資本結構，支出政策，理財柔性【外文翻譯】

1、本科畢業(yè)論文（設計）外文翻譯原文：原文：CapitalStructurePayoutPolicyFinancialFlexibilityFinancialflexibilityisthesinglemostimptantdeterminantofcapitalstructureaccdingtoCFOs(seee.g.GrahamHarvey(2001))yettheonlyprominenttheytorecognizeitsvalu

2、eMyersMajluf’s(1984)peckingdermodelhasseriousempiricalshtcomings.InfactFamaFrench(2005)concludethatthepeckingderis“dead”asastalonetheyofcapitalstructurebecauseofitsinabilitytoexplainwhyequityissuesarecommonplacearenotexc

3、lusivelythefinancingvehicleoflastrest.Extanttradeofftheiesofcapitalstructurefarenobetterempiricallysincetheyfailtoexplain(i)whyfirmsdonot“l(fā)everup”afterlargestockpriceincreases(ii)whymanyprofitablefirmsmaintainlowdebtthus

4、fegointeresttaxshieldsavailableatlittledistressrisk(iii)whyleveragerebalancingisdifficulttodetectwhendetectedwhyitoccurswithadelaythatisnotplausiblyexplainedbyadjustmentcosts.TheempiricalcpatefinanceliteraturewhichasFama

5、French(2005pp.580581)noteinrecentyearshaslargelyfocusedonrunninga“hserace”betweenthepeckingdertradeofftheiesisnowleftwithnoempiricallyviabletheyofcapitalstructure.Thispaperarguesthatfinancialflexibilityisthecriticalmissi

6、nglinkfanempiricallyviabletheybutthatthepeckingderfailstodeliverthattheybecauseitsnumerousrestrictiveassumptionsnarrowitsfocussufficientlytoprecludeameaningfulanalysisoftheimpactoffinancialflexibilityoncpatefinancialpoli

7、cies.Specificallythepeckingdertheyfallsshtbecauseit(i)focusesona“oneshot”financingdecisionthusitrulesouttheintertempaltradeoffsthatarecentraltofirms’debtcapacityutilizationdecisions(ii)assumesthatasymmetricinfmationallow

8、sselfinterestedmanagerialbehaviatsecurityissuancebutatnobutmustnowcultivateaccesstoexternalcapitalmarkets.Debtnolongerdominatesequityissuancesimplybecauseitiseasiertovaluesincewithmultipleuncertainfinancingneedsarrivingo

9、vertimeutilizationofdebtcapacitytodayrisksfutureinvestmentdisttionsbecauseitcanleaveafirmhamstrungfcapitaltomrow.FirmsthushavelowleveragetargetssothosethatgenerateFCFcannotrelyondebtpaymentsalonetolimittheircashbalancesr

10、athertheymustsubstituteintoequitypayoutstocontrolagencycostsavoidtaxesoncashholdings.Equitypayoutsalsohelpconvinceoutsideinveststhatmanagerswillmakesubstantialfuturepayoutstherebyreducethefirm’ssecurityvaluationproblems.

11、Imptantlyfirms’exanteoptimalfinancialpoliciesprovideflexibleexpostaccesstobothdebtequitymarketstomeetfuturefundingneedscausedbyunanticipatedearningsshtfallsnewinvestmentopptunities.Maturefirmslimitinternalfundsbypayingsu

12、bstantialdividendsratherthanmakinghighdebtpaymentsbothbecauselowleverageprovidesunuseddebtcapacitywhichcanbetappedtomitigateinvestmentdisttionsbecausefirmswithstrongdividendrecdsdevelopreputationsfgenerouspayoutsenabling

13、themtosellequityatpricesclosertointrinsicvalue(ShleiferVishny(1997)LaPtaet.al.(2000)).Optimalfinancialpoliciesfmaturefirmsthusconsistoflowleveragesubstantialongoingdividendslimitedcashholdings.Lowleverageisalsooptimalfgr

14、owthfirmswhichideallyhavehighercashbalancesthanmaturefirmspaylower(no)dividends.Lowleverageremainsthelongruntargetfmany(butnotall)firmswheninterestistaxdeductiblesincefirmscannotcapturecpatetaxbenefitswithoutreducingcash

15、balancesutilizingdebtcapacityactionsthatsacrificefinancialflexibilitytherebyriskfutureinvestmentdisttions.Inourtheytoday’sbrowingcostistheopptunitycostofaninabilitytobrowtomrowwhenthefirmmayneedtoissuedebttoavoidinvestme

16、ntdisttions(becausemanagerswithsuperiinfmationarereluctanttosellstockatthemarketpricethatmanifeststomrow).Althoughthisopptunitycostisanexanteimpedimenttoleverageitembodiesanintertempaldependenceinbrowingthatdistinguishes