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资本结构经典理论存在着内在的缺陷,难以合理解释现实世界中的企业融资行为.由此,提出在非完备市场下,存在信息不对称和交易成本的资本结构决策模型,以期揭示中国上市公司基于逆向选择的融资选择行为机理.从而很好地解释了中国上市公司股权过度融资的现象.
The classical theory of capital structure has inherent flaws and it is difficult to reasonably explain the corporate financing behavior in the real world.Therefore, a capital structure decision-making model with asymmetric information and transaction costs under incomplete market is proposed in order to reveal that the listed companies in China Adverse selection of financing choice behavior mechanism, which can well explain the phenomenon of over-financing of listed companies in China.