From Capital Structure to Transaction Structure:In Searching of the Micro-structure of Corporate Finance
指出现有资本结构研究缺乏实践指导意义，提出公司金融微观结构概念，认为商学院研究应深入金融工具的交易结构层面，以更真实地揭示融资实践原理并指导实践。
The capital structure is an important topic of corporate finance,there are great amount of papers in this area for the past decades,but few with guidance sense in real business.Our paper points out main directions and their shortcomings in this area up to now,and proposes the concept of micro-structure of corporate finance. We argue that capital structure research in the business school should be different from economics research. Only when we penetrate the micro level of transaction structure of finance instrument,can we reveal the principle of financing practice more profoundly and factually,and can guide the financing practice better.