優(yōu)化資本結(jié)構(gòu)債務(wù)與權(quán)益之間找到恰當?shù)钠胶?外文翻譯

1、本科畢業(yè)論文（設(shè)計）外 文 翻 譯optimizing the capital structure: finding the right balance between debt and equity just over 50 years ago miller and modigliani (1958) showed that under a certain set of conditionsnamely perfect capital markets with no taxes and agency conflictsa firms capital structure is irreleva

2、nt to its valuation.their results are controversial and have raised a large number of questions from academics and practitioners.this article summarizes the main issues underlying the choice by firms of an appropriate capital structure, taking into account their specific fundamentals as well as macr

3、oeconomic factors. it presents the benefits and costs of borrowing, describes how to assess these to arrive at the basic trade-off between debt and equity, and examines conditions under which debt becomes irrelevant.types of financingthere are three financing methods that companies can use: debt, eq

4、uity, and hybrid securities. this categorization is based on the main characteristics of the securities.debt financingdebt financing ranges from simple bank debt to commercial paper and corporate bonds. it is a contractual arrangement between a company and an investor, whereby the company pays a pre

5、determined claim (or interest) that is not a function of its operating performance, but which is treated in accounting standards as an expense for tax purposes and is therefore tax-deductible. the debt has a fixed life and has a priority claim on cash flows in both operating periods and bankruptcy.

6、this is because interest is paid before the claims to equity holders, and, if the company defaults on interest payments, it will be declared bankrupt, its assets will be sold, and the amount owed to debt holders will be paid before any payments are made to equity holders.equity financingequity finan

7、cing includes owners equity, venture capital (equity capital provided to a private firm in exchange for a share ownership of the firm), common equity, and warrants (the right to buy a share of stock in a company at a fixed price during the life of the warrant). unlike debt, it is permanent in the co

8、mpany, its claim is residual and does not create a tax advantage from its payments as dividends are paid after interest and tax, it does not have priority in bankruptcy, and it provides management control for the owner.hybrid securitieshybrid securities are securities that share some characteristics

9、 with both debt and equity and include, for example, convertible securities (defined as debt that can be converted into equity at a prespecified date and conversion rate), preferred stock, and option-linked bonds.the irrelevance propositionin 1958 modigliani and miller demonstrated that, under a cer

10、tain set of assumptions, the choice between any of these securities (referred to as capital structure or leverage) is not relevant to a companys valuation. the assumptions include: no taxes, no costs of financial distress, perfect capital markets, no interest rate differentials, no agency costs (rat

11、ionality), and no transaction costs. these assumptions are, in fact, the main drivers of capital structure and gave rise to the trade-off theory of leverage.the trade-off of debtin this so-called millermodigliani framework, firms choose their optimal level of leverage by weighing the following benef

12、its and costs of debt financing.benefits of debtthere are two main advantages of debt financing: taxation, and added discipline.taxation: since the interest on debt is paid before taxation, whereas dividends paid to equity holders are usually paid from profit after tax, the cost of debt is substanti

13、ally less than the cost of equity. this tax-deductibility of interest makes debt financing attractive. suppose that the debt of a company is $100 million and the interest rate is 10%. every year the company pays interest of $10 million. suppose that the corporation tax rate is 30%. if the company do

14、es not pay tax, its interest will be $10 million and the cost of debt will be 10%. however, if the company is able to deduct the tax on this $10 million from its corporation tax payment, then the company saves $10 million × 30% = $3 million in tax payments per year, making the effective interes

15、t payment only $7 million. if the debt is permanent, every year the company will have a $3 million tax saving, referred to as a tax shield. we can compute the present value (pv) by discounting annual value by the cost of debt, as follows:pv of tax shield = kd × d × tckd = d × tcwhere

16、kd is the cost of debt, d is the amount of debt, and the product of kd and d gives the amount of the interest charge. tc is the corporation tax rate. we simplify the ratio by kd to obtain the present value of the tax shield as the product of the amount of debt and the corporation tax rate. thus, the

