| 资本结构与契约 |
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| 引用本文： | 刘贵生,万虎高.资本结构与契约[J].辽东学院学报(社会科学版),2002,4(2):3-5. |
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| 作者姓名： | 刘贵生 万虎高 |
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| 作者单位： | 1. 中国人民银行总行,北京,100000
2. 湖南大学会计学院,湖南,长沙,410079 |
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| 摘 要： | 本文从契约的角度来论述资本结构 ,试图说明企业的契约结构通常表现为债务——权益结构 ;债务契约能有效地降低企业总的契约成本 ;企业最优的资本结构 (即最佳的负债比率 )就是 :使用负债融资所避免的重复监控成本与负债所带来的代理成本相等。
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| 关 键 词： | 契约 契约成本 资本结构 |
| 文章编号： | 1008-2751(2002)02-0003-03 |
| 修稿时间： | 2002年3月2日 |
Capital Structure and Contract |
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| LIU Gui-sheng,WAN Hu-gao.Capital Structure and Contract[J].Journal of Liaodong University :Social Sciences,2002,4(2):3-5. |
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| Authors: | LIU Gui-sheng WAN Hu-gao |
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| Abstract: | This article deals with the capital structure from the angle of contract.It attempts to expound that the enterprise′s contractual structure is generally reflected by the ratio of debt to equity,that the debt contract can decrease total contractual cost effectively and that there is an optimal capital structure(i.e.the optimal ratio of debt to equity)only when the duplicate supervisory cost which can be avoided through debt financing equals to the agency cost resulting from debt financing. |
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| Keywords: | contrcat contractual cost capital structure |
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