资本结构影响因素的战略观点：一个新视角【外文翻译】.doc

1、 1 外文翻译 原文 Factors Affecting Capital Structure strategic perspective: A New Perspective Material Source: E Author:Kenneth Levi Abstract: This article from the strategic perspective of capital Structure proposed by the company formation process is the process of implementation of various strategies,

2、capital structure, the company has always been to use various types of capital in order to achieve the results of capital formation of business strategy. We are looking for the so-called capital structure factors in fact constitutes a strategic element of corporate Strategy environment. Therefore, c

3、apital structure placed in a broader and more systematic analysis framework - strategic analysis framework is not only appropriate but also necessary. Individual factors on the firms capital structure in a way that all the elements placed in the formation of corporate strategic environment analysis

4、in order to arrive at a correct conclusion. Keywords: capital structure; influencing factors; strategic framework 1 The present study of factors affecting capital structure problems Factors affecting capital structure which in the end? Is still difficult to state clearly whether it is a problem. Res

5、earch on this issue, the Bake Te (Baxter), Tabou (Taub), Marsh (Marsh), Titman (Titman), Weiseersi (Wessels), etc., there have been writings. If the influential Titman and Wessels (1988) that may affect the capital structure of the enterprise characteristics of the six main factors: 1) profitability

6、 (Profitability, negative correlation); 2) size (Size, negative correlation ); 3) The collateral value of assets (Collateral Value of Assets, positive correlation); 4) growth (Growth, positive correlation); 5) non-debt tax shield (Non-Debt Tax Shields, negative correlation); 6) variability ( Volatil

7、ity, negative correlation).In recent years, as Chinas capital market development, Chinas growing number of scholars have begun on Chinas listed companies in this issue a number of studies, and to empirical research mostly. Hong Kong and Taiwan, the Huang-tang, Huang Lanying (1997) studies suggest th

8、at factors affecting capital structure include: 1) Industry factors; 2) 2 capital markets; 3) The competent beliefs; 4) enterprise features. Mainland scholars such as Lu Zheng-Fei, Xin Yu (1998) proposed five factors are 1) Industry factors; 2) profitability; 3) firm size; 4) asset-backed value; 5)

9、growth. Feng Gen-Fu (2000), “considered the factors that affect capital structure include the following eight“: 1) income tax; 2) the flow of equity; 3) firm size; 4) profitability; 5) capital structure; 6) non-debt tax shield type; 7) growth; 8) income variability. Chen Weiyun, Zong-Yi Zhang (2002)

10、 were selected for a total of eight classes of 18 indicator variables , etc., as well as many other scholars have also made some use of similar methods to study. But reading these published papers, we find that our country is essentially the use of foreign scholars in research methods, the research

11、object is replaced with a sample of Chinas listed companies. I do not jump in here, these scholars question the significance of the study, but this study found that there is a big idea, it seems to have been caught in a dilemma. Because from the current research point of view, both domestic and fore

12、ign scholars, without exception (according to results of previous studies or some personal thinking) in advance from the pool of potential factors to determine a number of his sporadic think it will be an impact on the capital structure of the so-called the underlying factors, and then use some math

13、ematical statistical methods (factor analysis, principal component analysis, multiple linear regression, contingency table, etc.) to visit these factors and capital structure indicators for the correlation between the size and direction, then according to calculations derived primarily influencing f

14、actors and their impact way. Thinking led to the deficiencies of such research is very clear: on the one hand is due to pre-determine the possible impact of factors, the absence of a clear thinking and clear standards, it is difficult to determine a range or a theme to be able to systematically iden

15、tify the these possible factors. Therefore, a pre-determined these factors must be sporadic, isolated, or even may be omissions or “seize the sesame seeds and foolish“ in. For example, in the ownership structure does not factor into the model before this, profitability and scale through the empirica

16、l tests are the main factors affecting the capital structure . However, some scholars (von Gen-Fu et al, 2000) will factor into the ownership structure after the model, they found that “Chinas unique ownership structure of listed companies is the firms capital structure is one of the important facto

17、rs, but influence the financial situation of enterprises is relatively weak “, and reason to believe that in 1998, the shareholding structure of this non-business factors on the impact of capital structure will be larger. But more important is what we are more concerned about is whether there is a m

18、ore 3 important underlying factors not taken into account then, in theory the answer is indeed yes. On the other hand, it is precisely because the first aspect of the reasons, it makes with the progress of the study, more and more scholars will be more and more factors into the model, with the incre

19、ase in the number of factors, model increasingly complex and regrets that the increase in the number of such factors, it seems difficult to see a border. In addition, certain factors in the study the impact of capital structure, only this one factor be considered in isolation without the influence o

20、f a factor in this analysis of the influence of various factors put together constitute an enterprise to survive against the backdrop of analysis, leading to the conclusions of research down variety, the same factor in almost the same sample (the smaller of Chinas stock market, many scholars have ta

21、ken the study sample of thousands of listed companies) of the performance is very different . There is also a most serious result is that, so far, the factors that affect capital structure which in the end, or the number of its influence still remains a hard to explain how the problem. For example,

22、the Tabou (Taub) have been used in 1960 -1969 for the period 89 times the companys 172 corporate securities issuance data analysis of the differences between the expected earnings and interest, the uncertainty of future profitability, size, tax rates, with the solvency of the the length and liabilit

23、ies - equity ratio of 6 variables on the impact of capital structure, the conclusion is ambiguous and contradictory, and he himself admits, “Obviously, in the interpretation of business-to-debt - equity ratio of the determinants of choice context, my research is unsuccessful. “Marsh (Marsh) also bel

