企业最佳的融资结构的研究【外文翻译】.doc

1、1本科毕业论文外文翻译外文文献译文标题企业最佳的融资结构的研究资料来源英国诺丁汉大学作者ALESSANDRAGUARIGLIA摘要基于对传统金融和行为金融的不同的研究体系，这篇论文讲述了关于企业融资的相关理论，特此调查探究了最佳的融资结构出现的问题。同时，这篇论文也取得了一些的进步，这也是我在行为金融和市场异常领域所希望看到到得进步。关键词融资结构,最佳融资结构,行为金融1介绍由于货币概念的出现伴随着融资问题的形成所以毫无问题地说没有财政支持的经济体的可持续发展是没有权威性的,也说明一个原因，为什么融资的决策者被认为是金融中两个研究主题的其中之一。就目前的看来，融资决策者所取得的成就在三个方面

2、不成熟的企业。金融理论，比如说纯收入理论，纯操作收入理论和传统理论，强调了资本花费作为一个影响金融决策者的排除在外的因素，并且得出结论最佳的融资结构存在活跃的条件。现代企业的融资机构理论，包括MM理论，平衡理论，米勒案例等等，这都说明了税收和不完整的资本市场对于金融决策者的影响并且说明企业的价值与财政权比例和股息分红资金比例没有关系。新的资本结构理论，代理成本理论，融资顺位理论，控制权力理论等等，这尤其强调了企业的内在结构或体制预定为了调查融资计划的影响因素。2最佳融资结构的传统观点在1952年，大为DURANT争辩是否融资成本是被考虑的唯一因素，资本的综合成本往往会发挥债券融资比例的增加或是

3、股权融资比例的降低的重要性，这是由于债权融资比股权融资的成本要低；就债券融资这一项使企业的融资结构理想化，然后同时也使企业的价值最大化。然而，随着债券融资比例的增加，企业的资本结构将会改变并且投资者将会改变预期回报，这也就预示着对于解2释融资行为的问题的数据过于简单化。总的来说，债券融资比例越高，投资者对于预期回报就越多；另外，随着债权融资比例的增加，债券投资成本将会更新升级，这也就意味着随后的资本综合成本越高。显而易见，融资的进退两难显示了债券融资和股权融资之间的替换，这就处理了市场区域化，市场信息拥有，贸易成本等一系列的问题；也就是说，这与市场效率紧密地联系着。如果市场是有效的，企业的经营

4、风险是可衡量的，融资产品的复制产生了企业的价值，与债务股权比例无关，相当于预期回报除以风险回报。这就是众所周知的MM理论。它引起了两个重要的社会影响建立了现代资本结构的基础创造了非套利分析，这和经济学中的供需分析是不同的。在1963年，MODILIANI和米勒呈现了修改后的MM理论由于税盾的存在，债券融资将会增加企业的价值。然而，理论上的精确性并不意味着实际的准确性。比如说，根据MM理论，企业的财政计划是可有可无的；然而修改后的MM理论考虑到债券融资将会提高企业的价值。3对于最佳融资机构给予的新的注解大量的研究文学表明了如果完善的资本市场这一假设放宽，那么同价格原则将不能够达到货币市场。在传统

5、的财政理论中，同价格的实现当然不是自动的，而是通过一些市场机制，这就是非限制的套利。另外，真实的市场的无效分配这一特点导致了套利机制发挥作用的限制性，而且资本市场上错误定价的氛围是不可能彻底消除的；因此我们毫不奇怪的看到来自MM理论的发现和随后的现代企业融资结构理论与现实是不协调性。现实表明，一些投资者的财政决策是基于他们自己的信念而不是一些财政的典范。DIAMOND（达尔蒙德）（1989）说到投资者能够通过企业历史的一些行为的考察给企业建立信念，比如说提供股息，偿还本金和利息。因此，企业为了筹集资金去建立资本市场的威信。HERSHLEIFERMODERNENTERPRISESFINANCIN

6、GSTRUCTURETHEORY,INCLUDINGMMTHEORY2,TRADEOFFTHEORY,MILLERMODELANDETC,WHICHINDICATETHEIMPACTSOFTAXANDINCOMPLETECAPITALMARKETONTHEFINANCINGDECISIONMAKINGANDFINDTHATENTERPRISESVALUEHASNONERELATIONSHIPWITHPROPERTYRIGHTRATIOANDDIVIDENDPAYMENTRATIONEWCAPITALSTRUCTURETHEORY,浙江万里学院商学院外文文献原文5SAYAGENCYCOSTTHE

