中文摘要：

从资本结构研究中影响资本结构的因素入手，将资本结构理论研究的演变大致划分为三个阶段：20世纪50年代的MM理论到Jensen and Meckling（1976）、Jensen and Meckling（1976）到LLSV（1997，1998）、LLSV（1997，1998）之后。这种演变是一个不断“内化”现实因素的过程：MM（1958）之前，传统资本结构理论仍以规范性研究为主；MM（1958）之后，引入经济学“方法”；Jensen and Meckling（1976）之后，引入“人”的行为及利益冲突；LLSV（1997，1998）之后，引入“制度”背景。

英文摘要：

This paper reviews the literature in capital structure. Based on the determinants of capital structure, we divide the development of capital structure research into three stages. The first stage is from the MM theory in 1950s to Jensen and Meckling （1976）, and the second stage is from Jensen and Meckling （1976） to LLSV （1997, 1998 ）, followed by the third stage since LLSV （ 1997, 1998）. To summarize, it is a process of internalizing realistic factors, i. e. , before the MM theory, traditional capital structure theory is based on the normative methodologies ; after MM （ 1958）, the economic methodologies are introducted into capital structure research; after Jensen ＆ Meckling （1976） , the research tends to focus on the conflicts among self-interested economic agents ; after LLSV （ 1997, 1998）, the institutional background is introduced into the research.