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本文通过述评资本结构理论与实证分析的发展以及所面临的挑战,试图从上市公司资本结构的实证视角进行反思。目前资本结构理论和实证分析正面临着新的挑战,适合于我国特定经济环境的资本结构理论尚在探索中。如果采用美国为代表的西方主流资本结构理论和实证分析,用来解释我国上市公司资本结构现象可能会产生较严重的偏差。本文还探讨了适合我国资本结构选择的主要制度安排路径。
By reviewing the development of capital structure theory and empirical analysis as well as the challenges it faces, this paper attempts to reflect from the empirical angle of capital structure of listed companies. At present, the capital structure theory and empirical analysis are facing new challenges. The theory of capital structure suitable for our specific economic environment is still under exploration. If we adopt the theory and empirical analysis of the western mainstream capital structure represented by the United States, the explanation for the capital structure of the listed companies in our country may produce more serious deviations. This article also explores the main institutional arrangements for China’s capital structure choice.