7、ORY,PECKINGORDERTHEORY,CONTROLRIGHTTHEORYANDETC,WHICHEMPHASIZEPARTICULARLYONENTERPRISESINNERSTRUCTUREORSYSTEMDESIGNINORDERTOSURVEYTHEINFLUENCINGFACTORSOFFINANCINGPLANSBYTHISTOKEN,FINANCINGCOST,CAPITALSTRUCTUREANDENTERPRISESSTRUCTUREFORMTHEMAINRESEARCHLINEANDTHECOMMONAIMMAXIMIZINGENTERPRISESVALUEANDO

8、PTIMIZINGFINANCINGSTRUCTURE2TRADITIONALVIEWONOPTIMALFINANCINGSTRUCTUREIN1952,DAVIDDURANTARGUEDTHATIFFINANCINGCOSTWASTHEONLYFACTORSCONSIDERED,THECOMPOSITECOSTOFCAPITALWOULDTENDTOPLAYDOWNWITHTHEINCREASEOFBONDFINANCINGRATIOORTHEDECREASEOFEQUITYFINANCINGRATIO,OWINGTOTHECOSTOFBONDFINANCINGWASLOWERTHANTHE

9、COSTOFEQUITYFINANCINGANDTHEBONDFINANCINGALONEOPTIMIZEDTHEENTERPRISESFINANCINGSTRUCTURE,THENMAXIMIZEDTHEENTERPRISESVALUEASWELLBUTYET,WITHTHEINCREASEOFBONDFINANCINGRATIOTHEENTERPRISESCAPITALSTRUCTUREWILLBEALTEREDANDTHEINVESTORSWILLCHANGETHEIRANTICIPATEDREWARDSATTHESAMETIME,WHICHINDICATESTHATSTATICANAL

10、YSISISOVERSIMPLIFICATIONFOREXPLAININGTHEPROBLEMOFFINANCINGBEHAVIORGENERALLY,THEHIGHERTHEBONDFINANCINGRATIOIS,THEMORETHEINVESTORSDEMANDFORANTICIPATEDRETURNISMOREOVER,THEBONDFINANCINGCOSTWILLBEUPGRADEDWITHTHEINCREASEOFBONDFINANCINGRATIO,WHICHMEANSTHESUCCEDENTHIGHERCOMPOSITECOSTOFCAPITALOBVIOUSLY,FINAN

11、CINGDILEMMAEMBODIESTHESUBSTITUTIONBETWEENBONDFINANCINGANDEQUITYFINANCING,WHICHDEALSWITHMARKETRESTRICTION,MARKETINFORMATIONPOSSESSION,TRADECOSTANDETCTHATIS,ITISKEENLYCORRELATIVEWITHTHEEFFICIENCYOFMARKETGIVENTHEMARKETISEFFICIENTANDRISKCANBEMEASUREDBYSTANDARDDEVIATIONOFANTICIPATEDRETURN,THEREPLICATIONO

12、FFINANCIALPRODUCTSMAKESTHEENTERPRISESVALUE,UNRELATINGTOTHEDEBTEQUITYRATIO,AMOUNTTOANTICIPATEDRETURNDIVIDEDBYRELEVANTRISKRETURN,WHICHISKNOWNASMMTHEORYITCAUSESTWOSIGNIFICANTSOCIALEFFECTSFOUNDINGTHEFOUNDATIONOFMODERNCAPITALSTRUCTURETHEORY,CREATINGTHENONARBITRAGEANALYSISWHICHISDIFFERENTFROMTHESUPPLYDEMA

13、NDANALYSISINECONOMICSIN1963,MODILIANIANDMILLERPRESENTEDTHEMODIFIEDMMTHEORYBONDFINANCINGWILLINCREASETHEENTERPRISESVALUEBECAUSEOFTHEEXISTENCEOFTAXSHIELDEFFECTHOWEVER,THETHEORETICALEXACTNESSDOESNOTMEANTHEPRACTICALACCURACYFORINSTANCE,ACCORDINGTOMMTHEORY,THEENTERPRISES浙江万里学院商学院外文文献原文6FINANCIALPLANISDISPE

