金融專業(yè)外文翻譯-----資本結(jié)構(gòu)決定因素以中國企業(yè)為案例-金融財(cái)政(已修改)
2025-05-31 15:05 本頁面
【正文】 本科畢業(yè)論文（設(shè)計(jì)） 外 文 翻 譯 原文 ： The Determinants of Capital Structure:Evidence from Chinese Listed Companies One early extension was to allow for the incidence of taxation and ?nancial distress. Since the late 1970s, there have been two new strands of research which originate more from the theory of the ?rm: the ?pecking order? theory and the ?tradeo?? theory. The pecking order theory argues that ?rms have a preference of issuing ?nancing instruments due to adverse selection problems (Myers and Majluf, 1984). The theory suggests that the ?nancial manager tends to use internal capital as the ?rst choice, then issue debt, and equity will only be considered as the last resort as issuance of equity can be perceived by the market as a signal of a poor future for the investment. In contrast, the tradeo? theory emphasizes that an optimal capital structure can be achieved by the tradeo? of the various bene?ts of debt and equity. . The pecking order theory The pecking order theory is based on the information asymmetries between the ?rm?s managers and the outside investors. Ross (1977) was the ?rst to address the function of debt as a signalling mechanism when there are information asymmetries between the ?rm?s management and its investors. He argued that management has better knowledge of the ?rm than the investors, and that management will try to avoid debt when the ?rm is performing poorly for fear that any debt default due to poor cash ?ow will result in their job loss. The information asymmetry may also explain why existing investors may not favor new equity ?nancing, as new investors may require higher returns to pensate for the risks of their investment thus diluting the returns to existing investors. Myers and Majluf (1984) later developed their socalled pecking order theory of ?nancing: . that capital structure will be driven by ?rms? desire to ?nance new investments preferably through the use of internal funds, then with lowrisk debt, and with new equity only as a last resort. In their theory, there is no optimal capital structure that maximizes the ?rm value. The ?nancial managers issue debt or equity purely according to the costs of capital. Subsequent empirical studies provide mixed evidence. Helwege and Liang (1996) found no empirical evidence for such a pecking order. Booth et al. (2020) found evidence supporting the theory in their 10country empirical study. Frank and Goyal (2020) tested the pecking order theory on a broad crosssection of publicly traded American ?rms for 1971 to 1998, and concluded that the theory was not supported by the evidence. Whilst large ?rms exhibited some aspects of pecking order behavior, the evidence was not robust to the inclusion of conventional leverage factors, nor to the analysis of evidence from the 1990s. . The tradeoff theory The tradeo? theory argues that there is an optimal capital structure that maximizes the ?rm value, but the tradeo? es in various forms. . TaxShield Bene?ts and the Financial Distress Cost of Debt One of the crucial assumptions of the MM (1958) model was that there is no taxation. Later work by Modigliani and Miller (1963), and Miller (1977) add tax e?ects into the original framework. An implication of this newer work was that ?rms should ?nance their projects pletely through debt in order to maximize corpo
畢業(yè)設(shè)計(jì)相關(guān)推薦
鄂ICP備17016276號(hào)-1