1、 外文翻译 原文 Calculating the Cost of Capital of an Unleveled Firm for Use in Project Evaluation Material Source: Review of Quantitative Finance and Accounting Author: IvanDaniel With the continuous development of the world economy, corporate capital structure of the development of the enterprise more an
2、d more important. For businesses of capital structure, determine a reasonable capital structure, corporate funds can achieve a virtuous circle, lower capital costs, reduce financial risk and improve enterprise solvency and performance. Asia and South Americas financial market as an example. In the p
3、ast two decades, the liberalization of the worlds financial and legal environment on corporate capital restructuring is a new contribution, which is emerging capital markets of the capital structure of the new literature. The sequence of financial reform in the banking sector or the stock market or
4、not to create an ideal environment for the companys financing decision when the impact of the problem. We believe that the process of liberalization in the capital impact of structural adjustment also needs someone to carry out further exploration At the same time assume the existence of an optimal
5、capital structure, capital budgeting and financial decisions are not independent To illustrate this interdependence, Michael (1974) and Peeler, and Miller (1991) suggested that managers use the APV method to determine a projects net present value. In this process, research methods used to maintain a
6、 constant usually assumed market value of the debt ratio, but in practice often used in business a percentage of book value of debt. Is to maintain the debt equity financing of the combined target “book value“ of the debt to equity ratio was based, not a “market value“ of the leverage ratio, that is
7、, the value of the debt ratio with the head office. The theoretical results, in Smith and Warner (1979) reflected the restrictive provisions. Smith and Warner (1979) The purpose of the restrictive clause is imposed to protect the wealth of the bondholders to shareholders. Technical default in the co
8、mpany was to bear the related costs and results of the default breach of these restrictive provisions. Book value for the lender and the borrowers focus on measures likely explanation is that the implied restrictions restrictive covenants will be more volatile, with the market value of the measures
9、in violation of the restrictive covenants of the company even greater possibilities. In addition, which provides capital to enterprises in the market value of the debt limit restrictive than the provisions may result in the shareholders to take more risks in order to enhance the value of assets, red
10、ucing the value of debt, reduce leverage ratio implies the company. Ana Ke (1977,1978) developed a capital budget approach, the right to determine whether the project is profitable, even if the company does not maintain a constant market value based leverage ratio. We also show that enterprises do n
11、ot remain constant if the book value of debt to assets ratio, the capital budget is based on market value of the ratio of real output used during the projects net present value estimates of significant errors. We propose a method to correctly estimate the unlevered cost of equity as long as the comp