17、 value of a company that is financed with debt and equity (such a company is referred to “l(fā)evered”) should be equal to its value if it is financed only with equity plus the present value of the tax shield. we can write this value as:value of levered firm with debt d =value of nonlevered firm + d 

18、15; tcthese arguments suggest that the after-tax cost of debt can be computed as 10% × (1-30%) = 7%.added discipline: in practice, the managers are not the owners of the company. this so-called separation of managers and stockholders raises the possibility that managers may prefer to maximize t

19、heir own wealth rather that of the stockholders. this is referred to as the agency conflict. in general, debt may make managers more disciplined because debt requires a fixed payment of interest, and defaulting on such payments will lead a company to bankruptcy.costs of debtdebt has a number of disa

20、dvantages, including a higher probability of bankruptcy, an increase in the agency conflicts between managers and bondholders, loss of future financial flexibility, and the cost of information asymmetry.expected bankruptcy cost. given that debt holders can declare a company bankrupt if it defaults o

21、n its interest payment, companies that have a high level of debt are likely to have a high probability of facing such a default. this probability is also increased when a company is operating in a high business risk environment. debt financing creates financial risk. thus, companies that have high b

22、usiness risk should not increase their risk of default by taking on a high financial risk through their use of debt. evidence indicates that much of the loss of value occurs not in the liquidation process but in the stage of financial distress, when the firm is struggling to pay its bills (including

23、 interest), even though it may not go on to be liquidated.agency costs. these costs arise when a company borrows funds and the managers use the funds to finance alternative, usually more risky, activities than those specified in the borrowing contract to generate higher returns to stockholders. the

24、greater the separation between managers and lenders, the higher the agency costs.loss of future financing flexibility. when a firm increases its debt substantially, it faces difficulties raising additional debt. companies that can forecast their future financing needs accurately can plan their finan

25、cing better and may not raise additional funds randomly. in general, the greater the uncertainty about future financing needs, the higher the costs.information asymmetry. when companies do not disclose information to the market, their information asymmetry will be high, resulting in a higher cost of

26、 debt financing.redeployable assets of debt. lenders require some sort of security when they fund a company. this security is referred to as collateral. lenders accept assets that can be resold or redeployed into other activities, such as property (real estate), as collateral. in general, the lower

27、the value of the redeployable assets of debt, the higher are the costs.financing choices and a firms life cyclealthough companies may prefer to use internal financing to minimize the issuance (transaction) costs, the trend in financing depends critically on the firms life cycle.start-ups are small,

28、privately owned companies. they are likely to be financed by owners funds and bank borrowings. their funding needs are high, but their ability to raise external funding is limited because they do not have sufficient assets to offer as security to finance providers. they will try to seek private equi

29、ty funding. their long-term leverage is likely to be low as they are mainly financed with short-term debt.expanding companies are those that have succeeded in attracting customers and establishing a presence in the market. they are likely to be financed by private equity and/or venture capital in ad

30、dition to owners equity and bank debt. their level of debt is low and they have more short-term than long-term debt in their capital structure.high-growth companies are likely to be publicly traded, with rapidly growing revenues. they will issue equity in the form of common stock, warrants, and othe

31、r equity options, and probably convertible debt. they are likely to have a moderate leverage.mature companies are likely to finance their activities by internal financing, debt, and equity. their leverage is likely to be relatively high but will depend on the costs and benefits of debt and their fun

32、damental factors, such as business risk and taxation.conclusionthis article discussed the different financing methods companies can use and then argued that their choice depends on the costs and benefits of debt financing and the firms life cycle. for example, whereas startup companies are likely to

33、 be financed with private personal funds, making their leverage low, mature companies tend to have high leverage because they are able to mitigate the costs of debt and gain from the tax benefits. in addition to these factors, in practice firms may choose their financing mix by mimicking comparable

34、firms, or they may adopt the average level of debt of all the companies in their industry. these methods are not highly recommendable as they may result in a suboptimal choice. in other cases they follow a financing hierarchy, where retained earnings are the preferred option, followed by external fi

