资本结构与公司价值:理论综述

起源于20世纪50年代的资本结构与公司价值理论研究,经过经济理论工作者半个世纪的努力,其研究深度与研究范围都有了很大的拓展.从莫迪利亚尼和米勒的MM理论开始,虽然并没有得出一个逻辑一致的结论,但所有成果都支持现实经济中资本结构与公司价值密切相关,并且,在引入了不对称信息、代理成本等概念之后,新资本结构理论的研究结论更加接近现实.

Capital Structure and Corporate Value:a Theoretical Summary

Through the painstaking work of theoretical workers of economics, greatly deepened and broadened has been the theoretical study, beginning in the 1950s, of capital structure and corporate value. Although, since the MM theory by Modigliani & Miller, no consensus in logicof conclusion has been reached, all the results are supportive of the idea that capital structure and corporate value are closely related to each other in present economy. In addition, with the introduction of the concepts of asymmetric information, agency cost and others, the fresh conclusion of the research on capital structure theory is closer to the reality.