12、anys business can not maintain a constant market value based leverage ratio and its proper share capital. Therefore, in general, in the capital structure adjustment, the need for a non-leverage the companys equity cost estimates. In this cost evaluation process, the key is to correctly assess the co
13、rporate value maximization. In this paper, we use computer simulations to verify the adjusted present value (APV) to use, and make both the Modigliani and Miller or Miles and Al are the methods or potential inaccurate The unlevered cost of equity is constant, determine the book value of the companys
14、 leverage ratio. We also propose a method to correctly estimate the unlevered cost of equity business, and demonstrate its implementation. Studies have shown that this estimate can be used as the appropriate discount rate to accurately estimate the net present value using the adjusted present value
15、using the framework of the project. At the same time, optimize capital structure theory previously also believe that a debt structure may significantly affect the market value of its assets. Scott (1977, 1979), Smith and Warner (1979), Jackson and Kronman (1979), and Stulz and Johnson (1985) that a
16、large number of senior debt with the RMS and similar RMS compared to the amount of the debt market has a high value.Cote, senior bond issues proposed to increase the sales of rights in the bankruptcy, priority can achieve a more reasonable total value. Stulz and Johnson show that the optimal capital
17、 structure to reduce or mitigate the Myers (1977), the total cost of inadequate investment. Formulation of the theory of these studies for the optimization of capital structure theory provides a new research content and research results, but also the optimal strategy for the capital structure more a
18、ppropriate to study the implementation of strategies. These studies also indicate that the debt should use the advanced features on capital structure, such as the significant business risk, high-asset markets, and high growth opportunities. Secondly, small businesses from 1980 and 1982 NFIB survey (
19、National Independent Business Association) members access to credit data, Little and Scott (1989) showed that the senior debt, such as the risk of the incidence of secured debt is debt and assets are related to the probability of default and asset market rate. Of course, we also studied the optimal
20、debt structure between enterprises and development opportunities of the best capital structure property relationship. In contrast to the Scott prediction (1977), the great business risk should be associated with the use of senior debt, we also find that debt financing structure the market value of s
21、enior debt market value by dividing the sum by the senior and junior debt) the low level of risk assets to increase and reduce the risk of assets, the spectrum utilization fee will be great. The results help explain why junk debt (usually high-income, middle-class debt (Ottoman and Andante (1987) is
22、 a high-risk corporate assets RMS (Altman (1989,1992), Johnson ( 1985), high-growth opportunities should be associated with the use of senior debt. The results help explain the convertible bonds (usually primary) issue, to support future high-growth (Copeland and David Livingstone (1988) and Lee (19
