From Capital Structure to Transaction Structure:In Searching of the Micro-structure of Corporate Finance

The capital structure is an important topic of corporate finance,there are great amount of papers in this area for the past decades,but few with guidance sense in real business.Our paper points out main directions and their shortcomings in this area up to now,and proposes the concept of micro-structure of corporate finance. We argue that capital structure research in the business school should be different from economics research. Only when we penetrate the micro level of transaction structure of finance instrument,can we reveal the principle of financing practice more profoundly and factually,and can guide the financing practice better.