24、ieves that the earlier view, whether it is Bake Te (Baxter), and Cague (Cragg), or Tabou (Taub) and small Taggart (Taggart), and in fact have failed to draw clear conclusions, or the existence of significant deficiencies. “Unless you can get on the derived model of stability and predictability of th

25、e clear evidence, it would be difficult to explain the results, no one study in this area is very satisfactory.“ 2 The strategic point of view put forward So, how do get out of this dilemma? I believe that is necessary to study factors affecting capital structure, we must first look at the companys

26、capital structure, formation process, that is how the companys capital structure is formed. As we all know, the companys capital structure a reflection of a variety of sources of capital or the companys various types of capital as a result of the use of the past, the analysis of the concept of capit

27、al structure are this will end. However, it is easy to think of is that, since the capital structure is a result of the use of various types of 4 capital is clearly the use of various types of capital the company aims to achieve the companys strategic objectives. Therefore, capital structure the com

28、pany has always been to use various types of capital in order to achieve the results of capital formation of business strategy. In other words, the reason for this is the result rather than the kind of result is determined by the companys strategy, or that the results of the companys implementation

29、strategy. In fact, the company how to use various types of capital is subordinate to a strategy - that of the companys financial strategy, financial strategy is an integral part of corporate strategy, rather than an independent kingdom. Therefore, capital structure placed in a broader and more syste

30、matic analysis framework - strategic analysis framework is not only appropriate but also necessary. This is also a lot of todays empirical articles on the capital structure of the empirical results are not consistent with the theory far-fetched interpretation of a given one of the important reasons.

31、 In fact, the strategy affect the companys capital structure is the most direct cause. Influencing factors on capital structure, the current study just ignored this process to make this process as a black box, thus the potential impact of selected factors are disorder, and sporadic. From the corpora

32、te strategy point of view, we are looking for the so-called capital structure of the potential impact of factors that, in fact is the company to develop its strategy is based on a variety of or based on, which together constitute the companys strategic environment in which. The company is in full in

33、vestigation and study on the basis of these factors to develop the companys overall strategy and business unit strategy. In order to enable companies to develop the smooth implementation of various strategies, the company must also develop the appropriate financial strategy to its resource support.

34、We can see that the companys financial strategy for the companys other strategic services, which is the permeability of Finance. Clearly, the company certain period of time the results of the implementation of financial strategies to form a certain point in time on the companys capital structure. Mo

35、reover, as time goes on, the company constantly changing internal and external environment, the company is bound to adjust their strategies, the results of the companys capital structure has changed. From here we see the factors affecting the capital structure affect the companys strategy through th

36、e change to affect the capital structure. Recognizing this is very important. On the one hand, the formulation of corporate strategy is a comprehensive consideration of all factors of the situation to develop, there may be some of the major factors, but these are also the main factors changing, a pe

37、riod is a 5 major factor in one period may no longer be is the main factor, the main factor is the contingency of. On the other hand, the degree of change is only one factor enough to cause some strategic adjustment of the company will have an impact on the capital structure. Because one factor in t

38、he impact on the capital structure through changes in corporate strategy at work. Third, the various factors on the companys capital structure is a common effect, they together form a unique strategic environment, therefore, one factor considered separately without taking into account other factors

39、that together constitute the characteristics of this strategic environment is not significance. Take for instance the company the size of this factor, at present almost all the relevant studies in the literature, that this is the factors affecting capital structure of an important factor. However, i

40、f you do not take into account other factors, firm size, the size of the impact of capital structure is a two-way, and sometimes positive, sometimes negative, compared with. Generally speaking, larger companies means that the companys assets more Economic strength, the stronger the smaller creditors

41、, bankruptcy costs, reputation is also better, more often than small companies, large companies with high borrowing capacity, the company size should be positively correlated with the leverage ratio. On the other hand, large companies than small companies tend to provide more Information to the publ

42、ic (Rajan and Zingales (1995), allows the company with external investors, the low level of information asymmetry, coupled with large companies easier meet listing standards, and therefore should be preferred equity financing and therefore have lower leverage. Two-way characteristics of this impact

43、on the norms for the interpretation of the results of empirical research to create the conditions for randomness. Opening a number of published articles we find that when the empirical results of the study was positively related to its interpretation of the reason is that when the former, when empir

44、ical result is a negative correlation, its interpretation of the reason is that the latter . But the reason really so simple? I have doubts. The author believes that the company should examine the size of this factor is the impact of capital structure, first of all should be clear that company size

45、will have on the companys strategy of what kind of impact. For example, if a company large enough to control the entire market and the company in a highly monopolistic industry, it is often the strategy is to maintain its monopoly position, coupled with high monopoly profits This business will not b

46、e a high leverage ratio. On the contrary, if the company is in a fully competitive market environment, such as 6 appliance market. The big companys strategy if only to maintain the companys competitive position in the market to maintain the companys market share, then the companys leverage ratio wil

47、l be relatively low, because it is unwilling to take big financial risks. However, if the companys strategy is aggressive, not only wants to maintain its competitive position, would like to further enhance the companys competitiveness, to expand its existing city. The strategy of big companies, if o

48、nly to maintain the companys competitive position in the market to maintain market share, then the companys leverage will be relatively low, because it does not want to take big financial risks. But if the companys strategy is aggressive, not only to maintain its competitive position, would like to

49、further enhance the competitiveness of the company to expand its existing market share, then the companys leverage may be higher, because aggressive implementation of the strategy often requires more capital investment. Also, the level of leverage not only with the tax shield benefits and business risk, in between there is a financial flexibility. Highly leveraged corporate finance compressed flexible space, reducing the flexibility of business is not conducive to the competitiveness of enterprises, so in a compet