35、nancing in the form of debt, and then equity. this preference is driven by the transaction and monitoring costs.making it happenthe choice of financing is strategic and involves the following issues: both low- and high-debt financing are suboptimal. companies should aim for the most advantageous lev

36、el of debt financing, whereby the costs are minimized and the benefits are maximized. the costs of debt include a greater probability of bankruptcy, an increase in the agency conflicts between managers and bondholders, a loss of future financial flexibility (including the availability of collateral

37、assets), and information asymmetry costs. the benefits relate mainly to tax shields and the added discipline to mitigate the agency conflicts between stockholders and managers. this equilibrium applies primarily to mature companies. start-ups and growth companies are likely to have lower leverage as

38、 their borrowing capacity is low. it also applies to companies that normally pay dividends and do not accumulate cash for reinvestment in order to avoid the need to raise external financing. the recent financial crisis has highlighted another issue in debt financing, namely liquidity. leverage conce

39、pts were developed mainly in times when debt financing was fully available. in the current credit crisis this is no longer the case. companies therefore now have to pay an extra liquidity cost to raise additional capital. the question is whether this is a temporary situation or a permanent one, in w

40、hich case debt will become more costly and leverage will be lower than in the past. another challenge of debt financing relates to the ethics of the use of excessive debt financing, particularly by financial institutions. pettifor (2006) was able to foresee the current crisis, tracing debt financing

41、 back to early times and arguing that religions are against debt because it results in usury. she provides interesting arguments, challenging the whole structure of debt financing, payment of interest, and interest tax deductibility. possibly a new structure of debt that is linked to the profitabili

42、ty of assets and incurs no interest will emerge from the current crisis.source: meziane lasfer, 2009”optimizing the capital structure: finding the right balance between debt and equity”. .優(yōu)化資本結(jié)構(gòu)：債務(wù)與權(quán)益之間找到恰當?shù)钠胶鈨H僅在50年前，米勒和莫迪利亞尼（1958）表明，在一組特定的條件下，即沒有稅收和代理沖突的完全資本市場，一個公司的資本結(jié)構(gòu)與其估值無關(guān)。他們的研究結(jié)果是有爭議的，專業(yè)學者和從業(yè)人員

43、對其提出了大量問題。本文總結(jié)了公司選擇一個基本適當?shù)馁Y本結(jié)構(gòu)的主要問題，考慮到他們的具體基本面以及宏觀經(jīng)濟因素它提出了利潤和借貸成本，并介紹了如何評估它們來達到債務(wù)與權(quán)益的基本平衡。并探討負債不相關(guān)時的情況。財務(wù)類型企業(yè)可以的有三種籌資方式：債券，股票和混合證券。這種分類是根據(jù)有價證券的主要特征。負債融資債務(wù)融資的范圍從簡單的銀行債務(wù)的商業(yè)票據(jù)和公司債券。這是公司和投資者的契約協(xié)議。據(jù)此，公司支付了預定的要求（或利息），不是其經(jīng)營業(yè)績，按照會計準則，作為稅務(wù)開支，因此免稅。債務(wù)是固定的，當經(jīng)營期和破產(chǎn)時，在資金流量上有優(yōu)先受償權(quán)。這是因為向股權(quán)所有者賠償在股利支付之后，若該公司拖欠股利支付，將

44、被宣布破產(chǎn)，其資產(chǎn)將被出售。欠債權(quán)人的錢將在股東之前支付。產(chǎn)權(quán)籌資產(chǎn)權(quán)融資包括所有者權(quán)益，風險資本（產(chǎn)權(quán)資本提供給私人公司在公司換取a股的所有權(quán)），普通股本和委托（行權(quán)期間以固定價格購買一股股票期權(quán)的權(quán)利）。不像負債，它是公司常設(shè)的，在利息和稅款之后作為紅利的支付，所以不創(chuàng)造稅收優(yōu)勢。混合證券混合證券是一種和負債和權(quán)益有共同點，例如，可轉(zhuǎn)換證券（定義為在預先指定的日期和轉(zhuǎn)換率下，可以將債務(wù)轉(zhuǎn)換成股權(quán)），優(yōu)先股和期權(quán)掛鉤的債券。不相關(guān)命題1958年莫迪利亞尼和米勒證實，在特定的假設(shè)下，這些證券之間的選擇（簡稱資本結(jié)構(gòu)或杠桿）與公司的估值不相關(guān)。這些假設(shè)包括：沒有稅收，沒有財務(wù)困境成本，完善資本市

