摘要
2012年6月以来,利率市场化进一步提速。在此背景下,进一步廓清利率变化对公司资本结构选择的影响机制及理论基础颇具现实意义。本文在对MM理论深入分析的基础上,通过模型推导和比较静态的图形推演获得了利率影响资本结构的结论;但是,如果用市值杠杆来衡量资本结构,或在动态视角下来讨论这一问题,则利率对资本结构的影响方向存在不确定性。
Since June 2012,China's policy on the interest rate reform has become more market-oriented. In this context,it's imperative and pragmatic to carry out a study of the impact mechanism and theoretical basis between macroscopic interest rates and the choice of the corporate capital structure at the right time. By applying MM theory and static modeling derivations,the paper concludes that interest rates do affect the corporate capital structure; however,if the market-value-leverage is used to measure the capital structure or a dynamic perspective is applied in the discussion,the impacts are uncertain.
出处
《云南大学学报（社会科学版）》
CSSCI
北大核心
2013年第6期72-78,110,共7页
The Journal of Yunnan University:Social Sciences Edition
