现代企业财务管理、经营管理所关注的一个核心问题是关于资本结构、负债率及企业价值提升的一般性关系,而由此衍生的资本结构理论是现代金融理论的重要基石之一。西方金融经济学家对企业资本结构问题的研究由来已久,以MM定理的提出为起点的传统资本结构理论,经历了几十年的发展之后日趋成熟。本文将抛弃早期资本结构理论,着重引入现代资本结构理论及新资本结构理论的相关研究成果。 One of the core issues concerned with modern enterprise financial management and operation and management is the general relationship between capital structure, debt ratio and enterprise value enhancement. The capital structure theory derived from it is one of the important cornerstones of modern financial theory. Western financial economists have been studying the capital structure of enterprises for a long time, and the theory of traditional capital structure starting from the proposal of MM theorem has matured after several decades of development. This article will abandon the early capital structure theory, focusing on the introduction of modern capital structure theory and new capital structure theory related research results.