Considering the study of financial distress costs : in the past , the researching object of financial distress costs is real costs , but not expected costs , although the latter was first emerged in the trade - off theory . the article differentiate between the expected financial distress costs and real financial distress costs , and discuss the former , analyze the yuval . s researching , and find his method based on dcf may underestimate the expected financial distress costs and on his searching , use the real option instead of dcf method to calculate the corporation . s value and estimate the expected financial distress costs 在关于财务危机成本的研究中：虽然预期财务危机成本的概念在权衡理论中就已提及，但以前财务危机成本的研究对象实质上是实际财务危机成本，而非预期财务危机成本，本文区分了预期财务危机成本和实际财务危机成本，并对前者进行了探讨，分析了yuval在此方面的研究，认为他基于折现现金流的方法会低估预期财务危机成本，并在其研究成果的基础上，使用实物期权的方法替代折现现金流法来测算企业价值，从而估算预期财务危机成本。
Market timing theory of capital structure is developed and tested in baker and wurgler ( 2002 ) . their research result document that market timing affects capital structure in the short run , but also the effects on capital structure are very persistent , so they suggest that capital structure is the cumulative outcome of past attempts to time the equity market . it ’ s a new capital structure theory different from the tradeoff theory and the pecking order theory Baker 、 wurgler ( 2002 )提出了资本结构的市场时机选择理论,其研究发现市场时机选择不仅对资本结构存在着短期影响,而且还有很强的持久性影响,因此他们认为资本结构是公司过去进行权益市场时机选择努力累积的结果,这是有别于权衡理论与优序融资理论的一个新的资本结构理论。
With detailed analysis of the financing means and finance demand of internet company , while learning from the research angle and method of exiting corporate capitai structure theory , the capital structure theory for internet company is studied from the foilowing angies " financing capital cost , market competition structure , information economics and trade - off theory as weli 首先分析社会投资主体的风险偏好和网络公司的投资风险与收益特征；论述网络公司股权融资和债权融资，金融需求和融资障碍。重点借鉴现有公司融资结构理论研究方法，从融资资本成本、市场竞争结构、信息经济学以及权衡理论等角度，勾勒出专门针对网络公司m /摘要+的融资结构理论框架。
