現(xiàn)代資本結(jié)構(gòu)理論發(fā)展的經(jīng)濟學(xué)動力.pdf

1、9519l《後旦大擎碩士學(xué)位論文學(xué)校代碼：10246學(xué)號：032015026現(xiàn)代資本結(jié)構(gòu)理論發(fā)展的經(jīng)濟學(xué)動力院專姓系：經(jīng)濟學(xué)院業(yè)：經(jīng)濟思想史名：曾曉伐指導(dǎo)教師：徐培華副教授完成日期：2006年5月8日現(xiàn)代資本結(jié)構(gòu)理論發(fā)展的經(jīng)濟學(xué)動力AbstractThecapitalstructuretheorycBnbedatedbacktotheresearchesdonebyProfessorDavidDurandin1952，whichisca

2、lledtraditionalcapitalstructuretheoryFromthenonwiththeinheritanceofDurand’sresearch，theproposalofModiglianiMillertheorem(M—Mtheorem)in1958symbolizedthebirthofmodemcapitalstructuretheoryThemodemcapitalstructuretheorydevel

3、opedonthewaypavedbyModlglianiandMilleraftertheproposaloftheModighaniMillertheoremFivehypothesesintheMMtheoremhavebeenloosenedgraduallyAndonthisbasis，modemcapitalstructuretheoryevolvedinthefollowingtwodirections：oneforthe

4、relationshipbetweentaxeffectsandcapitalstructureunderthehypothesisoftax，andtheotherfortheinfluencesofbankruptcycostoncapitalstructureunderthehypothesisofbankruptcyCostThesetwoschoolsatlastsynthesizedintotradeofftheory，cl

5、aimingthatoptimalcapitalstructuredependsonthetrade—offbetweentaxeffectsandbankruptcycostPreviousframeworkofcapitalstructuretheorychangedgreatlyinlate1970s，andahistoricalturning—pointappearedWiththeemergenceofmodemFirmThe

6、oryandInformationEconomics，financeeconomiststriedtointroducenewthtnkmgofagentproblemsandasymmetricinformationintocapitalstructuretheoryandproposedtheneocapitalstructuretheorywhosecoreswereAgentTheoryandsignalingTheoryThe

7、newtheoryemphasizedagentcostandclaimedthattheoptimalcapitalstructureisthatonewhichcouldminimizeagentcostThebreakthroughsofthecapitalstructuretheoryin1970sdependedontheinnovationsofmicroeconomicsReferringtotheresearchandm

8、ethodsofmodemfirmtheoryandinformationeconomics，modemcapitalstructuretheoryeventuallywalkedbeyondthelimitofpreviousframeworkandachievedasubstantialdevelopmentFromacompletelynewviewpoint，thenewtheoryofferedusnewresearchdir