最初发展资本结构主题的研究者是Miller和Modigliani(1958)，他们认为资本结构并不是组织价值和未来绩效预测的决定因素(Barrell and Davis, 2008)。然而，另一方面，包括Labatkin和Chatterjee(1994)在内的几项研究证明了组织价值和资本结构之间存在相关性(Campello et al.， 2009)。它显示了莫迪利阿尼和米勒(1963)模型由他们不是有效的一旦被认为是税收补贴税相关的支付债务利息的增加将导致组织的价值在交易股票的债券。
Organization maintaining equity capital and debt in a mix create the structure of capital. Organization’s structure of finance is also referred as the capital structure. Structure of capital of any organization/firm is of utmost importance as the firm’s ability of meeting the stakeholder’s need is related to it.
The initial researchers to develop the capital structure topic were Miller and Modigliani (1958) and it was argued that the structure of capital was not relevant as a determinant of organization’s value as well as the performance forecast for future (Barrell and Davis, 2008). However, on the other hand, several studies including Labatkin and Chatterjee (1994) proved existence of correlation between the organization’s value and structure of the capital (Campello et al., 2009). It was shown by the Modigliani and Miller (1963) that the model developed by them is not effective once the tax is considered as the subsidies of tax on the payments which related to debt interest will result in the increment of organization’s value upon trade of equity for the debt.
In the latest literature reviews, numerous researchers have presented that there is lesser interest on firm value being affected by the capital structure, but they emphasis more on impact on the structure of governance and/or ownership that influences the top management of the organization in order to employ strategic decision by capital structure. As the overall performance of organization is impacted by these decisions (Chen 2004), the trending issue for the capital structure for now a days is resolution of conflict between the owners and managers in regards to the resources of the organization.