房地產(chǎn)投資信托的資金結(jié)構(gòu)【外文翻譯】-其他專業(yè)(已修改)
2025-02-04 11:40 本頁面
【正文】 本科畢業(yè)論文（設(shè)計） 外 文 翻 譯 原文： On the Capital Structure of Real Estate Investment Trusts In general, the received theory on capital structure can be categorized into two broad classes, one of optimization where managers trade off the costs against the benefits of debt, and the other behavioral where managerial decision making is influenced by market‘s perception of managers‘ superior information, and the overall condition of the market which may occasionally present windows of opportunity to sell securities at a premium. Optimization of the Costs and Benefits of Debt—Tradeoff Theory Tradeoff theory posits that a target debt ratio exists which is determined by the tradeoff between the costs and benefits of debt, with the firm‘s assets and investment plans held constant. The most significant benefit of debt financing is the interest tax shield. Mandatory interest payment also reduces free cash flow which mitigates the agency conflict between securityholders and managers. Since profitable firms have higher ine to shield, and greater free cash flow, theory predicts higher leverage for profitable firms, and the opposite for firms with investment opportunities that are perceived to be risky. The cost of financial distress is the major detriment of debt. Factors that mitigate bankruptcy risk include firm‘s access to fixed assets as collateral, and greater profit potential. For example, high (low)growth firms that are more sensitive to fluctuations in business outlook and are therefore more vulnerable due to the costs of financial distress, choose lower (higher) leverage ratio. Smith and Watts (1992) and Barclay, Morella, and Smith (2021) report evidence consistent with this notion. Titman and Wessel (1988) find that debt ratio is negatively related to the ?uniqueness‘ of a firm‘s line of business, and Rajan and Zingales (1995) find that firm size is positively correlated with leverage and profitability is negatively correlated with leverage in all countries except Germany. Under tradeoff theory, deviations from target capital structure are only temporary. Firms make financing choices to rebalance debt ratio to the longterm optimum which implies that no systematic relation exits between leverage and investment opportunities. Behavioral Theories—Pecking Order and Market Timing Developed by Myers (1984) and Myers and Majluf (1984), the pecking order model argues that managers have privileged information about firm value that investors do 84 Z. Feng et al. not have. Because managers can exploit this advantage to sell equity when it is overvalued, new shareholders avoid or discount equity, which implies that only inferior firms have the incentive to sell equity. The adverse selection cost is the main motivation for issuing the safest security first. As such, firms use retained earnings, debt and equity, in that order. Hence, high growth firms that need more external capital are predicted to have high leverage ratio. A dynamic version of pecking order theory, in contrast, predicts that, holding profitability constant, firms with investment opportunities keep payout low to conserve funds, and preserve debt capacity so as not to be forced into selling equity in the future. Shy amSunder and Myers (1999) find that over the period 1971–1989, pecking order theory has much greater time series explanatory power than the static tradeoff model. Similarly, Fame and French(2021) find more profitable firms are less levered. However, using a panel of IPO firms, Helene and Liang (1996) find no
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