| 基于权衡模型的跨国公司资本结构的决定因素分析 |
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| 引用本文： | 朱勤,程惠芳.基于权衡模型的跨国公司资本结构的决定因素分析[J].中央财政金融学院学报,2002(12):66-70. |
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| 作者姓名： | 朱勤 程惠芳 |
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| 作者单位： | 浙江工业大学经贸管理学院 杭州310014
(朱勤)，浙江工业大学经贸管理学院 杭州310014(程惠芳) |
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| 摘 要： | 跨国公司资本结构问题是国际金融微观领域的研究热点 ,但目前国内研究对此鲜有涉及。本文着重研究了跨国公司资本结构决定的问题 ,在概述了权衡理论的基本思想并考虑了跨国公司经营环境与国内企业的差异后 ,提出基于权衡模型的跨国公司资本结构决定机制的分析框架 ,进而深入研究了跨国公司资本结构的决定因素 :负债节税价值、破产成本和代理成本。
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| 关 键 词： | 跨国公司 资本结构 决定因素 权衡模型 |
| 文章编号： | 1000-1549(2002)12-0066-05 |
An Analysis of Multinational Corporations Capital Structure Determinants Based on Trade-off Model |
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| ZHU Qin CHENG Hui-fang.An Analysis of Multinational Corporations Capital Structure Determinants Based on Trade-off Model[J].Journal of Central University of Finance & Economics,2002(12):66-70. |
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| Authors: | ZHU Qin CHENG Hui-fang |
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| Institution: | ZHU Qin CHENG Hui-fang |
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| Abstract: | The capital structure problem of multinational corporations is the new emphasis in micro- international finance research, while there are few researches on it in China. This paper discusses how the capital structure of multinationals is determined. After introducing the famous tradeoff model and considering the differences of the operating environment between multinational and domestic corporations', the paper puts forward the analytical framework based on tradeoff model, then analyzes intensively the determinants of multinationals' capital structure: tax shields, bankruptcy costs, and agency costs |
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| Keywords: | Multinational corporations Capital structure Determinants Trade-off model |
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