摘要
从激励和产权角度研究资本结构 ,资本结构问题实际上包括了现金流量配置和控制权的配置 ,而控制权的配置正是企业治理结构的核心 ,因此资本结构的选择决定着企业治理模式的选择。企业的资本结构影响经理、股东、债权人的激励和行为 ,影响企业破产发生的成本。改变企业的融资方式必然要改变激励和行为 ,而激励和行为的改变最终要改变收益和企业价值。
The incentive and rights aspects of financial structure provide ample reason to challenge the Modigliani-miller theorems' conclusions that financial d ecisions cannot affect value. Capital structure problem encompasses both allocat ion of cash flows and control rights. A firm's capital structure affects the inc entives and behavior of its managers, lenders, and equity holders, as well as th e likelihood of incurring the costs of bankruptcy. The financing of the changes incentives, and the resulting real changes in behavior affect the returns that a re produced. These in turn determine what the firm is worth to outside investors , and consequently what they will be to pay.
出处
《西南民族学院学报（哲学社会科学版）》
北大核心
2003年第4期12-19,共8页
Journal of Southwest University for Nationalities(Philosophy and Social Sciences)
