1、外文翻译HOWSTABLEARECORPORATECAPITALSTRUCTURESMATERIALSOURCEHTTP/BLOGSLAWHARVARDEDU/CORPGOV/AUTHORRSMALLINTHEPAPER,HOWSTABLEARECORPORATECAPITALSTRUCTURESWHICHWASRECENTLYMADEPUBLICLYAVAILABLEONSSRN,WEEXAMINETHESTABILITYOFCORPORATECAPITALSTRUCTURESOVERALL,THEEVIDENCEINDICATESTHATTIMESERIESVARIATIONINTHELE
2、VERAGEOFINDIVIDUALFIRMSISOFFIRSTORDERIMPORTANCE,WITHLEVERAGEINSTABILITYREFLECTINGTHEEXTERNALFUNDINGOFCOMPANYEXPANSIONANDWITHMATUREFIRMSTRENDINGAWAYFROMCONSERVATIVEFINANCIALPOLICIESCAPITALSTRUCTURESTABILITYISTHEEXCEPTIONRATHERTHANTHERULEATPUBLICLYHELDINDUSTRIALFIRMS,WITHTHEPREPONDERANCEOFFIRMSHAVINGL
3、EVERAGERATIOSTHATTAKEONAWIDERANGEOFVALUESANDTHATDIFFEROVERTIMEINMEANVALUELEVERAGESTABILITYOCCURSONLYINFREQUENTLYAND,WHENITDOES,ISVIRTUALLYALWAYSTEMPORARY,WITHSTABILITYEPISODESLARGELYOCCURRINGWHENFIRMSHAVELOWLEVERAGEDEPARTURESFROMSTABILITYARERARELYFOLLOWEDBYREBALANCINGTOTHEPRIORSTABLELEVERAGEREGIMEOR
4、BYESTABLISHMENTOFANEWSTABLEREGIMELEVERAGEINSTABILITYISSTRONGLYASSOCIATEDWITHASSETGROWTHANDEXTERNALFUNDINGTOSUPPORTTHATGROWTH,ANDALSOREFLECTSATRENDAWAYFROMCONSERVATIVELEVERAGETHATPLAYEDOUTMAINLYOVERTHE1950SAND1960SANDTHATBEGANINTHEMIDTOLATE1940SWITHTHENEEDTOFUNDEXPANSIONDURINGTHEPOSTWORLDWARIIBOOMCON
5、SIDERTHESITUATIONOFANEWLYMARRIEDCOUPLETHEYHAVESOMESAVINGSBUTALSOHAVESUBSTANTIALCREDITCARDOUTSTANDINGTHEYAREPLANNINGTOBUYANAPARTMENTHOWSHOULDTHEYGOABOUTITSHOULDTHEYPAYOFFAPORTIONOFCREDITCARDOUTSTANDINGFIRSTANDTHENGOFORALOWINTERESTHOMELOANIFTHEYDECIDETOGOFORAHOMELOANIMMEDIATELY,WOULDTHEYBEABLETOREPAYT
6、HEIRDEBTINATIMELYMANNERCANTHEYFINANCETHEIRCREDITCARDOUTSTANDINGWITHALOWERCOSTSOURCEOFCAPITALEACHOFTHESEDECISIONSWILLAFFECTTHECAPITALSTRUCTURETHEMIXOFDEBTANDEQUITYOFTHECOUPLEENSURINGANOPTIMALCAPITALSTRUCTUREANDSECURINGTHEFINANCINGSOURCESWITHTHELEASTCOSTOFCAPITALISASIMPORTANT,IFNOTMORE,FORCORPORATEENT
7、ITIESASITISFORINDIVIDUALSTHEABILITYOFANORGANIZATIONTOPERFORMWELLINTHEMARKETDEPENDSONTHEEFFICIENCYOFITSCAPITALSTRUCTUREINSIMPLETERMS,THECOMPOSITIONOFTHETOTALCAPITALOFACOMPANYCONSTITUTESITSCAPITALSTRUCTUREHERE,TOTALCAPITALISTHENETFUNDSAVAILABLETOTHECOMPANYAFTERITFULFILSITSCURRENTLIABILITIESDEBTANDEQUI
