在不同的成長機會下資本結構對公司價值的影響[外文翻譯]_第1頁
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1、外文翻譯TheInfluenceofCapitalStructureonCompanyValuewithDifferentGrowthOpptunitiesMaterialSource:Auth:KaifengChen1.AbstractInthispaperwewilltrytoempiricallytesttheinfluenceofthedebtstructureonthecompanyvaluegivendifferentgro

2、wthopptunitieswiththecompaniesincpatedintheherls.Itiswellacceptedthatthemarketvalueofanyfirmisindependentofitscapitalstructuregiventheassumptionsofcapitalmarketsareperfect.Itisobservedthattheoptimalcapitalstructuresarecl

3、oselyrelatedtothegrowthpotentialofthefirmssomeothervariablessuchas:thesizetheindustryacteristics.Buildingontheargumentthathighgrowthfirms’cpatevalueisnegativelycrelatedwithleveragewhereasflowgrowthfirms’cpatevalueisposit

4、ivelycrelatedwithleverageweshouldobservethatthegrowthopptunitiesmayinfluencetheoptimalcapitalstructure.Thereasonisthattheoptimalleveragemayshiftwiththechangesofgrowthopptunitiesthatleadtothechangesofagencycostsofdebtcost

5、ofmanagerialdiscretion.Inthiscontextwewilltrytoempiricallytest1:ThecrelationbetweenTobinQleveragewillbepositivegiventhedifferencesingrowthopptunities2:ThecrelationbetweenTobinQleveragewillbenegativefhighgrowthfirmspositi

6、veflowgrowthfirms.Weexpectthatthesignallingfunctionofthedebtwilloverweighttheinfluenceofthegrowthopptunitiesonthedebtstructureifhypothesisoneisproved.Otherwisetheinfluenceofthegrowthopptunitiesontheshiftoftheagencycostof

7、debtagencycostofmanagerialdiscretionwilldominatethemodel.Finallytheinfluenceofzerodebtcapitalstructureistesteddiscussed.2.IntroductionDebtpolicyequityownershipstructurematterthatthewayinwhichtheymatterdiffersbetweenfirms

8、withmanyfirmswithfewpositivepresentvalueprojects(McConnell&Servaes).Lel&Pyle(1977)Ross(1977)proposethatmanagerswilltakedebtequityratioasasignalbythefactthathighleverageimplieshigherbankruptcyrisk(costs)flowqualityfirms.S

9、inceInthiscontextwewilltrytoempiricallytesttherelationshipbetweencapitalstructurethecompanyvaluegiventhepresenceofdifferentgrowthopptunities.Hypothesis1:ThecrelationbetweenTobin’sQleveragewillbepositivegiventhedifference

10、singrowthopptunities.Hypothesis2:ThecrelationbetweenTobin’sQleveragewillbenegativefhighgrowthfirmspositiveflowgrowthfirms.OurfirstHypothesisisbasedontheargumentbyRoss(1977)thesecondHypothesisisbasedontheargumentbyStulz(1

11、990)McConnell&Servaes(1995)JungKimStulz(1996).Wethinkthatthesignallingfunctionofthedebtwilloverweighttheinfluenceofthegrowthopptunitiesonthedebtstructureifhypothesisoneisproved.Otherwisetheinfluenceofthegrowthopptunities

12、ontheshiftoftheagencycostofdebtagencycostofmanagerialdiscretionwilldominatethemodel.4.ConclusiondiscussionOurempiricaltestsprovideweaksupptftheRoss(1977)modelbutfailedtosuppttheMcConnellServaes(1995)model.Wethinkthatthep

13、articulargovernancestructureintheherlsmayprovideuspartialexplanationftheinsignificantpositivecoefficientofthedebtratiotofirmvalue.Thestrongpositionofthemanagementboardthecloselinkbetweenthefirmthebankmakethedebtanineffec

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