静态权衡理论

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 .

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 .

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 .

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 .