8、TYARETWOMAJORCOMPONENTSOFTHETOTALCAPITALOFCOMPANIESDEBTISTHEAMOUNTOWEDFORBORROWEDFUNDSFROMSOURCESSUCHASINDIVIDUALS,BANKS,OROTHERFINANCIALINSTITUTIONSEQUITYISTHEOWNERSHIPINTERESTINAFIRMINCLUDINGEQUITYSHARECAPITAL,SHAREPREMIUM,PREFERENCESHARECAPITAL,FREERESERVES,ANDSURPLUSPROFITSTHEPROPORTIONOFDEBTAND
9、EQUITYLEVERAGEINTHECAPITALSTRUCTUREDIFFERSACROSSCOMPANIESTHECAPITALSTRUCTUREALSOVARIESACCORDINGTOTHEINDUSTRYANDTHEMARKETSITUATIONTHATTHECOMPANYISOPERATINGINFOREXAMPLE,THEAVERAGECAPITALSTRUCTUREOFEUROPEANFIRMSISSIGNIFICANTLYDIFFERENTTHANTHATOFTHEAMERICANFIRMSSO,HOWCANAFIRMOPTIMIZEITSCAPITALSTRUCTURET
10、HEBASICAIMOFOPTIMIZINGCAPITALSTRUCTUREISTOSELECTTHATPROPORTIONOFVARIOUSFORMSOFDEBTSANDEQUITIESTHATMAXIMIZESTHEFIRMSVALUEWHILEMINIMIZINGTHEAVERAGECOSTOFCAPITALTHIS,HOWEVER,ISEASIERSAIDTHANDONETHOUGHTHETOPICHASBEENEXTENSIVELYRESEARCHED,THEREISNOSINGLEFORMULAORTHEORYTHATCONCLUSIVELYPROVIDESTHEOPTIMALCA
11、PITALSTRUCTUREFORALLFIRMSSOMEOFTHESETHEORIESAREGIVENBELOWTHENETINCOMENIAPPROACHTOANOPTIMALCAPITALSTRUCTURESTATESTHATTHETOTALVALUEOFTHEFIRMCHANGESWITHACHANGEINTHEFINANCIALLEVERAGETHENIAPPROACHHOLDSTRUEUNDERCERTAINASSUMPTIONSFOREXAMPLE,THENIAPPROACHASSUMESTHATTHECOSTOFDEBTISLOWERTHANTHECOSTOFEQUITYTHE
12、REFORE,ANINCREASEINTHEPROPORTIONOFDEBTINTHECAPITALSTRUCTUREWOULDRESULTINADECREASEINTHEFIRMSAVERAGECOSTOFCAPITALALOWERCOSTOFCAPITALWOULDRESULTINANINCREASEINTHEVALUEOFTHEFIRMTHENIAPPROACHCANBEUSEDTODETERMINEAFIRMSOPTIMUMCAPITALSTRUCTUREWHERETHEVALUEOFTHEFIRMISHIGHESTANDTHECOSTOFTHECAPITALISLOWESTTHENE
13、TOPERATINGINCOMENOIAPPROACHSTATESTHATTHEPROPORTIONOFDEBTANDEQUITYINTHEFIRMSSTRUCTUREDOESNOTHAVEANYIMPACTONTHEFIRMSVALUEORITSCOSTOFCAPITALTHENOIAPPROACHASSUMESTHATWHILETHECOSTOFDEBTISCONSTANTFORALLLEVELSOFLEVERAGE,THECOSTOFEQUITYINCREASESLINEARLYWITHFINANCIALLEVERAGETHISINCREASEISEXPLAINEDBYTHEINCREA
14、SEINTHEFINANCIALRISKTOTHEFIRMASITINCREASESTHEPROPORTIONOFDEBTINITSCAPITALSTRUCTURECOSTOFEQUITYINCREASESBECAUSETHESHAREHOLDERSEXPECTAHIGHERRATEOFRETURNTOCOVERTHERISKOFINCREASEINLEVERAGETHEREFORE,ACCORDINGTOTHENOIAPPROACH,THERECANNOTBEANYOPTIMUMCAPITALSTRUCTUREFORAFIRMTHEMODIGLIANIANDMERTONMILLERTHEOR
