中文摘要：

自MM（1958）论文发表以来，资本结构研究论文汗牛充栋。但企业如何科学确定资本结构？仍然缺乏科学分析框架及模型方法。本文梳理了近60年来资本结构研究成果脉络。本文认为，资本结构研究应该回归经典研究内容，加强资本结构决策方法研究，为企业资本结构管理提供理论支持和分析模型。本文进一步探讨了资本结构研究需要深化的两个方向。

英文摘要：

Abstract： Since the fundamental work of MM （1958） , abundant research papers has been devoted to the corporate capital structure. However, how should corporations reasonably decide their capital structure？ We still have no answer up till now. This paper reviews the line of the development of empirical and theoretical capital structure research. We further discuss the orientation and key problems in the research of capital structure. We conclude that capital structure should return to the track of decision-making research methodology of classical capital structure theories and provide theoretical support and analytical models for corporations. Key words： Capital structure, Explanatory research, Decision-making research, Classical capital structure research, Modern capital structure research