Modigliani and Miller [1]？conducted a pioneering study
on the theory of capital structure. Many scholars have drawn conclusions that
are more in line with economic reality while gradually relaxing the
assumptions, thus further enriching and developing the theory of capital
structure of the company. Relevant theories about capital structure have gone
through two stages: the old capital structure theory and the new capital
structure theory. The old capital structure theory is based on a series of
strict assumptions, including traditional theory, MM theory and trade-off
theory. The new capital structure theory introduces modern analytical tools,
such as game theory and information economics, into capital structure analysis,
including agency cost theory, signal transmission theory, and superior order
financing theory. The factors affecting the capital structure include macro,
industry, company, and institutional levels. This paper will summarize the
relevant literature at home and abroad, pay attention to the study of capital
structure theory and its influencing factors, and then optimize the relevant
theoretical framework to provide theoretical basis for decision-making.
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