构理论及其相关经验证据的基础上,试图构建预算软约束对资本结构作用机理的理论模型与可验证的假设。为此,首先提出预算软约束的分析框架;然后通过放宽预算硬约束假设来分析已有资本结构理论,重点关注了在预算软约束环境下资本结构不同影响因素的变化及其导致的资本结构理论变化;最后总结了预算软约束和资本结构的相互作用及其理论假设,并提出了进一步研究的建议。
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| 关 键 词： | 预算软约束 资本结构 理论 经验证据 分析与展望 |
Discussion on the Changes of Capital Structure Theory caused by the Change of Related Factors with Soft Budget Constraints |
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| Zhang Jiaxing,Li Hao,Zhang Junmin.Discussion on the Changes of Capital Structure Theory caused by the Change of Related Factors with Soft Budget Constraints[J].Modern Finance and Economics(Journal of Tianjin University of Finance and Economics),2010(4). |
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| Authors: | Zhang Jiaxing Li Hao Zhang Junmin |
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| Abstract: | Soft budget constraint is one of the important factors causing the alienation of enterprise's financing.It exists in a variety of economic bodies,and has an effect on the financing pattern under different institutions.In this paper,we first make a review on the existent capital structure theory and its related empirical evidence,and according to it,try to establish theoretical pattern of soft budget constraint's functional mechanism to capital structure.First,we propose an annalistic frame of soft budget co... |
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| Keywords: | Soft Budget Constraint Capital Constraint Theory Empirical Evidence Analysis and Prospect |
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