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现代资本结构研究一直都遵循在有效资本市场上套利的研究思路,但法金融学派发现一些市场之外的因素也会通过正式或非正式制度对企业资本结构产生显著的影响。本文在评析现代资本结构理论研究思路与方法的基础上,通过系统综述法金融学派的相关研究成果,分析各种制度的作用机理,发现它们与投资者利益保护和建立资本信用密切相关,由此得出正式或非正式制度通过保护投资者利益建立资本信用才是企业资本结构决定机制的结论。
The research on modern capital structure has always followed the research idea of arbitrage in the effective capital market. However, the French financial school found that some factors outside the market will have a significant impact on the capital structure of enterprises through formal or informal systems. On the basis of reviewing the research ideas and methods of modern capital structure theory, this paper systematically summarizes the research results of financial schools and analyzes the mechanism of various systems. It is found that they are closely related to the protection of investors’ interests and the establishment of capital credit. It is concluded that the formal or informal system establishes the capital credit through the protection of investors’ interests.