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自从莫迪格利安尼和米勒提出MM理论以来,资本结构问题一直是理论界和实务界关注的焦点。通过分析借鉴西方资本结构理论,结合我国转型经济背景下铁路运输企业发展的实践和特点,提出在政策性贷款、金融抑制、停息挂账和核销坏账、多目标损失、政策补贴等政策影响下铁路运输企业的权衡理论和模型,为我国铁路运输企业的资本结构优化提供理论基础。
Since Modigliani and Miller proposed the MM theory, the issue of capital structure has been the focus of both theorists and practitioners. By analyzing the theories of western capital structure and combining with the practice and characteristics of the development of railway transport enterprises under the background of the transitional economy in our country, this paper puts forward that under the influence of the policies of policy loans, financial repression, suspension of accounts and write-off of bad debts, loss of multiple targets and policy subsidies, The trade-off theory and model of transportation enterprises provide the theoretical basis for optimizing the capital structure of China’s railway transportation enterprises.