陈柳钦;

• 1:天津社会科学院城市经济研究所

摘要(Abstract)：

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。

关键词(KeyWords)： 代理成本理论;信号传递理论;优序融资理论;新资本结构理论

Abstract:

Keywords:

基金项目(Foundation):

作者(Authors): 陈柳钦;

参考文献(References)：

• [1]Jensen,M.C and W.Meckling.Theory of the Firm:Managerial Behavior,Agency Cost,and Capital Struc-ture[J].Journal of Financial Economics,1976,(3):332-228.
• [2]Grossman,S.J.andO.D.Hart.Corporate FinancialStructure and Managerial Incentives[A].In:The Eco-nomics of Information and Uncertainty[C].Ed.by J.J.McCall.Chicago:The University of Chicago Press,1982.123-155.
• [3]Harris,M.,Raviv,A.Corporate Control Contests andCapital Structure[J].Journal of Financial Economics,1988,(20):55-86.
• [4]Stulz,R.Managerial Control of Voting Rights:Finan-cing Policies and the Market for Corporate Control[J].Journal of Financial Economics,1988,(20):25-54.
• [5]Stulz,R.Managerial discretion and opti mal financingpolicies[J].Journal of Financial Economics,1990,(26):3-27.
• [6]Diamond,Douglas W.Reputation acquisition in debtmarkets[J].Journal of Political Economy,1989,(97):828-862.
• [7]Jack Hirshleifer.Conflict and Rent-Seeking SuccessFunctions:Ratio vs.Difference Models of RelativeSuccess[J].Public Choice,1989,(63):101-12.
• [8]Thakor,Anjan V.Strategic Issues in Financial Contrac-ting:An Overview[J],Financial Management,1989,
• (18):39-58.
• [9]Tit man,Sheridan.The effect of capital structure on afirm’s liquidation decision[J].Journal of Financial E-conomics,Elsevier,1984,13(1):137-151.
• [10]沈艺峰.资本结构理论史[M].北京:经济科学出版社,1999.
• [11]Spence,A Michael.Market signaling:informationtransfer in hiring and related screening processes[M].Cambridge,Mass:Harvard University Press,1974.
• [12]Ross,S.The determination of financial structure:theincentive-signaling approach[J].Bell Journal of Eco-nomics,1977,(8):23-40.
• [13]邹薇,钱雪松.资本结构理论与经济发展:文献述评[J].经济评论,2003,(5):22-25.
• [14]Heikel,R.Atheory of capital structure relevance un-der i mperfect information[J].Journal of.Finance,1982,(37):1141-1150.
• [15]令媛媛,张粟,李定安.西方资本结构理论演变之纵横观[J].会计之友,2008,(24):51-53.
• [16]Poitevin M.Financial signalling and the deep-pocketargument[J].Rand Journal of Economics,1989,(20):26-40.
• [17]Glazer J.The strategic effect of long-termdebt ini m-perfect competition[J].Journal of Economic Theory,1994,(62):428-443.
• [18]Israel Ronen.Capital Structure and the Market forCoprorate Control:the Defensive Role of Debt Finan-cing[J].The Journal of Finance,1991,(4):1391-1409.
• [19]Narayanan,M.P.Debt versus equity under a symmet-ric information[J].Journal of Financial and Quantita-tive Analysis,1988,(23):39-51.
• [20]Heinkel,R.&Zechner,J.The role of debt and pre-ferred stock as a solution to adverse invest ment in-centives[J].Journal of Financial and Quantitative A-nalysis,1990,(25):1-24.
• [21]Harris,M.,Raviv,A.Capital structure and the infor-mation role of debt[J].Journal of Finance,1990,(45):321-349.
• [22]徐维兰.资本结构理论的演进、评述及启示[J].生产力研究,2006,(2):249-250.
• [23]肖作平.基于代理成本的资本结构理论[J].统计与决策,2006,(4):131-133.
• [24]林伟,邵少敏.现代资本结构理论[J].中央财经大学学报,2004,(4):47-52.