15、EMISPERHAPSTHEMOSTWIDELYACCEPTEDCAPITALSTRUCTURETHEORYIN1958,FRANCOMODIGLIANIANDMERTONMILLERESTABLISHEDTWOPROPOSITIONSFORTHERELATIONBETWEENAFIRMSCAPITALSTRUCTURE,ITSMARKETVALUEANDCOSTOFCAPITALTHEYBOTHWONTHENOBELPRIZEFORTHEIRCONTRIBUTIONTOCORPORATEFINANCETHEFIRSTPROPOSITION,ALSOREFERREDTOASTHEDEBTIRR
16、ELEVANCETHEOREM,STATESTHATTHEVALUEOFAFIRMISUNAFFECTEDBYITSCAPITALSTRUCTURETHESECONDPROPOSITIONSTATESTHATTHEREQUIREDRATEOFRETURNONEQUITYINCREASESASTHEFIRMSDEBTEQUITYRATIOINCREASESTHISEXACTLYOFFSETSTHELESSEXPENSIVEFUNDSREPRESENTEDBYDEBTITSHOULDBENOTEDTHATTHESECAPITALSTRUCTURINGTHEORIESOPERATEUNDERVARI
17、OUSASSUMPTIONS,SUCHASNOTAXES,RATIONALINVESTORS,PERFECTCOMPETITIONETCHOWEVER,THEACTUALMARKETPLACEISQUITEDIFFERENTBESIDESIMPACTINGTHEFINANCIALSOFTHEFIRM,CAPITALSTRUCTUREOFAFIRMALSOHASINTANGIBLEEFFECTS,PARTICULARLYREGARDINGINVESTORSPERCEPTIONSOFTHEFIRMSTILL,THEKNOWLEDGEOFTHESEBASICCAPITALSTRUCTURINGCON
18、CEPTSWILLHELPAMANAGERUTILIZETHEMARKETCONDITIONSTOTHEFIRMSADVANTAGETHISEVIDENCEINDICATESTHATANYEMPIRICALLYVIABLETHEORYOFCAPITALSTRUCTUREMUSTBEABLETOEXPLAINSIGNIFICANTTIMESERIESVARIATIONINLEVERAGE,ANDITOFFERSSEVERALIMPORTANTCOROLLARYIMPLICATIONSFOREXISTINGORPOTENTIALTHEORIESFIRST,TRADEOFFMODELSINWHICH
19、FIRMSHAVESTATIONARYORNEARLYSTATIONARYLEVERAGETARGETSANDMANAGERSREBALANCELEVERAGETOAVOIDLARGEDEVIATIONSFROMTARGETAREFARWIDEOFTHEMARKEMPIRICALLYSECOND,IFFIRMSHAVETARGETLEVERAGEZONESASTHECFOSURVEYEVIDENCEOFGRAHAMANDHARVEY2001INDICATESTHATMANYFIRMSDOTHENTHOSEZONESEITHERHAVEVERYWIDEBOUNDARIES,ORMANAGERSS
20、PECIFYZONEBOUNDARIESFORRELATIVELYSHORTFINANCIALPLANNINGHORIZONSANDVIEWTHEBOUNDARIESAS“SOFT”ORTENTATIVELIMITSTHATCANBECHANGEDMARKEDLYASCIRCUMSTANCESDICTATETHIRD,ITWOULDSEEMESSENTIALTOTREATINVESTMENTPOLICYASENDOGENOUS,ANDTOMOVEAWAYFROMFRAMINGCAPITALSTRUCTUREOPTIMIZATIONASANEXERCISEINREBALANCINGLEVERAG
