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一、债务治理与自由现金流量假说的内在逻辑关系(一)债务治理及效应企业的发展很少能够离开债务。会计恒等式就很直接地说明了这个问题。资产=负债+所有者权益关于债务先前的研究较多从资本结构的角度来考虑。MM理论提出资本结构与企业的价值是无关的。后来的学者不断地放松MM理论的限制条件,从破产成本、代理成本等角度来研究资本结构的相关内容,
First, the inherent logical relationship between debt governance and free cash flow hypothesis (a) debt governance and the impact of the development of enterprises is seldom able to leave the debt. Accounting identity is a very direct explanation of this problem. Assets = Liabilities + Owner’s Equity About Debt Previous research has been more focused on capital structure. MM theory suggests that the capital structure has nothing to do with the value of the firm. Later scholars continue to relax the limitations of MM theory, from the perspective of bankruptcy costs, agency costs and other aspects of capital structure to study the relevant content,