本文是讨论关于英国资本结构的留学论文代写，第一篇显示在一些受到限制情况下,公司杠杆作用价值的影响是无形的。一个公司调整到一个最佳的杠杆效率受到三个因素的影响即税收、财务困境成本和代理成本。
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第一篇关于资本结构的论文是由米勒和莫迪里阿尼在1958年写的,显示在一些受到限制情况下,公司杠杆作用价值的影响是无形的;从概念上讲,公司的价值并不取决于满足某些特定条件的资本结构决策。那是因为不切实际的假设在无关紧要的理论中,资本结构研究催生了其他理论。
根据传统的(或静态的)贸易理论(TOT),公司通过比较债务的税收优惠选择最优资本结构,破产成本和代理成本的债务和股票,也就是说债务的纠正作用和股权信息债务比外部抵押资产的净值成本花费更大这一事实(Modigliani and Miller,1963;Stiglitz,1972;Jensen and Meckling,1976;Myers,1977;Titman,1984.)。
贸易理论认为,一个公司调整到一个最佳的杠杆效率受到三个因素的影响即税收、财务困境成本和代理成本。Baxter(1967)认为广泛使用债务增加了破产的机会,因为债权人会要求额外的风险溢价。他说当债务成本变得比税收优势更大时公司就不应该使用债务了。
关于资本结构论文-Papers On Capital Structure
The first paper on capital structure was written by Miller and Modigliani in 1958,Showing that subject to some restrictive situation,the impact of leveraging on the worth of firm is immaterial;the conceptually provided that the worth of firm is not dependent upon the capital structure decision given that certain conditions are met.Because of the unrealistic assumptions in MM irrelevance theory,research on capital structure gave birth to other theories.
According to the traditional(or static)trade-of theory(TOT),firms select optimal capital structure by comparing the tax benefits of the debt,the costs of bankruptcy and the costs of agency of debt and equity,that is to say the corrective role of debt and the fact that debt effects from informational cost than outside equity.(Modigliani and Miller,1963;Stiglitz,1972;Jensen and Meckling,1976;Myers,1977;Titman,1984.)
The Trade Off theory says that a firms adjustment toward an optimal leverage is influenced by three factors namely taxes,costs of financial distress and agency costs.Baxter(1967)argued that the extensive use of debt increases the chances of bankruptcy because of which creditors demand extra risk premium.He said that firms should not use debt beyond the point where the cost of debt becomes larger than the tax advantage.
In the so-called Pecking Order Theory(POT)(Donaldson,1961;Myers and Majluf,1984;Myers,1984),because of asymmetries of information between insiders and outsiders,the company will prefer to be financed first by internal resources,then by debt and finally by stockholders’equity.The debt ratio depends then on the degree of information asymmetry,on the capacity of self-financing and on the various constraints which the company meets in the access to the various sources of financing.So,in the pecking order world,observed leverage reflects the past profitability and investment opportunities of the companies.
The dynamic trade-off theory(DTOT)tries a compromise between TOT and POT(Fischer et al.,1989;Leland,1994,1998[1]).Although,due to information asymmetries,market imperfections and transaction costs,many companies allow their leverage ratios to drift away from their targets for a time,when the distance becomes large enough managers take steps to move their companies back toward the targets.While the POT explains short-run deviation from the target,the traditional TOT holds in the long run.Following this approach,leverage must converge toward a target leverage ratio.That would no be the case following POT because managers make no effort to turn around changes in leverage.
Two additional theories also reject the idea of timely meeting toward a target leverage ratio.According to the theories of market timing and inertia,the capital structure is the result at a given time of an historical process.Supporters of the market timing approach(Jalilvand and Harris,1984;Korajczyk et al.,1991;Lucas and McDonald,1990;Jung et al.,1996;Loughran et al.,1994;Baker and Wurgler,2002)argue that companies will sell overpriced equity shares.Company’s share prices will fluctuate around their factual value,and managers inclined to issue shares when the market-to-book ratio is high.A small debt ratio must thus follow a long period of high market-to-book ratio.According to the managerial inertia approach(Welch,2004)companies do not adjust their debt ratio to the fluctuations of the market value of their equity.High market-to-book ratio must thus be accompanied by small debt.
Graham and Harvey(2001)find that chief financial officers in the USA express concern about earnings’volatility in capital structure choices.According to Mohammad M.Omran and John Pointon(2009)study,one of our issues of interest is whether debt is negatively associated with earnings’volatility,in which case firms react to the risk,and manage it by reducing debt.On the other hand,if debt is found to be positively associated with earnings’volatility,then they do not appear to manage the risk.
