Optimal Capital Structure Model of Leland: Theoretical Verify & Empirical Study
企业资本结构动态优化模型研究及实证

The optimal capital structure dynamic model, which Leland (1998) had presented, in the American finance association meeting in Chicago, is specified and studied, the theoretical verify is given to support its application in our country. Then by applying the methodology of the model to examine optimal capital structure properties of our firms' in Shenzhen and Shanghai stock market, we find that the model can provide a general guidance on our practitioners and academics.