资本结构理论新趋势——基于市场微观结构理论的拓展

现有资本结构理论大多从影响资本结构的某个因素出发对公司资本结构选择行为 进行解释,导致其解释能力通常是有限的。随着研究的深入以及受相关财务金融理论发展的 影响,资本结构理论不断得以充实与拓展。金融市场微观结构理论是金融研究的一个新领域 ,市场微观结构涉及资产定价和公司财务等多方面的内容,因此,基于市场微观结构理论与方 法对资本结构理论进行完善与拓展成为新的研究趋势。

New Trend of Evolution of Capital Structure Theory Development Based on Market Microstructure Theory and Methodology

Current theories on capital structure mainly explain the corporate capital structure decision in the light of certain factors that influence capital structure,and are thus not exhaustive in terms of its accountability.With more researches conducted and also under of the influence of relevant financial theories,capitcal structure theory is being enriched and developed.Market microstructure theory is a new research field in financial studies.As market microstructure is concerned with asset pricing and corporate finance,improving and developing capital structure theory based on market microstructure theory and methodology is becoming a promising research trend.