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| 文章编号：1672-3104(2004)06-0747-06 |
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从发达国家与发展中国家的比较
看企业资本结构的形成机制 |
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饶育蕾 |
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（中南大学商学院,湖南长沙,410083） |
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| 摘 要： 近年来的研究表明,发达国家的企业资本结构具有趋同性,发展中国家企业资本结构却具有较大差异。由于传统的资本结构理论将法律制度框架与投融资环境条件看作既定的假设,因而难以对此现象做出合理的解释。通过法律制度对资本结构影响的国际比较,认为企业融资行为和资本结构的终极决定因素不是金融体系,而是法律制度因素。 |
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| 关键词： 法律制度;资本结构;制度适应;市场博弈 |
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A cross-country comparison to the causal mechanism of
enterprise s capital structure around the world |
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RAOYu-lei |
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（College of business, Central South University, Changsha 410083, China） |
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| Abstract: Recently some researches showthat the enterprise s capital structures in developed countries become more and more alike, but in developing counties they become different to a great extent. And enterprise s capital structure in one period cannot do so in another period. Traditional Capital StructureTheory cannot accountforthe status quoofthe capital structure. The main reason for the narrow explanation of the traditional theory is that it assumed based on the framework of fixed legal institution and conditioned investing and financing setting. This paper, comparison of different countries, discusses that law and institution influence capital structure according to legal origin of their law. Financial system is |
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Key words: law and institution; capital structure; seasoningwith institution; game in market |
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