23、97). The results help explain the convertible bonds (usually primary) issue, to support future high-growth (Copeland and David Livingstone (1988) and Lee (1997).Our model also showed that the optimal debt structure and the best development opportunities in the capital structure with high levels of s
24、eniority of debt reduction, debt levels increase in years of low phenomenon. We tested the use of piecewise linear OLS regression, we are the second use, drawn from our model and reduce the volatility to increase the low level of debt seniority structure consistent with theoretical predictions, the
25、volatility of income and growth opportunities. In short, the capital structure of companies involved in many aspects, a lot of historical research theory, in which there is also a great difference between the theoretical studies. So the capital structure of the study also required in the future econ
26、omic and social development during the process of deepening and improvement. 译文 计算无杠杆企业的资本在项目评估中的使用成本 资料来源 :回顾计量财务和会计 作者： 艾 文 丹尼尔织 随着世界经济的不断发展，企业资本结构的研究对于企业的发展具有越来越重要的意义。 对于企业研究资本结构，确定合理的资本结构， 可以使企业资金达到良性循环，降低资金成本，减少财务风险，提高企业偿债能力和绩效。 以亚洲和南美洲的金融市场为例。在过去的二十多年里，世界金融的自由化和法律环境对企业的资本结构调整，是一个全新贡献，这也是新兴资本市场
27、的资本结构研究的新文学 。对金融 改革的顺序，在银行界或股票市场或者不创造一个理想的环境，当该公司的融资决策撞击的问题。我们相信，在资本结构调整过程自由化的影响 还需要有人来进行进一步的探索。 于此同时 假设存在一个最佳的资本结构，资本预算 和财务 决定 并 不是独立的。 为了说明这种相互依存， 迈克尔 （ 1974）和 波勒 和 米勒 （ 1991）建议，经理人使用 APV 的方法来确定一个项目的净现值。 在这一过程中使用的研究方法通常是 假设公司保持恒定市场价值的债务比例，但实际上企业通常使用的债务账 面价值的百分比。 也就是 保持债务股本融资组合后的目标 “账 面价值 ”债务与资产比 率
28、为依据，而不是一个 “市场价值 ”的杠杆比率，即债务与总公司价值比。这个理论研究结果，在 史密斯和华纳（ 1979 年）的限制性条款 中有所体现。 史密斯和华纳（ 1979 年）的限制性条款的目的是为了保护股东的财富征收的债券持有人。在公司被技术性违约成本和承担相关的预设违反这些结果限制性条款。为贷款人与 账 面价值的措施借款人的焦点可能的解释是，限制性契约的隐含限制将较为波动，与市场价值的措施，在该公司违反了限制性契约造成更大的可能性。此外，其中规定对企业债务股本在市场价值计算比限制限制性条款可能导致股东承担更多的风险以提高 资产价值，降低债务的价值，降低杠杆比率的暗示公司。 巴拿克 （ 1
29、977， 1978）开发了资本预算的办法，正确地确定该项目是否是有利可图的，即使公司没有保持恒定的市场价值为基础的杠杆比率。 同时我们也 表明，如果企业不保持恒定的 账 面价值债务与资产比率，资本预算则根据市场价值比率过程中使用的真实产量的估算该项目的净现值大幅错误。我们提出一个方法来正确地估计无杠杆公司的股权成本只要企业不能保持恒定的市场价值为基础的杠杆比率 并且对其 正确的股本计算 。 因此，一般说来，在对企业资本结构进行调整时，需要 对一个无杠杆公司的股权成本 进行 估计。 在这一成本评估过程中， 关键 的 是正确 地 评估公司价值最大化。 在本文中，我们利用电脑模拟来验证了该调整的现值
30、（ APV）的使用 ，并且使无论是 莫迪利亚尼和米勒 还是 是迈尔斯和 艾尔的 方法或 是 潜在的不准确的无杠杆权益成本保持恒定时， 确定 公司账面价值的杠杆比率。我们还提出一种方法，正确地估计了企业的无杠杆权益成本，并展示其执行情况。研究表明，这一估计可以作为适当的折现率，以准确估计净使用调整后的现值的现值使用框架项目。 同时， 优化资本结构先前的理论 还 认为，一个债务结构可能 会在很大程度影响其 资产 的市场价值。 斯科特（ 1977， 1979），史密斯和华纳（ 1979 年），杰克逊和 Kronman（ 1979），以及斯图尔兹和约翰逊（ 1985）认为，随着大量的高级债务 的 均方
31、根与同类 的 均方根相比，这些债务金额具有较高的市场价值 。科特提出的高级债券的发行可以增加销售权利，在破产后，优先顺序 可以实现一个 较为合理 的总价值 。 斯图尔兹和约翰逊表明， 企业资本结构的优化可以 降低 或 减轻迈尔斯（ 1977）投资不足问题的总成本。这些研究 理论的提出 ， 为资本结构优化的理论研究提供了新的研究内容和研究成果，同时也 为 资本结构的 最优策略研究提供较为合适的实施策略 。这些研究还表明，使用高级债务应与 企业资本结构 的特点有关，如巨大的商业风险，高资产市场化，高增长的机会 。 其次， 小型企业从 1980 年和 1982 年 NFIB 调查（全国独立企业联合会
32、）成员获得贷款的数据，利特和斯科特（ 1989）表明，优先债务，如担保的债务 风险 发生率，是 债务和资产 正相关的违约概率和资产市场化 率 。 当然 ，我们 也 研究 企业 之间的债务结构优化和 发展机会的最佳资本结构的特性关系 。 与此相反的斯科特预测（ 1977 年），伟大的商业风险应与使用相关的优先债务，我们 同时也发现 ，债务资结构（即高级债务的市场价值由市场价值 的总和除以高级和初级债务）有关资产的风险程度低的增加和减少资产的风险时，频谱使用费将 变得伟大。这一结果有助于解释为什么垃圾债务（通常高收益，初中 级 债务 （ 奥特曼和 阿曼特 （ 1987）是由 企业 RMS 的高风险
33、性资产（ 奥特曼（ 1989， 1992）， 约翰逊（ 1985 年） ） ，高增长的机会应与优先债务 的使用相关。 研究结果有助于解释可换股债券（通常是初级）发行，以支持未来高增长 （ 科普兰和 卫斯顿 （ 1988）和 李 （ 1997） ） 。 我们的模型还表明， 债务结构优化 的发展机会和最佳资本结构中债务水平高的年资降低，债务水平低的年资增加的 现象 。 我们测试采用分段线性 OLS 回归，我们 也是 第二使用，以此得出我们的模型与降低波动性增加的债务水平低年资结构的理论预测相一致时，收入和增长机会的波动 。 总之，企业资本结构的研究涉及诸多方面的内容，历史的研究理论也很多，其中存在的理论研究差异也很大。所以资本结构的研究还需要在以后的经济社会发展过程中进行不断深化和完善。
