对西方资本结构理论杂我国的适用性的反思——制度适应与市场博弈的视角  

On the Applicability of West Capital Structure Theory and Demonstration Analyses in China

作　　者：罗韵轩[1] 王永海[2] 

机构地区：[1]广东金融学院,广州510521 [2]武汉大学经济与管理学院,武汉430072

出　　处：《金融研究》2007年第11A期67-82,共16页Journal of Financial Research

基　　金：国家自然科学基金项目"基于投资者过度自信行为分析的资产定价问题研究"(项目批准号:70671077)的阶段性研究成果。

摘　　要：通过述评西方主流资本结构理论,本文分析了其移植于我国的局限性;比较中、西方影响资本结构理论的宏观、微观因素,从制度适应与市场博弈的视角,反思西方主流资本结构理论运用于我国可能会产生严重偏差。探讨以多要素、多循环的系统动态观为基础的主导机制理论,并在我国由"制度适应"向"市场博弈"的过渡期,针对主导机制理论的核心问题——影响我国企业资本结构选择的主要制度安排路径做进一步设想。This paper tries to review the research of main west capital structure theories and demonstration,analyze the limitation of the theory applying in China ,compare the macro and micro factors that influence the capital structure theories and demonstration both in foreign countries and in China. In view of the system adaptation and market game, the authors points out that it would bring worse errors to reflect the application of west modem capital structure theories and demonstration analyses in China. Finally, the authors discuss the dominant mechanism theory that based on the systematic dynamic concept of more factors and more circles,and propose some suggestions of institutional arrangement path for capital structure of enterprises in China.

关 键 词：资本结构理论 制度适应 市场博弈 

分 类 号：F275[经济管理—企业管理] F224[经济管理—国民经济]