中国转轨经济中资本结构与企业价值的相关性分析

西方关于资本结构与企业价值关系的研究已较为成熟，但这些研究并未考虑到中国转轨经济中特有的内部人控制现象和不发达的资本市场等特征。通过放宽以上两个假设对中国资本结构与企业价值的关系作了一个深入的理论分析；同时，以深沪两市上市公司数据为样本的实证研究表明，不同企业价值衡量指标的选择会得出资本结构与企业价值关系的不同结论，因此，有必要建立符合中国国情的新的资本结构理论。

Relevance between Capital Structure and Enterprise Value in Chinese Listed Companies

The relation between capital structure and enterprise value has been well researched in western countries. But (such) researches have been ignored in Chinese transitional economy, for instance, insider control and the immature capital (market.) This essay tends to make a further analysis of the relevance between capital structure and enterprise value by (broadening) the two hypothesizes. Meanwhile, the empirical research based on the sample of Chinese listed companies' data shows that we'll draw different conclusion if we choose different index to measure enterprise value. So, it's necessary to (establish) a new capital structure theory more suitable for China.