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经济学留学作业:优化资本结构-思考经济和其他价值:Optimal Capital Structure: Reflections on economic and other values

时间:2015-09-01 11:31来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien
经济学留学作业:优化资本结构-思考经济和其他价值:Optimal Capital Structure: Reflections on economic and other values

1. Introduction 引言
Despite a vast literature on the capital structure of the firm (see Harris and Raviv, 1991, Graham and Harvey, 2001, Brav et al., 2005, for overviews) there still is a big gap between theory and practice (see e.g. Cools, 1993, Tempelaar, 1991, Boot & Cools, 1997). Starting with the seminal work by Modigliani & Miller (1958, 1963), much attention has been paid to the optimality of capital structure from the shareholders’ point of view. 

在过去的几十年的研究已经生产上的其他利益相关者的利益对资本结构的影响。众所周知的例子是客户的利益,谁收到来自该公司的产品或服务的担保(见如Grinblatt和Titman,2002)。已经收到了相当的关注的另一个领域是管理的激励机制和资本结构“(同上)之间的关系。此外,企业control2问题(见詹森及Ruback,1983),有关企业governance3的问题(见施莱弗和Vishney,1997年),收到一个狮子的资本结构决策更近的学术界的关注.所有这些研究中,有一件事是明确的:资本结构的决定(或更确切地说,随着时间的推移资本结构的管理)涉及公司的市值仅比最大化的问题。
Over the last few decades studies have been produced on the effect of other stakeholders’ interests on capital structure. Well-known examples are the interests of customers who receive product or service guarantees from the company (see e.g. Grinblatt & Titman, 2002). Another area that has received considerable attention is the relation between managerial incentives and capital structure (Ibid.). Furthermore, the issue of corporate control2 (see Jensen & Ruback, 1983) and, related, the issue of corporate governance3 (see Shleifer & Vishney, 1997), receive a lion’s part of the more recent academic attention for capital structure decisions. 

在本文中,我们给不同的目标,并已在文献中提出的考虑的概述。我们两个广泛的定义的情况之间的区别。首先是传统的公司,现有股东的股份价值最大化的努力情况。其他因素比价值最大化每当进入资本结构的决定,这些因素是价值最大化的目标。第二宗个案涉及的坚定,明确地选择比单靠价值最大化的目标。这可能是因为股东采取多个利益相关者方法,或因支配财政文学的结构比一般的企业不同的所有制结构。后者的一个例子是合作,一个法人实体,可以发现在AO许多欧洲国家。为什么企业都面临着多重目标的讨论,我们是指到Hallerbach和Spronk(2002年a,2002年b)。
From all these studies, one thing is clear: The capital structure decision (or rather, the management of the capital structure over time) involves more issues than the maximization of the firm’s market value alone. In this paper, we give an overview of the different objectives and considerations that have been proposed in the literature. We make a distinction between two broadly defined situations. The first is the traditional case of the firm that strives for the maximization of the value of the shares for the current shareholders. Whenever other considerations than value maximization enter capital structure decisions, these considerations have to be instrumental to the goal of value maximization. The second case concerns the firm that explicitly chooses for more objectives than value maximization alone. This may be because the shareholders adopt a multiple stakeholders approach or because of a different ownership structure than the usual corporate structure dominating finance literature. An example of the latter is the co-operation, a legal entity which can be found in a.o. many European countries. For a discussion on why firms are facing multiple goals, we refer to Hallerbach and Spronk (2002a, 2002b). (责任编辑:cari)


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