21、EWHILEHOLDINGINVESTMENTPOLICYFIXEDINOTHERWORDS,OUREVIDENCESUGGESTSTHAT,ASANEMPIRICALMATTER,THECAPITALSTRUCTUREPROBLEMISMOREABOUTACCESSTOCAPITALTOFUNDINVESTMENTTHANITISABOUTOPTIMIZINGTHEDEBT/EQUITYPAYOUTMIXIE,THEINTEREST/PRINCIPALVERSUSDIVIDEND/REPURCHASEMIXOFDISTRIBUTIONSWITHOUTASHIFTINEMPHASISAWAYF
22、ROMATTAININGORREBALANCINGTOREMAINNEARANOPTIMALDEBT/EQUITYMIX,THEORIESFOUNDERONTHEIRINABILITYTOEXPLAINWHYSOMANYFIRMSDONOTMAINTAINEVENAPPROXIMATELYSTABLECAPITALSTRUCTURESANDWITHOUTASHIFTINEMPHASISTOWARDACCESSTOCAPITAL,THEORIESFOUNDERONTHEIRINABILITYTOEXPLAINTHECONNECTIONBETWEENLEVERAGEINSTABILITYANDTH
23、EEXTERNALFUNDINGOFCOMPANYEXPANSIONTHEJOINTEMPHASISONTHEPRIMACYOFINVESTMENTPOLICYANDTHEUNIMPORTANCEOFOPTIMIZINGTHEDEBT/EQUITYMIXHEARKENSBACK,OFCOURSE,TOMODIGLIANIANDMILLER1958ANDMILLER1977THEPOINTHEREISNOTTHATLEVERAGEEVOLVESASANEUTRALMUTATION,ASMILLERCONJECTUREDITMIGHT,BUTRATHERTHATLEVERAGERATIOSTAKE
24、ONSUCHAWIDERANGEOFVALUESATSOMANYFIRMSTHATITISDIFFICULTTOBELIEVETHEREARESIGNIFICANTBENEFITSFROMADHERINGEVENLOOSELYTOALEVERAGETARGETITSEEMSFARMOREPLAUSIBLETHATVARIATIONINLEVERAGEPERSEISJUSTNOTTHATIMPORTANTFORFIRMVALUATION,SOTHATCONSIDERATIONSOTHERTHANREBALANCINGTOATARGETARELIKELYTOBETHEMAINDRIVERSOFTH
25、ETIMEPATHOFCORPORATELEVERAGEOURREADINGOFTHEEVIDENCEISTHATEMPIRICALLYCREDIBLETHEORIESWILLTREATVARIATIONININVESTMENTANDTHECOINCIDENTNEEDFORFUNDSASIMPORTANTDETERMINANTSOFTHEEVOLUTIONOFAFIRMSCAPITALSTRUCTURETHEYWILLALSOLIKELYCONTAINOTHERFACTORSTHATAFFECTMARGINALEXTERNALFINANCINGDECISIONSANDTHATFOSTERTIM
26、ESERIESVARIATIONINLEVERAGE,SUCHASICREDITMARKETCONDITIONS,IISECURITYVALUATIONERRORSDUETOTHEDIFFICULTIESOFESTIMATINGCOMPANYPROSPECTS,IIIMARKETTIMINGOPPORTUNITIESDUETOCAPITALMARKETINEFFICIENCY,IVSECURITYFLOTATIONCOSTS,VMANAGERIALATTITUDESTOWARDDEBT,ANDIVSOCIALNORMSREGARDINGTHEPRUDENCEOFBORROWINGCREDIBL
27、ETHEORIESWILLEXCLUDEANYANDALLCOMBINATIONSOFTAX,BANKRUPTCY,ORAGENCYCOSTCONDITIONSTHATDICTATENARROWBOUNDARIESONAFIRMSOPTIMALORNEAROPTIMALDEBT/EQUITYMIXTHECALLINANUTSHELLISTOABANDONWHATTHEDATAINDICATEISAFATALLYFLAWEDEMPHASISONREBALANCINGTOWARDALEVERAGETARGETINFAVOROFTHEORIESOFCAPITALSTRUCTUREROOTEDINTH
