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西安工业大学北方信息工程学院
毕业设计(论文)外文翻译资料
系别管理信息系
专业财务管理
班级B080510
姓名郭静
学号B08051019
导师王化中
OptimalCapitalStructure:
Reflectionsoneconomicandothervalues
ByMarcSchauten&JaapSpronk1
1.Introduction
Despiteavastliteratureonthecapitalstructureofthefirm(seeHarrisandRaviv,1991,GrahamandHarvey,2001,Bravetal.,2005,foroverviews)therestillisabiggapbetweentheoryandpractice(seee.g.Cools,1993,Tempelaar,1991,Boot&Cools,1997).StartingwiththeseminalworkbyModigliani&Miller(1958,1963),muchattentionhasbeenpaidtotheoptimalityofcapitalstructurefromtheshareholders’pointofview.
Overthelastfewdecadesstudieshavebeenproducedontheeffectofotherstakeholders’interestsoncapitalstructure.Well-knownexamplesaretheinterestsofcustomerswhoreceiveproductorserviceguaranteesfromthecompany(seee.g.Grinblatt&Titman,2002).Anotherareathathasreceivedconsiderableattentionistherelationbetweenmanagerialincentivesandcapitalstructure(Ibid.).Furthermore,theissueofcorporatecontrol2(seeJensen&Ruback,1983)and,related,theissueofcorporategovernance3(seeShleifer&Vishney,1997),receivealion’spartofthemorerecentacademicattentionforcapitalstructuredecisions.
Fromallthesestudies,onethingisclear:
Thecapitalstructuredecision(orrather,themanagementofthecapitalstructureovertime)involvesmoreissuesthanthemaximizationofthefirm’smarketvaluealone.Inthispaper,wegiveanoverviewofthedifferentobjectivesandconsiderationsthathavebeenproposedintheliterature.Wemakeadistinctionbetweentwobroadlydefinedsituations.Thefirstisthetraditionalcaseofthefirmthatstrivesforthemaximizationofthevalueofthesharesforthecurrentshareholders.Wheneverotherconsiderationsthanvaluemaximizationentercapitalstructuredecisions,theseconsiderationshavetobeinstrumentaltothegoalofvaluemaximization.Thesecondcaseconcernsthefirmthatexplicitlychoosesformoreobjectivesthanvaluemaximizationalone.Thismaybebecausetheshareholdersadoptamultiplestakeholdersapproachorbecauseofadifferentownershipstructurethantheusualcorporatestructuredominatingfinanceliterature.Anexampleofthelatteristheco-operation,alegalentitywhichcanbefoundina.o.manyEuropeancountries.Foradiscussiononwhyfirmsarefacingmultiplegoals,werefertoHallerbachandSpronk(2002a,2002b).
InSection2wewilldescribeobjectivesandconsiderationsthat,directlyorindirectly,clearlyhelptocreateandmaintainacapitalstructurewhichis'optimal'forthevaluemaximizingfirm.Thethirdsectiondescribesotherobjectivesandconsiderations.Someofthesemayhaveaclearnegativeeffectoneconomicvalue,othersmaybeneutralandinsomecasestheeffectoneconomicvalueisnotalwayscompletelyclear.Section4showshow,forbothcases,capitalstructuredecisionscanbeframedasmultiplecriteriadecisionproblemswhichcanthenbenefitfrommultiplecriteriadecisionsupporttoolsthatarenowwidelyavailable.
2.Maximizingshareholdervalue
Accordingtotheneoclassicalviewontheroleofthefirm,thefirmhasonesingleobjective:
maximizationofshareholdervalue.Shareholderspossessthepropertyrightsofthefirmandarethusentitledtodecidewhatthefirmshouldaimfor.Sinceshareholdersonlyhaveoneobjectiveinmind-wealthmaximization-thegoalofthefirmismaximizationofthefirm'scontributiontothefinancialwealthofitsshareholders.Thefirmcanaccomplishthisbyinvestinginprojectswithpositivenetpresentvalue4.Partofshareholdervalueisdeterminedbythecorporatefinancingdecision5.Twotheoriesaboutthecapitalstructureofthefirm-thetrade-offtheoryandthepeckingordertheory-assumeshareholderwealthmaximizationastheoneandonlycorporateobjective.Wewilldiscussboththeoriesincludingseveralmarketvaluerelatedextensions.Basedonthisdiscussionweformulatealistofcriteriathatisrelevantforthecorporatefinancingdecisioninthisessentiallyneoclassicalview.
TheoriginalpropositionIofMillerandModigliani(1958)statesthatinaperfectcapitalmarkettheequilibriummarketvalueofafirmisindependentofitscapitalstructure,i.e.thedebt-equityratio6.IfpropositionIdoesnotholdthenarbitragewilltakeplace.Investorswillbuysharesoftheundervaluedfirmandsellsharesoftheovervaluedsharesinsuchawaythatidenticalincomestreamsareobtained.Asinvestorsexploitthesearbitrageopportunities,thepriceoftheovervaluedshareswillfallandthatoftheundervaluedshareswillrise,untilbothpricesareequal.
Whencorporatetaxesarei