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自从20世纪50年代MM理论提出以来,主流经济学主要基于股东利益最大化,从激励、信息和控制权三个角度研究如何通过契约设计来解决股东、管理层和债权人(即财务利益相关者)之间的利益争端问题,形成了资本结构的激励理论、信息不对称理论和控制权理论。在20世纪90年代中期以后,越来越多的文献开始从制度的角度比较分析不同国家和地区企业融资行为的异同,产生了大量的研究成果,进一步丰富与发展了资本结构理论。但笔者认为,现有文
Since MM theory was put forward in the 1950s, mainstream economics has been based on the maximization of shareholders’ interests. From the perspectives of motivation, information and control, it studies how to solve the problems of shareholders, management and creditors (ie, financial stakeholders) through contractual design. Between the issue of interest disputes, the formation of the incentive structure of capital theory, information asymmetry theory and control theory. After the mid-1990s, more and more literatures began to compare and analyze the similarities and differences in financing behavior of enterprises in different countries and regions from the perspective of the system, resulting in a large amount of research results and further enriching and developing the theory of capital structure. However, I believe that the existing text