资本结构动态调整的理论和实证研究综述

发布时间：2018-09-01 09:56

【摘要】：随着相关学者对调整成本的深入研究,动态权衡理论逐渐成为资本结构动态调整的主流理论。然而,在集中的所有权结构和弱的制度环境下,没有有效的监督机制可以确保动态权衡理论的基本假设(管理者以企业价值最大化为目标进行融资决策)成立。因此,结合我国的制度环境和企业的所有权结构,来分析终极控制股东和外部投资者之间的代理冲突与区域制度环境差异对企业目标资本结构和调整速度的影响,具有重要的理论意义和现实意义。
[Abstract]:With the in-depth study of adjustment cost, dynamic tradeoff theory has gradually become the mainstream theory of capital structure dynamic adjustment. However, under the centralized ownership structure and weak institutional environment, there is no effective supervision mechanism to ensure that the basic hypothesis of dynamic tradeoff theory (managers' financing decision to maximize the value of enterprises) is established. Therefore, combining the institutional environment of our country and the ownership structure of the enterprise, this paper analyzes the influence of the agency conflict between the ultimate controlling shareholder and the external investor and the difference of the regional institutional environment on the target capital structure and the adjustment speed of the enterprise. It has important theoretical and practical significance.
【作者单位】：西南交通大学经济管理学院;
【分类号】：F832.51

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