资本结构理论

本文回顾了自MM理论以来的资本结构理论研究进展。

This paper reviews the development of capital structure theory since MM theorem .

从MM资本结构理论看财务风险形成的原因和对策

Financial budget management Analyzing the Causes and Countermeasures of Financial Risk from the Theory of MM Capital Structure

自1950年MM资本结构理论提出以来，现金流量与企业价值便成为现代财务理论的基本的、核心的概念。

Cash discharge and enterprise cost have become basic and core concepts since MM capital structure theory was presented in the 1950s .

MM理论作为现代资本结构理论的基石，近半个世纪以来对资本结构的研究产生了巨大的影响。

As a footstone of modern capital structure , MM theory has great influence on capital structure research for nearly half century .

以MM理论为起点的资本结构理论一直着力于探讨最优资本结构的存在及决定问题。

Started with MM theory , the capital structure theory has been focusing on the existence and determination of the optimal capital structure .

自MM理论为现代资本结构理论奠定基础之后，资本结构理论不断深入发展。

Since the MM theory laid the foundation of modern capital structure theory , the capital structure theory has achieved great progress and development .

应该说，MM理论既是公司资本结构理论的基本内容，也构成整个企业债券市场的理论基础。

MM theory was the basic content of the theory of corporation 's capital structure and also consisting the theoretic foundation of bond market .

自从MM定理诞生以来，公司的资本结构理论一直是经济学界关注的焦点之一。

Since the birth of MM theory , the capital structure theory of corporation has been one of the focuses of the field of economics .

自从MM不相关定理诞生以来，企业资本结构理论引起了经济学界的广泛关注。

Since the birth of MM irrelevance theorem , the economic circles have been paying intensive attention to the theory of capital structure in enterprises .

莫迪格利尼和米勒提出的MM理论及其修正理论，为现代资本结构理论研究奠定了一个坚实的基础。

The MM theory and revision theory were initially proposed by Modigliani and Miller , which laid a solid foundation for the modern capital structure theory .

主要介绍了MM定理的三个理论模型，权衡理论和后权衡理论，以及新资本结构理论的代表性理论模型。

This chapter emphatically introduces to three models of MM theory , trade-off theory and post trade-off theory , and representative models of new capital structure theory .

以MM定理为界线，把资本结构理论分为传统资本结构理论和现代资本结构论。

Take the MM theorem as the demarcation line ; the capital structure theory is divided into the traditional capital structure theory and the modern capital structure theory .

以MM理论的形成为标志，资本结构理论可以大致划分为早期的资本结构理论和现代资本结构理论。

To the formation of MM theory , marked by the capital structure theory can be broadly divided into the early capital structure theory and modern capital structure theory .

财务困境理论已成为资本结构理论研究的前沿和热点问题之一，财务困境（Financialdistress）又称为财务危机，其最为严重的情况就是破产。

Theory of Financial Distress has become one of the front and the hot issues . Financial Distress is also called Financial crisis , in which the most serious circumstances is bankrupt .

自1958年Miller和Modigliani提出了MM定理之后，西方学术界对于资本结构理论进行了深入的探讨和研究。

Since 1958 , Miller and Modigliani made the MM theory , the Western scholars conducted in-depth study and research .

自1958年Modigliani和Miller提出经典的MM理论以来，资本结构理论研究的脚步从未停顿。

The research of capital structure has not stopped since 1958 when Modigliani and Miller advanced the classic MM theory .

Modigliani、Miller（1963）修正了MMⅠ，得出含税条件下的资本结构理论MMⅡ。

Modigliani , Miller ( 1963 ) amended MM ⅰ, come to the theory of capital structure MM ⅱ under the conditions of the tax .

MM理论的诞生标志着资本结构理论的研究进入了一个新的阶段，这一理论最初是建立在无公司税的假设之上的；

The birth of the MM Theory represents a new stage of the capital structure study . In its initial stage of studies this theory was based on the hypothesis of non-corporate tax .