28、EIMPORTANCEOFACCESSTOCAPITALTOFUNDINVESTMENT,COUPLEDWITHAVARIETYOFANCILLARYFACTORSWHOSEWEIGHTSAREYETTOBEDETERMINEDTHATGOVERNMARGINALFUNDINGDECISIONSANDTHATCANHELPEXPLAINTHESUBSTANTIALTIMESERIESVARIATIONINLEVERAGETHATISPERVASIVEATPUBLICLYHELDINDUSTRIALFIRMS译文如何稳定公司资本结构资料来源HTTP/BLOGSLAWHARVARDEDU/CORP
29、GOV/作者R斯托弗在论文中，企业的资本结构有多稳定呢这是最近公布的SSRN中，我们考察了企业资本结构的稳定性。总体来看，证据表明，在个别公司的财务杠杠中时间序列的变化是第一重要的因素。财务杠杆的不稳定性反映出了公司扩张的外部资金不稳定和成熟企业已经远离了保守的财务成政策。资本结构的稳定性是例外，而不是在工业企业中公开的规则。有财务杠杆比率的公司有优势，并呈现一个越来越大的价值，并不同于其他的时间的平均价值。利用资本结构稳定性发生的很少，当然这样做，几乎总是暂时的，并发生在公司有较低的财务杠杆比率和稳定性很高的时侯。前期资本结构稳定性的出发点极少和前期资本市场的稳定性或者新时期资本市场的稳定性
30、相连。财务杠杆不稳定之前的资产增长和外部的资金来支持这种增长是紧密联系在一起，同时也反映了一种趋势，在20世纪50年代和60年代保守的财务杠杆作用发挥，以及在二战20世纪40年代开始的中期到晚期的需要大量资金的积极的财务杠杆作用发展阶段。我们假设一对新婚夫妇的情况，他们有积蓄但也有相当多的信贷资金。他们打算购买一所公寓，那他们该怎么做呢是优先付清信贷然后再选择低息住房贷款如果他们决定马上选择住房贷款，他们会有能力及时偿还贷款吗他们还能用较低的收入来源去负担大量的信贷吗任何一个选择都会影响资本结构这对夫妇的债务和权益组合。确保最佳的资本结构与以最低的资金来源作为资本成本是很重要的，如果没有更多资
31、本，那么可以将共同财产作为个人使用。一个组织在市场上表现完好取决于他们资本结构优化的效率。简单来说，公司的总资本成分构成了资本结构，在这里，总资本是指该公司在满足其流动负债后的净资金。债务和股本是总资本的两个重要组成成分。债务主要指来源于如个人，银行或者其他经济组织的借来资金。股本是企业当中的所有者权益，包含权益股本，股份资本，股本溢价，优先股股本，储备资金以及剩余利润。债务和股权（杠杆）在资本结构中的比例各公司都有所不同。资本结构也随着公司的经营情况并根据不同的行业和市场情况的改变而变化。例如，欧洲的公司的平均资本结构显著高于美国的公司。那么，怎样才能优化企业资本结构优化资本结构的基本目的是
32、要选择众多的股票和债务的比例以此来最大限度地提高公司的价值，同时最大限度地减少各种形式的平均资本成本的比例。然而，这说起来容易做起来难，虽然实现最佳的资本结构主题已被广泛研究，但没有一个单一的公式或理论，可以确切的为所有企业提供最佳的资本结构。这里给出了下面的一些理论来表明最佳的资本结构。当净收益（NI）接近于最佳的资本结构时说明企业凭借财务杠杆的改变而使公司的资本结构改变，该方法在一定条件下适用。举例来说，用净收益方法假设债务成本低于权益成本低。因此，在债务资本结构中的比例增加将导致在该公司的平均资本成本下降。一个成本较低的资金将导致公司价值的增加。使用净收益的方法可以用来确定一个在公司的价
33、值是最高，成本最低衡量中，以实现最优资本结构。净经营收入（NOI）的办法规定，债务和股权在公司结构中的比例对对公司的价值或者其资本成本没有任何的影响。净经营收入的方法是假设当债务成本是常数，所有的杠杆水平，公平与财务杠杆呈线性增加的成本。这一增长的解释是金融风险增加，是随着公司增加其资本结构中债务的比例而变化。股本成本的增加是因为股东期望更高的回报率，以支付在杠杆作用增加风险。因此，根据净经营收入的做法，任何一家公司都不可能有最佳资本结构。莫迪利亚尼和默顿米勒定理也许是最被广泛接受的资本结构理论。1958年，佛朗哥莫迪利亚尼和默顿米勒建立两个公司之间的资本结构关系的主张，即是它的市场价值和资本成本之间的关系。他们都为该理论做出了贡献，赢得了企业融资的诺贝尔文学奖。第一个命题，也被称为债务无关定理，表明一个公司的价值是不受的资本结构的影响。第二个命题表明，关于股本回报率的要求的增加随着公司的债务权益比率增加。这正好抵消了以较便宜的基金为代表的债务。应该指出的是，这些资本结构理论，是在各种假设中操作，假设是在没有税收，理性的投资者，完全竞争等市场条件下展开的。然而，实际的市场是完全不同的。除了受到公司的财务状况影响，公司的融资结构也有无形的影响，特别是关于公司的投资者的看法。尽管如此，这些关于知识资本结构的基本概念将帮助管理者利用市场条件以实现公司的优势。
