One of the preconditions of foreign theory on capital structure is that the debt is a hard budget constraint, i.e. if the firm could not pay the debt, it would be bankrupt. But in China, the debt is soft budget constraint.

  • 国外资本结构理论的前提之一是债务对企业有硬约束作用,企业不能偿还债务,即要破产,但在中国,企业的债务融资具有软约束特征。

  • 互联网 2025-03-18 08:31:42

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