西方资本结构理论演变及其启示

自MM定理诞生以来，理论界对资本结构和公司价值之间的关系进行了激烈的争论，而后随着不对称信息理论、企业前沿理论和行为金融学的发展，资本结构理论与之交融发展，呈现为蓬勃、庞杂的理论演变态势。西方资本结构理论演变历程表明：合理的资本结构是提高公司价值的内在基础，完善的市场环境是提高公司价值的外部条件；全面、准确地研究资本结构与公司价值之间的关系，必须将股权和债权结合起来，同时考察公司现有资本结构和资本结构的变化对公司价值的影响。

Western Theory of Capital Structure: Evolution and Enlightenment

Since the birth of MM theorem in 1958, the relationship between capital structure and corporate value has been heatedly argued about in academe. With the development of asymmetric information theory, firm frontier theory and behavior finance theory, capital structure theory blends with them and develops quickly. Several conclusions can be drawn from the evolution of western capital structure theory: rational capital structure is the internal base of improving corporate value, while matured market background is the external condition for increasing corporate value. A comprehensive and accurate study of the relationship between capital structure and corporate value involves combining stockholder's right with creditor's right and analyzing the impact of both extant capital structure and changes of capital structure on corporate value.