方法·人·制度——资本结构理论发展与演变  

Economic Methodologies,Humans,and Institution:The Development and Evolution of Capital Structure Research

作　　者：叶凡[1] 刘峰[2,3] 

机构地区：[1]厦门大学会计学系,福建厦门361005 [2]厦门大学会计发展研究中心,福建厦门361005 [3]中山大学现代会计与财务研究中心,广东广州510275

出　　处：《会计与经济研究》2015年第1期90-102,共13页Accounting and Economics Research

基　　金：中央高校基本科研业务费(2010221095);教育部人文社会科学重点研究基地重大项目(11JJD790032);福建省财政厅专项课题

摘　　要：从资本结构研究中影响资本结构的因素入手,将资本结构理论研究的演变大致划分为三个阶段:20世纪50年代的MM理论到Jensen and Meckling(1976)、Jensen and Meckling(1976)到LLSV(1997,1998)、LLSV(1997,1998)之后。这种演变是一个不断"内化"现实因素的过程:MM(1958)之前,传统资本结构理论仍以规范性研究为主;MM(1958)之后,引入经济学"方法";Jensen and Meckling(1976)之后,引入"人"的行为及利益冲突;LLSV(1997,1998)之后,引入"制度"背景。This paper reviews the literature in capital structure. Based on the determinants of capital structure, we divide the development of capital structure research into three stages. The first stage is from the MM theory in 1950s to Jensen and Meckling （1976）, and the second stage is from Jensen and Meckling （1976） to LLSV （1997, 1998 ）, followed by the third stage since LLSV （ 1997, 1998）. To summarize, it is a process of internalizing realistic factors, i. e. , before the MM theory, traditional capital structure theory is based on the normative methodologies ; after MM （ 1958）, the economic methodologies are introducted into capital structure research; after Jensen ＆ Meckling （1976） , the research tends to focus on the conflicts among self-interested economic agents ; after LLSV （ 1997, 1998）, the institutional background is introduced into the research.

关 键 词：资本结构 MM理论 代理成本 制度 

分 类 号：F275.6[经济管理—企业管理]