权衡理论

主要介绍了MM定理的三个理论模型，权衡理论和后权衡理论，以及新资本结构理论的代表性理论模型。

This chapter emphatically introduces to three models of MM theory , trade-off theory and post trade-off theory , and representative models of new capital structure theory .

权衡理论放松MM理论的假设，考虑破产惩罚因素的影响，引入财务拮据成本，财务困境成本日渐成为国内外学者关注的热点问题。

Trade-off theory loosens its assumptions , considers bankruptcy punishment factors , and introduces the financial distress costs . The financial distress costs become one of the latest issues concerned by the domestic and international scholars .

本文的理论基础是MM理论、融资优序理论、权衡理论、信号传递理论、控制权理论，这几大理论渗透了公司治理的几大领域。

This paper is based on the theory of MM theory , pecking order theory , tra Signal transmission theory , the theory of control right , this theories have penetrated into several major areas of corporate governance .

在MM理论的基础之上，又建立了权衡理论、不对称信息理论等现代的资本结构理论，它们都是对MM理论的发展。

On the basis of the MM Theory , such modern capital structure theories as Balance-weighing Theory , Asymmetric Information Theory , etc. were established . They all contributed a lot to the advancement of the MM Theory .

从概念部分的解析开始介绍，对古典经济学的MM理论、权衡理论和交易成本理论展开说明并回归到与家电连锁零售企业的关系之上。

Start with the concept , it introduces the classical economics like MM theory , the Balance Theory and the Transaction Cost Theory , then it comes back to the relationships of both the theory above and the household electrical appliances chain-retail enterprises .

多属性权衡理论在舰船优化设计中的应用研究

Multiple attribute tradeoff analysis and its application in optimization design of warship

权衡理论认为企业存在目标资本结构。

The dynamic trade-off theory argues that firms do have a target capital structure .

在扩展的企业价值基础上，提出扩展的权衡理论。

On the basis of the expanded enterprise value , put forward the expanded of trade theory .

最后用扩展的权衡理论解释我国的上市公司融资行为。

And finally using the expanded trade theory to explain the financing behaviors of China 's listed companies .

这种模式既借鉴了权衡理论的优点，又克服了其容易造成司法资源浪费的现象。

This pattern has profited from the balance theory , and overcame the phenomenon of wasting judicial resources .

参考权衡理论、啄食理论、代理理论等经典融资结构理论对此做出解释。

Refer to the trade-off theory , pecking classical finance theory , agency theory , structure theory to explain this .

权衡理论与优序融资理论的解释力研究：来自中国上市公司的经验证据

Study on the Interpretable Power of the Trade-off Hypothesis and Pecking Order Hypothesis & Evidence from the Listed Companies of China

考虑了财务弹性价值后的优序融资理论和权衡理论更能经得起实证数据的检验。

After considering the value of financial flexibility , both the pecking order theory and trade-off theory can stand more strict empirical check .

静态权衡理论认为，公司存在一个适度的目标资产负债率，当公司的资产负债率达到这一点时，公司价值最大。

Static trade-off theory believe there is a moderate target asset-liability ratio . When corporate asset-liability ratio achieve this point , corporate value is maximization .

并且将财务理论中关于成本、风险和收益的权衡理论引入对资本结构选择和公司治理结构选择的分析中来。

The financial practice of the listed companies which always prefer stock issue to loans and bonds contradicts with the " pecking order theory " .

随后，权衡理论，代理理论都直接或间接地利用负债融资税盾价值讨论债务资本与权益资本的选择。

After that , the Trade-off theory and the Agency theory all discussed how to make choices between debt and equity by using the tax shield .

首先本研究对资本结构理论研究过程进行梳理，着重介绍了静态权衡理论、代理成本理论、优序融资理论和动态资本结构理论。

First of all this paper introduced the static trade-off theory , the agent cost theory , the pecking order theory and the dynamic capital structure theory .

