Science Essay 社会学 管理类作业经济学作业 法律作业 市场学作业 语言学文学 金融作业 会计作业 国际商务管理 MBA Essay fashion&culture 物流管理作业

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 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. 

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. 

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)

UK Thesis Base Contacts