管制環境與企業資本結構研究

Regulated Capital Market and Capital Structure Research

企業如何選擇融資方式、形成資本結構，是財務學研究中重要的研究話題。自改革開放以來，中國大陸政府致力於經濟體制改革，相應地，資本市場制度也不斷完善，這給研究企業的資本結構提供了很好的機會。為此，本文在總結中國大陸資本市場制度的基礎上，對相關文獻進行回顧和分析，以期更清晰地瞭解在特定的管制制度環境下，企業如何進行融資。本文主要包括四個部分，按照抽象的MM理論—傳統的資本結構理論—管制的資本市場制度—管制放鬆的資本市場制度的順序，分別總結和分析每種情境下的資本結構研究。

How firms finance is the core topic of finance theory. Mainland China introduced the market mechanism into its economy since 1980s and the capital market is developing and improving which nurture a variety of capital structure research. Based on the delineation of the development of the capital market in mainland China, we grouped the capital structure literature in mainland China into four parts, the verification of MM theory, the examination of classical capital structure theory, regulated capital market related research and deregulation related research.