两大主流资本结构理论概述

被引：8

作者：

黄贵海

宋敏

机构：

[1] 香港大学经济金融学院,香港大学中国金融研究中心,

来源：

经济学动态 | 2003年 / 03期

关键词：

最优资本结构; 企业; 财务杠杆; 企业管理; 融资杠杆; 静态平衡理论; 避税收益; 资本结构选择; 顺序偏好理论; 负债率; 资产负债比率; 经理层;

D O I：

暂无

中图分类号：

F275 [企业财务管理];

学科分类号：

1202 ; 120202 ;

摘要：

<正> 公司经营所需要的资产通常来自不同的渠道:直接来自股东的权益融资,来自债权人的债务融资,还有来自公司经营利润的留存收益,后者也是权益融资的另一种形式。学术界和实业界都对这样_一个问题感兴趣:公司资本的组成即股东权益/债务的组合,会不会影响公司的总体价值。如果最优资本结

引用

页码：61 / 66

页数：6

共 11 条

[1]

Testing static tradeoff against pecking order models of capital structure: a critical comment[J] . Robert S Chirinko,Anuja R Singha.Journal of Financial Economics . 2000 (3)

[2]

Capital structure as optimal contracts[J] . Chun Chang.North American Journal of Economics and Finance . 1999 (2)

[3]

An empirical study on the determinants of the capital structure of Thai firms[J] . Yupana Wiwattanakantang.Pacific-Basin Finance Journal . 1999 (3)

[4]

Institutions, financial markets, and firm debt maturity[J] . Journal of Financial Economics . 1999 (3)

[5]

HOW FIRM CHARACTERISTICS AFFECT CAPITAL STRUCTURE: AN INTERNATIONAL COMPARISON[J] . John K. Wald.Journal of Financial Research . 1999 (2)

[6]

The Role of Debt and Perferred Stock as a Solution to Adverse Investment Incentives[J] . Robert Heinkel,Josef Zechner.Journal of Financial and Quantitative Analysis . 1990 (1)

[7] REPUTATION ACQUISITION IN DEBT MARKETS [J].

DIAMOND, DW .

JOURNAL OF POLITICAL ECONOMY, 1989, 97 (04) :828-862

[8] DEBT VERSUS EQUITY UNDER ASYMMETRIC INFORMATION [J].

NARAYANAN, MP .

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 1988, 23 (01) :39-51

[9]

Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers[J] . Michael C. Jensen.The American Economic Review . 1986 (2)

[10]

The Cost of Capital, Corporation Finance and the Theory of Investment[J] . Franco Modigliani,Merton H. Miller.The American Economic Review . 1958 (3)

← 1 2 →