西方新资本结构理论综述

资本结构理论所研究的基本问题是企业资本结构与企业价值的关系。西方经济学界围绕这一基本问题展开了全面深入的研究,形成了许多不同的资本结构理论。20世纪70年代以来,随着信息经济学、委托代理理论等现代分析工具引入资本结构分析,资本结构理论研究获得了新的发展,一系列解释资本结构问题的新观点便应运而生,其流派众多,具有代表性的理论有以下几种:代理成本理论、信号传递理论和优序融资理论等。

A Summary of Western New Capital Structure Theory

The basic problem of Capital structure theory is the relationship between value of firm's capital structure and business.In western economic circles,around this fundamental issue a comprehensive in-depth study,and forming a number of different capital structure theory.Since the 70 years in 20th century,as information economics,principal-agent theory,and other modern analytical tools into the capital structure analysis,capital structure theory had a new development,and there were a series of new perspectives...