45、場，沒有利率差，沒有代理成本（理性），沒有交易成本。事實上，這些假設(shè)是資本結(jié)構(gòu)和產(chǎn)生杠桿的權(quán)衡理論的動因。權(quán)衡債務(wù)在這個所謂的米勒，莫迪里阿尼的框架內(nèi)，企業(yè)通過權(quán)衡以下好處和債務(wù)融資成本來選擇最佳水平的杠桿。債務(wù)的好處債務(wù)融資有兩個主要優(yōu)勢：稅收，并增加了紀律。稅收：由于債務(wù)利息是稅前支付，而支付給股東的股息通常是從稅后利潤支付，債務(wù)成本大大低于股票的成本。這項稅款扣除利息使得債務(wù)融資的吸引力。假設(shè)該公司的債務(wù)資本1億美元，利率為10。公司每年支付1000萬美元利息。假設(shè)公司稅率為30。如果公司不付稅，其利息將達到1000萬，債務(wù)成本是10。但是，如果公司能夠扣除這10萬元在其公司納稅額上，那

46、么公司每年節(jié)省了10000000×30=300萬元的稅款支付，使實際利率支付只有700萬美元。如果債務(wù)是永久性的，公司每年將有300萬節(jié)稅，稱為稅盾效應(yīng)。我們可以通過債務(wù)成本值的貼現(xiàn)計算每年的現(xiàn)值（pv），如下所示：稅盾的現(xiàn)值=債務(wù)數(shù)額*公司稅稅率我們簡化了債務(wù)成本的比率，以獲取稅盾的現(xiàn)值作為的債務(wù)數(shù)額和公司稅稅率的產(chǎn)物。因此，債務(wù)和股權(quán)融資應(yīng)等于其公司價值（這樣的公司被稱為杠桿），如果它僅通過權(quán)益加稅盾的現(xiàn)值融資。我們可以寫這個值：負債下公司杠桿的價值=無杠桿公司的價值+債務(wù)數(shù)額*公司稅稅率這些參數(shù)表明，債務(wù)的稅后成本可以計算為10%*（1-30%）=7%新增規(guī)律：實際上，公司的管

47、理者不是公司的所有者。這種所謂管理人員和股東的分離提高了管理者可能希望自己財富最大化而不是股東財富最大化的可能性。這是被稱為代理沖突。一般情況下，債務(wù)可能使管理者受制約，因為債務(wù)支付的利息固定，并且拖欠支付這些會導致公司破產(chǎn)。債務(wù)成本債務(wù)有一些缺點，包括破產(chǎn)概率較高，管理者與債券持有人的代理沖突增加，未來財務(wù)靈活性損失，以及信息不對稱成本。預期破產(chǎn)成本。由于債權(quán)人可以宣布破產(chǎn)公司，如果其拖欠支付利息，具有較高債務(wù)水平的公司面臨這樣一個拖欠的可能性很大。這個可能性也會在當公司處于高風險環(huán)境的商業(yè)運作的時候變大。債務(wù)融資產(chǎn)生的財務(wù)風險。因此，具有很高商業(yè)風險的公司不應(yīng)利用債務(wù)處在一個高財務(wù)風險，增加其違約的風險。有證據(jù)表明，當這家公司正在努力來應(yīng)付開支（包括利息），盡管它可能不會繼續(xù)進行清算。許多價值損失不發(fā)生在清算過程，而是在金融危機階段。代理成本。當一個公司借入資金和管理人員使用資金替代時，產(chǎn)生代理成