不完全信息下的企业资本结构理论评析_扈文秀.pdfVIP

( 200 1) . 17 . 1 96 Journal of Xi an U niver ity of T echnolo gy V ol No : 1006-47 10( 200 1) 01-0096-05 扈　文　秀 ( , 7 10048) : 阐述了近10年来西方经济学家关于资本结构理论的最新研究成果, 析了不完全信 息下企业资本结构理论的特点, 并与中国现行的企业资本结构评价方法进行了对比 析。 析结果认为, 适用于西方市场经济发达国家的不完全信息下企业资本结构理论, 并不完全 适合尚处于市场经济初期的中国, 中国必须探索自己的资本结构理论。 : 资本结构; 不完全信息; 契约理论 : F403. 7　　　: A Comment on Capital Structure Theory under Incompl ete Inf ormation - HU Wen x iu ( X ian Univer ity of T echnology, Xian 7 10048, China) Abstract: Thi paper deal with the we tern economi t re earch achievement on capital tructure theory in the recent decade, analy e the characteri tic of capital tructure theory under the incom plete information and com pare them w ith the current apprai al m ethod of capital tructure u ed in our country. The analytical re ult indicate that the enterpri e capital tructure theory adaptable to the w e tern market economically-developed countrie under incomplete information doe nt completely f it Chine e ituation in the early tage of market economy; Accordingly, China mu t probe into it ow n capital tructure theory . Key words: capital tructure; incomplete inform ation; contract theory , , 1956 ( Modigliani) ( M iller) [ 1] ( M M ) , , MM , , M M , , , ( Jen en) ( M eckling) , , ; ; [ 2] : 2001-01-13 : ( 1964-) , , , ,