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资本结构作为公司金融领域起源悠久且具有现实意义的议题，反映了企业在风险、收益与控制权之间的战略权衡，其理论演进几乎贯穿了整个财务研究的历史。本文系统梳理了资本结构理论的历史演进脉络与最新研究进展。首先，遵循理论发展的内在逻辑，厘清了资本结构的概念内涵，并沿着放松假设的发展脉络，回顾了MM定理及对其的批判修正、信息不对称与代理成本的引入、从静态权衡到动态调整的理论范式转变等重要演进阶段。其次，本文聚焦于当前的研究前沿，总结了近年来资本结构研究深化与拓展的两大主题。一是影响因素方面，广泛吸纳并融合了公司治理机制、行为金融学中管理者非理性与市场情绪、产业组织理论中的竞争战略理论，以及宏观经济周期与制度环境等多维度视角；二是经济后果方面，具体分析了资本结构在企业价值创造、创新活动催化以及战略风险承担能力等方面所扮演的关键角色，构建了资本结构研究的综合性分析框架。最后，在系统评述的基础上，指出了当前研究在测量方法、内生性处理以及情境异质性等方面存在的局限性，以及未来有待探讨的重要问题和若干方向，旨在为资本结构理论的进一步研究提供系统性参考，同时为企业在复杂环境中优化融资决策提供理论支撑。
Abstract：As a long-standing and practically significant topic in the field of corporate finance, capital structure reflects strategic trade-offs among risk, return, and control rights. Its theoretical evolution has almost spanned the entire history of financial research. This paper systematically reviews the historical development and latest research progress in capital structure theory. First, following the internal logic of theoretical development, it clarifies the conceptual connotation of capital structure and traces the key evolutionary stages along the trajectory of relaxing assumptions. This includes a review of the MM theorem and its critiques and revisions, the introduction of information asymmetry and agency costs, and the theoretical paradigm shift from static trade-off to dynamic adjustment. Second, this study focuses on current research frontiers, summarizing two major themes that have deepened and expanded capital structure research in recent years. In terms of influencing factors, research has broadly integrated multidimensional perspectives, including corporate governance mechanisms, managerial irrationality and market sentiment from behavioral finance, competitive strategy theories from industrial organization, as well as macroeconomic cycles and institutional environments. Regarding economic consequences, the analysis specifically examines the critical roles that capital structure plays in corporate value creation, the catalysis of innovation activities, and strategic risk-taking capacity, thereby constructing a comprehensive analytical framework for capital structure research. Finally, based on a systematic review, the paper identifies limitations in current research concerning measurement methods, endogeneity issues, and contextual heterogeneity, and outlines important questions and several directions for future exploration. The aim is to provide a systematic reference for further research in capital structure theory while offering theoretical support for enterprises to optimize financing decisions in complex environments.
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基本信息:
DOI：10.20183/j.cnki.szshkx.20251224.002
中图分类号:F275
引用信息:
[1]胡海峰,张烨.企业资本结构理论的演进脉络与研究进展：系统性回顾与未来展望[J].深圳社会科学,2026,9(01):50-62.DOI:10.20183/j.cnki.szshkx.20251224.002.
基金信息:
国家社会科学基金重大项目“新发展格局下金融结构优化与高质量技术创新研究”（21&ZD111）
2025-12-25
2025-12-25
2025-12-25