同时，作者基于资本结构理论中的权衡理论，构建了一个简要的单期理论模型描述预期财务困境成本与债务违约概率之间的关系。

According to the trade-off theory of capital structure , I then construct a simple single-period theoretical model to demonstrate the relation between expected costs of financial distress and default probabilities .

法益权衡理论认为，私人不法取得的证据是否应当予以排除，关键要看法院使用该证据的行为是否会对被取证者的合法权益造成一次新的侵犯。

The theory of legal interests balance think whether the illegal evidence should be excluded , it depends on whether the evidence used in court make a second trespass to the other .

理论方面，本文介绍了代理成本理论、权衡理论、控制权理论、激励理论，并且讨论了目标最优资本结构的确立和判定方法。

This paper introduces the theory , agency cost theory , trade-off theory , control theory , motivation theory , and discusses the goal of optimal capital structure establishment and judgement method .

论文第一部分是对资本结构理论的简要综述，主要介绍了权衡理论和融资优序理论的基本内容和相关实证研究。

Section one covers a brief literature review of the capital structure debates . It mainly introduced the contents of tradeoff theory and the pecking order theory , including their relative empirical analyses .

通过比较分析现在流行的企业资本结构理论中的权衡理论和新优序理论的缺陷，认为资本结构的契约理论是一种比较适合于解释中小企业融资行为的理论。

The paper analyzes the defects of popular capital structure theory on trade-off and pecking order . The contracting theory is viewed as a suitable one to explain the finance action of SMEs .

在这部分主要是从程序公正理论和利益权衡理论入手，为确立民事非法证据排除规则提供了全面而坚实的理论支撑。

In this section is mainly through the procedural justice theory and interests balance theory to establish the exclusive rules of civil illegal evidence in order to provide comprehensive and solid theoretical support .

实证结果支持权衡理论，并发现上市公司与上柜公司在公司规模、股利政策、负债到期日等变数的解释性存在差异。

It is also found that the regression results for public companies listed in TSE and OTC markets show different significant results on the company size , dividend policy , and debt maturity structure .

国外学者从更深层次的经济理论和财务理论出发研究现金持有的影响因素和决策行为，提出现金持有影响因素的静态权衡理论、融资优序理论、代理理论等。

They investigated cash holding decision and determinants in respective of deep economics theory and financial theory and developed related theories including static balance theory , information asymmetries , agency cost theory and financing hierarchy theory .

第三章运用法益权衡理论和经济分析法学理论对秘密侦查存在的法理基础进行阐述，并对秘密侦查存在的现实基础进行了论证。

The third chapter describes the legal basis of its existence and demonstrates the realistic basis of its existence , using the theory of Weigh of the Legal Interest and the theory of Economic Analysis of Law .

此后，很多学者从权衡理论、代理成本理论、信号传递理论、优序融资理论等不同角度对资本结构进行研究，也对债务融资的问题进行了思考。

Since then , many scholars studied the capital structure theory from different angles , such as the trade-off theory , agency cost theory , signaling theory , the Pecking Order Theory of capital structure of the to study .

在后来的研究中学者们从不同的角度来研究资本结构，进而提出了不同的理论，譬如：权衡理论、代理成本理论、信息传递理论、新优序融资理论等。

From then on , scholars studied the capital structure from different perspectives , and then put forward different theories , such as : trade-off theory , agency cost theory , information transmission theory , and the new pecking-order theory .

随后其他学者在此基础上又形成了权衡理论、代理成本论、激励理论、非对称信息论、控制权理论等资本结构理论。

In 1963 they modify this theory by introducing the factor of corporation tax , then on the basis of it , tradeoff theory , agency cost theory , expectation theory , asymmetrical information theory , control rights theory were developed .

学术界关于这个问题众说纷纭，其中两个最具代表性的观点是静态权衡理论和融资优序理论，这两种彼此对立的理论却又都有着较严谨的推论基础和丰富的实证支持。

Lots of academic discussions came up , among which the controversy between static trade off and pecking order is the most tropic one . These two theories , which seem to be contradict , both have substantial reasoning and supporting empirical evidence .