摘要
资本结构研究的主流理论包括静态权衡理论、优序融资理论和市场择时理论。本文在对优序融资理论、市场择时理论进行简要回顾后,指出其各自仅考虑了信息不对称情况中的一部分而没有将信息不对称理论完整地引入公司资本结构的研究中。以此为基础,本文通过构建企业成长类型(Growth Type),力图将信息不对称理论完整地引入公司资本结构的研究中,弥补市场择时理论的上述不足。本文的研究结果表明,企业成长类型(Growth Type)对我国资本结构的决定具有显著影响,具有更好的解释力。
The most popular capital structure theories include Trade off Theory, Peckingorder Theory and Market-timing Theory. This paper make an analysis of those theories and draw a conclusion that, both Pecking order Theory and Markettiming Theory are based upon information asymmetry, but both of them are based upon only part of it. By the introduction of ＂Growth Type＂, this paper includes the information asymmetry theory as a whole. The research results indicate that ＂Growth Type＂ has significant effects on capital structure decisions and growth type has better explanatory power by the introduction of a more comprehensive asymmetric information theory.
出处
《价值工程》
2012年第8期82-83,共2页
Value Engineering
关键词
资本结构
成长类型
capital structure
growth type