14、NSABLEWHILEMODIFIEDMMTHEORYTHINKSTHATBONDFINANCINGWILLENHANCETHEENTERPRISESVALUE3NEWANNOTATIONONOPTIMALFINANCINGSTRUCTURETHEMASSIVERESEARCHLITERATUREINDICATESTHATIFTHEPERFECTHYPOTHESISOFCAPITALMARKETBEINGRELAXED,THEIDENTICALPRICEPRINCIPLEWOULDBEUNABLETOREALIZEONTHEMONETARYMARKETINTHETRADITIONALFINAN

15、CIALTHEORY,THEIDENTICALPRICESREALIZATIONCERTAINLYISNOTAUTOMATICBUTTHROUGHSOMEKINDSOFMARKETMECHANISM,WHICHISINFINITEARBITRAGEMOREOVER,THEINVALIDANDTHEDIVISIONCHARACTERISTICOFTHEREALISTICMARKETCAUSESTHISARBITRAGEMECHANISMTOPERFORMLIMITEDLY,THENTHEMISPRICINGPHENOMENONONTHECAPITALMARKETISIMPOSSIBLETOBEE

16、LIMINATEDCOMPLETELYTHUSITWILLBENOSUCHSTRANGETHATTHEFINDINGSOBTAINEDFROMTHEMMTHEORY,ASWELLASTHESUBSEQUENTMODERNENTERPRISEFINANCINGSTRUCTURALTHEORY,ISINCONGRUOUSWITHTHEREALITYTHEREALITYINDICATESTHATTHEINVESTORSFINANCIALDECISIONMAKINGISOFTENBASEDONITSOWNFAITHBUTSOMEFINANCIALMODELSDIAMOND（1989）ARGUESTHA

17、TTHEINVESTORCANESTABLISHSOMECERTAINFAITHTOTHEENTERPRISETHROUGHTHEOBSERVATIONOFENTERPRISESHISTORICALBEHAVIORS,SUCHASTHEDIVIDENDPROVIDINGANDPRINCIPALANDINTERESTREPAYINGTHEREFORE,ENTERPRISESHAVETHEMOTIVETOESTABLISHAPRESTIGEONTHECAPITALMARKETINORDERTORAISEFUNDSFORTHELONGRUNHERSHLEIFERWHILETHEGROUPBEHAVI

18、ORWHICHENGENDERSBYWAYOFTHEPOLYMERIZATIONOFMULTITUDINOUSINDIVIDUALBEHAVIORFURTHERPROMULGATESTHEEXISTENCEOFTHEINDIVIDUALNONRATIONALACTIONS,WHICHISMANIFESTEDULTIMATELYBYMARKETANOMALIESANDBOUNDEDRATIONALITYHERBERTSIMON,1955,1972OFCOURSE,THERESEARCHFIELDSBYNOMEANSDIRECTLYINVOLVESTHEASPECTSOFFINANCINGBEHA

19、VIORORFINANCINGDECISIONMAKINGHOWEVER,WITHTHERESEARCHOFINVESTORSGROUPANDINDIVIDUALBEHAVIORDEEPENED,SOMECERTAINFINANCINGTHOUGHTISEMBODIEDTHUS,REALIZINGTHERESEARCHOFBEHAVIORFINANCEINTHEFIELDOFFINANCINGDECISIONMAKINGAUTHENTICALLYISABOUTTOBECOMETHENEWTOPIC浙江万里学院商学院外文文献原文74REVIEWANDCONCLUSIONNEVERTHELESS,

20、RESEARCHESFORTHISPROBLEMHAVETHENECESSITYTOCOMBINETHECHARACTERISTICSOFTRADITIONALFINANCEANDBEHAVIORALFINANCEOFTHEIROWNITISINDICATEDTHATTHETRADITIONALFINANCETHEORYANDTHEBEHAVIORALFINANCETHEORYHAVEMUCHOFTHEDIFFERENCESANDCOMPARABILITIESINTHERATIONALE,THEANALYSISMETHOD,THEDOMAINSRELATINGTO,THERESEARCHANG

21、LEANDETCWHILETHEMAINDISTINCTIONLIESINTHATTHEBEHAVIORALFINANCERESEARCHMANIFESTSTHELIFESPANAPPROACHBYCENTERINGTHEPERSON,YETTHETRADITIONALFINANCERESEARCHDISPLAYSTHEMECHANICALMECHANICSAPPROACHLIXINDAN,2005THISDETERMINESTHEANALYSISMETHODOFTHETRADITIONALFINANCETHEORYISEQUILIBRIUMANALYSISANDNONARBITRAGEANA