西方的资本结构理论是债券融资对公司绩效影响的理论基础。本文以MM理论作为分界点，阐述分析了早期资本结构理论和现代资本结构理论。

The capital structure theory of west is the theoretical basis of the bond financing . " MM " theory as a demarcation point on the early capital structure theory and modern capital structure theory .

自1958年MM理论诞生以来，资本结构理论在经济学界引起广泛的关注，1996年度诺贝尔经济学奖同时授予在资本结构理论研究做出过杰出贡献的三位经济学家：马可维茨、夏普和米勒。

Since the birth of MM theory in 1958 , capital structure theory caused widespread concern in economic circles ; Nobel Prize in economics awarded three economists who have made outstanding contributions in the capital structure .

在西方，自MM理论诞生以来，资本结构理论引起了学界的广泛关注，取得了卓有成效的研究成果，现在已经形成了较为成熟的一系列资本结构理论。

In the West , since the naissance of MM theory , capital structure theory has aroused widespread concerns in academic circles , and achieved fruitful research results , developed a series of capital structure theory .

自1958年MM定理提出后，资本结构理论的发展实现了资本结构从财务杠杆效应向治理效应的转变。

Since the MM theory was put forward in 1958 , the development of theory of capital structure has finished the transformation from the finance effect of capital structure to the governance effect of capital structure .

自MM理论诞生以来，现代资本结构理论经过长期发展，取得了巨大的成就，但是在解释现实问题时仍然存在一定问题。

Since the birth of MM theory , the modern capital structure theory has made great achievements after long-term development . However , when use it to explain practical problems , there are still have some difficulties .

沿着MM理论研究的思路，随着前提条件的不断宽松，又陆续发展出代理理论、信号传递理论、优序融资理论、控制权理论等，使资本结构理论研究进入了一个崭新的阶段。

Based on the MM theoretical research , with the development of agent theory , Signal Transmission Theory , Pecking Order Theory , Control Theory , the theory of capital structure research has up the new stage .

在MM理论的基础之上，又建立了权衡理论、不对称信息理论等现代的资本结构理论，它们都是对MM理论的发展。

On the basis of the MM Theory , such modern capital structure theories as Balance-weighing Theory , Asymmetric Information Theory , etc. were established . They all contributed a lot to the advancement of the MM Theory .

1958年莫迪格列尼（Modigliani）和米勒（Miller）共同提出著名的MM定理，标志着现代公司资本结构理论的形成。

The modern theory of capital structure originates from the celebrated paper by Modigliani and Miller published in 1958 . In their paper the famous MM irrelevance theorem is proposed .

资本结构理论学派主要以1958年提出的MM理论为核心和研究起点，不断加入企业所得税、财务困境成本等因素从理论上分析资本结构决策的变化情况。

School of capital structure theory proposed in 1958 , mainly in the core of MM theory and research starting point , continuing to join the enterprise income tax , financial distress costs in decision-making theory of capital structure changes .

Modigliani和Miller（1958）提出的MM定理标志着现代资本结构理论的诞生，半个世纪以来，资本结构理论已经形成了包含丰富观点的众多流派。

The MM theorem posed by Modigliani and Miller symbolized birth of modern capital structure theory , half century later , capital structure theories have developed numerous branches with plentiful contents .

首先介绍现代资本结构理论的研究成果，包括著名的MM资本结构模型、占主流地位的权衡模型以及优序融资理论和信号传递模型，并对影响资本结构的现实因素进行了总结；

In the beginning it introduces the modern capital structure theory , which includes the famous MM capital structure model , predominant Trade-off Model , the Packing Order Theory and Signaling Model . Then summarizes the practical factors influencing the capital structure .

自MM定理开始，资本结构理论一直是财务理论研究的中心和争论的焦点。Myers称之为资本结构之谜。

The capital structural theory which Myers called " riddle of the capital structure " has been always the center of financial fundamental research and the focal point of argument since the appearance of the MM theory .