金融學(xué)前沿-資本結(jié)構(gòu)與股利政策(參考版)
2025-05-17 05:24本頁面
【正文】 ? 信號傳遞效應(yīng) ? 資本成本：考慮各項(xiàng)資本的成本和取得的可能決定股利政策。 ? 公司的投資機(jī)會(huì)：投資機(jī)會(huì)多，現(xiàn)金股利發(fā)放相對較少。 ? 信號傳遞理論：公司股利政策具有信號傳遞作用，增加現(xiàn)金股利傳遞的是正面信息，減少現(xiàn)金股利傳遞的是負(fù)面信息，故公司不輕易減少現(xiàn)金股利的發(fā)放額。 ? 所得稅效應(yīng)論：由于資本利得的所得稅稅率低于現(xiàn)金股利的所得稅稅率，所以少發(fā)放現(xiàn)金股利有利于提高股東財(cái)富的價(jià)值。除按穩(wěn)定數(shù)額發(fā)放現(xiàn)金股利外，在公司有較多現(xiàn)金時(shí)，增發(fā)一部分額外股利。每年在稅后利潤中提取固定比例的利潤用于發(fā)放現(xiàn)金股利。各期現(xiàn)金股利保持穩(wěn)定，不減少，也不輕易增加。稅后利潤首先用于滿足公司投資資金的需求，剩余者用于發(fā)放現(xiàn)金股利。如果不考慮稅，則其下跌金額 ? 正好等于股利額。 – 額外股利： 預(yù)期之外發(fā)放的股利 按股利的來源： 正常股利：利潤的分享，即來源于當(dāng)期利潤或累計(jì)的留存收益。 Corporate) ? ? ? ?? ?11 R A F1c pepdttt?? ?? RAF 1 VLVU Debt RAF = 1 VL=VU Debt=Equity RAF 1 VLVU Equity Advantage Relative Tax Advantage Over Debt 權(quán)衡理論（ Tradeoff Theory） Financial Distress Costs ? Financial distress – Significant problems in meeting debt obligations – Most firms that experience financial distress do not ultimately file for bankruptcy ? Direct costs – Bankruptcy Cost – Legal and administrative costs – Ultimately cause bondholders to incur additional losses – Disincentive to (limit) debt financing Financial Distress Costs ? Indirect costs – Larger than direct costs, but more difficult to measure and estimate – Stockholders want to avoid a formal bankruptcy filing – Bondholders want to keep existing assets intact so they can at least receive that money – Assets lose value as management spends time worrying about avoiding bankruptcy instead of running the business – The firm may also lose sales, experience interrupted operations and lose valuable employees Financial Distress Debt Market value of the firm Value of unlevered firm PV of interest tax shields Costs of financial distress Value of levered firm Optimal amount of debt Maximum value of firm New Capital Structure Theory ? Asymmetric Information Assumption Management controls much more information about the firm than do investors. ? Signaling Model Ross Model (by Debt Ratio ) Pecking Order Theory (negative effect of signals) Ross Model ? Debt ratio is a tool to transfer inside information ? An increased debt ratio shows the manager’s good expectation for the firm ? Hence, higher debt ratio bees a good signal for the firm’s operating quality Pecking Order Theory F i n a n c i n g D e c i s i o n s b y U . S . N o n f i n a n c i a l C o r p o r a t i o n s f o r 1 9 7 9 1 9 9 9 4 0 2 00204060801001201979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999Y e a rPercentagei n t e r n a l f i n a n c i n gn e w d e b tn e w e q u i t yInter
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