22、LYSISTHERESEARCHAIMSTRESSESTOFINDTHEEQUILIBRIUMSPOT,WHICHMEANSTHEOPTIMALITYOFDEBTEQUITYRATIOBASEDONTHELIMITEDARBITRAGEANDTHEPRINCIPLESOFPEOPLESFAITH/PSYCHOLOGICALPREFERENCE,THERESEARCHAIMOFBEHAVIORALFINANCETHEORYLIESINMANIFESTINGWHETHERTHEEQUILIBRIUMISINEXISTENCEORNOTSOWHICHKINDOFTHEORYBEINGMOREAPPR

23、OPRIATEMAINLYLIESONTHECHARACTERISTICSOFTHERESEARCHOBJECTSITSELFBEINGPROCESSVARIABLEORRESULTVARIABLEWHENTHEENTERPRISESRAISEFUNDSONTHEMONETARYMARKET,DIRECTOBJECTISFINANCINGDECISIONMAKINGBEHAVIORANDINDIRECTOBJECTISMONETARYMARKETINFLUENCESTOTHEENTERPRISEITSELFBEINGCONSIDERED,IFEQUITYFINANCINGBEINGINUSE,

24、THEORIGINALSTOCKHOLDERSRIGHTSWILLBEDILUTEDIFBONDFINANCINGBEINGINUSE,THEORIGINALCREDITORSRIGHTSWILLBEDILUTEDBECAUSETHECREDITORHASNORIGHTTOSPEAKINTHEENTERPRISE,THEGUARANTEETOCREDITORSRIGHTSBEINGNOTDILUTEDISDELIVERINGTHESURVEILLANCETOSHAREHOLDERSBESIDESENSURINGTHEPERFECTLEGALSYSTEM,THEFEASIBLESURVEILLA

25、NCEMETHODTOTHECREDITORSISSTIPULATINGDEBTEQUITYRATIOTHROUGHAGREEMENTSHOWEVER,THEHIGHERTHEENTERPRISEISINDEBT,THEHIGHERTHEFLUIDITYCOSTANDREFINANCINGCOSTARE,WHICHISTOAFFECTTHEENTERPRISESFURTHERDEVELOPMENTSINORDERTOAVOIDORWEAKENTHISBADINFLUENCES,THEENTERPRISEMAYUSETHESTOCKPREPARATIONTHUS,ENTERPRISESFINAN

26、CINGSTRUCTUREWOULDBERESTRAINEDBYTHEMARKETCHANGES,THENPERFORMEDASTHEHISTORICALACCUMULATIONOFDISCRETIONBEHAVIORONTHECAPITALMARKETTHEREFORE,FIRST,IFTHEFINANCINGSTRUCTURECOULDBEDESCRIBEDASTHEHISTORICALACCUMULATIONOFDISCRETIONBEHAVIORONTHECAPITALMARKET,THENMAKINGREGRESSIONANALYSISTOTHEHISTORICALDATAMAYOB

27、TAINTHETRACKOFENTERPRISESFINANCINGDECISIONMAKING,ANDTHETRACKFORMSTHEPROFILEREFLECTIONOFMARKETCHANGESSECONDLY,IFTHEOPTIMALFINANCINGSTRUCTUREDOESNOTEXIST,THEMANAGERWOULDHAVENONEEDTOWORRYABOUTTHEFINANCING浙江万里学院商学院外文文献原文8DECISIONMAKING,BECAUSETHEMARKETITSSELFCANMAKETHEDECISIONCERTAINLY,THEPREMISEISTHATT

28、HEMARKETISEFFICIENTWHILETHEMARKETISNATURALLYINEFFICIENT,WHICHMEANSTHATTHEMANAGERMUSTMAKESOMEMEASUREATTHETIMEOFENTERPRISESRAISINGFUNDSTOOPTIMIZESTHEIMMEDIATEDECISIONMAKING,SUCHASPEGGINGTHESTOCKMARKETANDTHEBONDMARKETTOADJUSTTHEFINANCINGDECISIONMAKINGBAKERWURGLER,2002BYTHISTOKEN,THEDILEMMAOFENTERPRISESOPTIMALFINANCINGSTRUCTURETURNSINTOTHEPROBLEMOFHOWTOCONFIRMORPORTRAYTHEMARKETTRACKHOWEVER,THEPRESENTRESEARCHFIELDOFBEHAVIORALFINANCEMAINLYSTRESSESONINVESTORSBEHAVIOR,THEREFOREITSTHOUGHTAPPLIEDINTHEFINANCINGDOMAINNEEDSFURTHERDISCUSSION