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尽管现代资本结构理论有些已趋于成熟,但理论中最核心的问题——什么因素决定了企业的资本结构,既没有找到逻辑答案,也没有找到和现实一致的结果。并且伴随着我国资本市场的不断发展,上市公司在社会经济生活中发挥着越来越重要作用的同时,却出现了我国上市公司特征与西方资本结构理论相悖这一现状。基于我国的特殊情况——上市公司成长于经济转轨的独特制度环境,而产权制度无疑是现代社会中最基本,最有代表性的经济制度,所以我们从产权视角,运用信息不对称理论来解释我们国家的现状,从而进一步来刻画资本结构,使资本结构理论更加完善。
Although some theories of modern capital structure have matured, the core issue in theory - what determines the capital structure of an enterprise, finds neither a logical answer nor a consistent result. Along with the constant development of the capital market in China, the listed companies play an increasingly important role in the social and economic life. At the same time, the situation of the listed companies in our country is contrary to the western capital structure theory. Based on the special situation of our country - the listed company grows in a unique institutional environment of economic transition, and the property right system is undoubtedly the most basic and representative economic system in modern society. Therefore, we use the information asymmetry theory to explain Our country’s status quo, so as to further characterize the capital structure, so that the theory of capital structure more perfect.