从西方早期资本结构理论——净利理论、营业净利理论、传统理论以及 MM理论，可以看出早期学者在研究企业最佳资本结构时，主要从债务资本与权益资本两者的比例关系入手分析。这些理论的提出为管理者进行融资决策奠定了理论基础，对企业的发展做出了不可低估的贡献。发展后的资 From the theories of early Western capital structure - net profit theory, net profit theory, traditional theory and MM theory, it can be seen that early scholars studied the optimal capital structure of an enterprise mainly from the proportional relationship between debt capital and equity capital. The establishment of these theories has laid a theoretical foundation for managers to make financing decisions and made a contribution that can not be underestimated for the development of enterprises. After the development of the capital