摘要资本结构理论是现代金融理论和财务管理理论的重要基石之一。
Abstract: Capital structure theory is the modern financial theory and financial management theory is one of the important cornerstone.
公司的资本结构和公司价值的关系是资本结构理论探讨的永恒的话题。
The relationship between corporation capital structure and corporation value is the eternal topic of the theory of capital structure.
其中传统资本结构理论又分为净资产理论，净经营收益理论和传统理论。
Traditional theory is made up of net asset theory, net earning of operation theory and traditional theory.
这与西方经典的资本结构理论中的啄食顺序理论相反，产生了啄序悖论。
This kind of preference is contrary to one of the western classic capital structure theories- the pecking order.
然而，国内学者的研究却发现我国企业的资本结构有违资本结构理论框架。
However, domestic scholars have discovered that the capital structure of our country contravened the theory frame of capital structure.
自从MM定理诞生以来，企业的资本结构理论一直是经济学界关注的焦点之一。
The theory of corporate capital structure has been in focus by economic circles since MM theorem was born.
自从MM定理诞生以来，公司的资本结构理论一直是经济学界关注的焦点之一。
Since the birth of MM theory, the capital structure theory of corporation has been one of the focuses of the field of economics.
自1958年MM理论诞生以来，资本结构理论引起了经济学界的广泛关注。
Since 1958 since the birth of MM theory, capital structure theory attracted wide attention from economists.
自从MM不相关定理诞生以来，企业资本结构理论引起了经济学界的广泛关注。
Since the birth of MM irrelevance theorem, the economic circles have been paying intensive attention to the theory of capital structure in enterprises.
与通常的资本结构理论分析相比，这种分析更加直观，也具有更强的实用价值。
In comparison with the normal capital structure theories, the analyzing way is plainer and more practical.
自从MM不相关理论诞生以来，企业资本结构理论引起了经济学界的广泛关注。
Since the birth of MM irrelevance theory, the economic circles have been paying intensive attention to the theory of capital structure in enterprises.
现代资本结构理论认为，通过资本结构的合理安排可以降低资本成本提升企业价值。
Modern capital structure theory thinks that the reasonable arrangement of capital structure can decrease capital cost and increase enterprise value.
论文介绍了国内外主流的资本结构理论，并对我国上市企业的资本结构情况进行了分析。
The thesis introduces domestic and foreign main capital structure theory and analyzes capital structure condition of the listed enterprises in our country.
按照现代资本结构理论，企业资本结构的选择影响企业资本的使用效率，最终影响企业的价值。
According to the modern capital structure theory, the choice of capital structure influences corporate capital efficiency which will ultimately affect the value of the enterprise.
通过分析现代资本结构理论，得到了负债经营可为电力企业带来避税效应和财务杠杆利益的启示。
The inspiration from the theory of modern capital structure is that indebtedness can bring tax avoidance and income from financial leverage to electric enterprises.
资本结构理论能够解释某一个国家企业资本结构形成机制却不能解释另一个国家的企业资本结构。
How come Western capital structure Theory that can account for enterprises' capital structure of one country can not do so of another country?
对于上市公司的资本结构与盈利能力的相关性研究从来就没中断过，也不断丰富着资本结构理论。
The listed company's capital structure and profitability hemorrhage7 had never once been broken, and enrich the capital structure theory.
经过长期的理论探讨，西方的资本结构理论已经相对完善，而我国的资本结构研究还处于起步阶段。
Through the theory discussion for a long time, the western capital structure theory has been already relatively perfect, and the capital structure in China is studied at the starting stage.
文章随后对资本结构理论在中国的适用性进行探讨，并在理论基础上确定本文所要研究的影响因素。
Subsequent article in the Chinese capital structure theory to explore the applicability of, and determined on the basis of the theory in this paper to study the impact of factors.
本文通过研究财务管理目标、资本结构理论以及它们的关系，梳理了资本结构理论的最新研究成果。
Based on the objective of financial management, the theory of capital structure and their relationship, the capital structure of the latest research result have been compiled.
本文的结论证明我国非寿险保险公司再保险购买与资本结构选择的因果关系与现有的资本结构理论相符。
The findings indicated that the causal relationship between reinsurance purchase and capital structure selection conformed to the current capital structure theories.
并且股利贴现模型、市盈率贴现模型、公司净值大小以及资本结构理论对于公司股票价格都具有解释作用。
We can anticipate the price of one stock by dividend discount model, P/E model, and capital structure theory.
资本结构是影响公司治理结构和经营运作机制的重要因素，MM定理奠定了现代公司资本结构理论的基石。
Capital structure is an important factor that has influence on company governance structure and operating mechanism. MM theorem lays a foundation of capital structure theory of contemporary company.
介绍了西方国家资本结构理论，回顾了国内外关于资本结构影响因素的实证研究成果，为下文的研究作铺垫。
It introduces the theory of capital structure in western countries, reviews the empirical research of factors in capital structure at home and abroad, which paves the way for the following study.
文章从实证的角度分析后，发现我国国有上市公司资本结构的安排在一些方面是与现代资本结构理论相悖的。
Article from an empirical point of view, we found that the state-owned capital structure of listed companies in some respects the arrangement is contrary to modern capital structure theory.
文章从实证的角度分析后，发现我国国有上市公司资本结构的安排在一些方面是与现代资本结构理论相悖的。
Article from an empirical point of view, we found that the state-owned capital structure of listed companies in some respects the arrangement is contrary to modern capital structure theory.
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