The theoretical and empirical study about the relationships between the corporate capital structure and the capital market.

我们今年的学习分为两个部分；一是进行实证研究，不断证明理论的有效性，二是建立理论模型。前者是由市村、村松、水野和神游完成的，他们的成果已经在学术期刊上发表。Ichimura在对美国公司资本结构的实证研究进行了历史调查之后，将研究扩展到股票回购与资本结构关系的理论检验。Muramatsu介绍了美国学者关于公司合并对美国公司资本结构影响的实证研究。他认为，合并有助于增加合并公司的债务能力，从而增加公司利润。Mizuno还与西澳大利亚大学的d.e.a allen博士合作，对日本和澳大利亚公司的资本结构进行了实证比较研究。他们的联合研究表明，两家公司的杠杆率都较低，因为它们的盈利能力更高。Kamiryou将他的研究扩展到最优资本结构和股利政策领域。他做了很多之前的实证研究。这道菜由水野、安田、冈部和立石分别完成。他们的成果发表在学术期刊上，其中一些人在学术会议上发表论文。美津浓分析了企业利润和风险对资本结构的影响，采用了一个简单的税单、银行破产成本模型。他用他们的理论模型模拟了许多因素。Yasuda研究了债务的企业税节约效果，比较了财富税制度和所得税制度，这是企业融资领域的重要问题。他为这项研究的国家偏好模型进行了辩护。在他的研究中，他回顾了债务的间接税率的定义，并仅使用税收的理论框架检验了最优资本结构的存在性。Okabe从战略管理的角度研究了财务杠杆与企业增长之间的关系。塔特斯研究了破产成本模型的相关文献，并通过对破产成本的定量分析，重新审视了最优资本结构模型。少

Our study of this year is divided to two part ; one of them is to conduct cmpirical researches as continuing efforts to prove the validity of our theories and another part of is to build theoretical models. The former was done by Ichimura, Muramatsu, Mizuno and Kamiryou and they have alredy published their accomplishments in the academic journals. After Ichimura had surveyed empirical studies on the Capital structures of U.S. firms historically, he has extended his study as to the theoretical examination on the relationships between share repurchases and capital structures. Muramatsu has introduced the empirical research of the effcts of corporate merger on the capital stuructures of U.S. firms which was done by an American scholar. He conducted that the mergers had contributed to augment a debt capacity of merged companies and subsequently to increase the corporate profits. Mizuno also has done a comparative study on the capital structures of Japanese and Austlarian firms emprically, … More in collaboration with Dr. D.E.Allen at the University of Western Australia. Thier joint research revealed that both of holding a loaer leverage as they had a higher proditability. Kamiryou has expanded his study to the area of the optimal capital structure and dividend policy. making most of his previous empirical researches. The eatter was done by Mizuno, Yasuda, Okabe and Tateishi individually. Their accompilshments were pubilshed in the academic journals and some of them have presented papers at the academic conference. Mizuno has analyzed the effects of corporate profits and risks on the capital structure, employing a simple tax-sheeter, bank-ruptey-cost model. He has simulated many factors in using their theoretical model. Yasuda has examined the corporate-tax saving effects of debts comparing the wealth taxation system with the income taxation system which are significant issure in the area of corperate finance. He has eapoloyed a state preference model for the stady. In his reseach, he has reviewed the definition for an impricit tax rate of debt and examined the existence of optimal capital strueture using the theoretical framework of taxation only. Okabe has studied the relationship between a financial eeverage and the eorporale growth from the view point of strategic management. Tateisi has studied the literature on Bankruptey Cost Models and re-examined optimal capital structure models by analyzing the bankruptey-costs quantitatively. Less