从资本结构到交易结构——探究企业金融微观结构

资本结构及融资行为是公司金融领域的重要论题,数十年来研究成果丰硕,但对商业实践真正有指导意义的成果却凤毛麟角。本文指出了到目前为止的资本结构研究的主要方向及其不足,提出了企业金融微观结构概念。本文认为,商学院的公司资本结构研究应该区别于经济学,深入到金融工具交易结构的微观层面,才能更深刻、真实地揭示金融实践原理,更好地指导金融实践。

From Capital Structure to Transaction Structure:In Searching of the Micro-structure of Corporate Finance

The capital structure is an important topic of corporate finance,there are great amount of papers in this area for the past decades,but few with guidance sense in real business.Our paper points out main directions and their shortcomings in this area up to now,and proposes the concept of micro-structure of corporate finance. We argue that capital structure research in the business school should be different from economics research. Only when we penetrate the micro level of transaction structure of finance instrument,can we reveal the principle of financing practice more profoundly and factually,and can guide the financing practice better.