上市公司资本结构的外文翻译.doc

Theory of capital structure theory, including net income, net operating income theory, MM theory, agency theory and the theory level of funding. (A) of the net theory The theory that the use of debt can reduce their overall cost of capital. As the cost of debt is generally lower, so the higher the debt level, consolidated cost of capital lower, the greater enterprise value. When the debt ratio to 100%, the enterprise value will be maximized. (B) Net operating income theory The theory that capital structure has nothing to do with the value of the business, deciding the level of the key elements of the value of the enterprises net operating income. Although the company increased lower-cost debt capital, but also increase the risk of the enterprise, resulting in increased cost of equity capital, the company integrated the cost of capital remains unchanged. Regardless of how the companys financial leverage, the overall cost of capital constant, the value of corporate capital structure will not, therefore there is no optimal capital structure. (C) MM MM theory theory is that in the absence of corporate and personal income tax situation, the value of any enterprise, regardless of whether the liabilities are equal to operating profit divided by the applicable rate of return to their risk level. Risk of the same enterprise, the value of liabilities and whether the extent of the liabilities from the impact; but in considering the case of income tax, tax shelters because of the interests of corporate value will increase with the extent of the liabilities increase, shareholders will receive more benefits . As a result, more debt, the enterprise value will be greater. (D) agency theory agency theory that capital structure will affect the level of work managers and other behavior choices, which affect future cash income and market value. The theory that creditors have a strong incentive funding, and debt as a security mechanism. This mechanism can make managers more work, less personal enjoyment, and make better investment decisions, thereby reducing the separation of ownership and agency costs incurred; However, debt financing could lead to another agency costs, which companies to accept the creditors monitoring costs incurred. Enterprise ownership structure balanced by equity and debt agency costs balance between agency costs to the decision. (E) funding level of theory theory that funding levels: (1) the cost of external financing, including management and underwriting not only cost, but also generated by asymmetric information, under-investment effect caused by the cost. (2) debt financing than equity financing. The interests of the corporate income tax saving, debt financing can increase the value of the business, that is, the more debt, increase corporate value more, this is the first effect of debt; however, the cost of the financial crisis and the present value of expected agency costs are value will lead to a decline in enterprise value, namely, the more debt, the greater the decrease in corporate value, which is the second effect of debt. Since these two effects offset, corporate liability should be moderate. (3) The existence of asymmetric information, companies need to retain certain liabilities for profitable investment opportunities in the capacity comes to issue bonds, to avoid the high cost of issuing new shares. View from the mature stock market, corporate pecking order pattern of financing is internal financing first, followed by loans, issue bonds, convertible bonds, and finally the issue of new shares financing. However, the 80 emerging stock markets of the 20th century with obvious preference for equity financing.资本结构的影响因素：Although the modern capital structure theory has become a more complete theoretical system, but it is only theoretically analyzed, and the emphasis on the theory of capital structure are often a factor, and the corporate face of the competitive environment and production environment is complex, factors that affect the capital structure is complex, requiring from the macro, meso and micro-analysis of all aspects. (A) macro-economic factors Macroeconomic factors is the development of a countrys overall economic status and income level, the macroeconomic impact of capital structure factors, including economic development cycle, the level of economic development, capital market conditions and inflation. If a countrys economic development well in the economic cycle in a stage of recovery or prosperity, strong demand and supply companies, in a good production and business environment, companies right. Strong demand for funds, will indirectly affect the capital structure. But when the stage of a countrys economy in recession, most companies in financial difficulties, in order to survive, companies will generally try to reduce the size of external debt in order to avoid liquidity shortages due to bankruptcy. Perfect capital markets, financing channels are smooth, have been identified related to the business capital of organizations can be achieved as planned. Capital markets tend to lag behind allowing companies to be forced to change a previously set to discuss the capital structure, which will lead to the increase in the cost of corporate capital, corporate capital structure in determining the best capital market factors may be considered small, objectively impeded the Superior the realization of capital structure. (B) in view of economic factors The so-called meso-economic factors, which mainly refers to the industry factors, domestic and foreign large number of theoretical and empirical studies have shown that the same industries and enterprises consistent with the capital structure, capital structure of different industries will there is a big difference. The same industry in which the development cycle, risks, capital requirements and other parties on a more consistent side, prisoners of this, in the equity capital and debt capital is often the choice of BU consistency, a similar bias in the debt ratio. Companies in determining the capital structure, pay attention to industry factors, the risk profile of its industry, capital requirements and other conditions, compare levels of the industry average debt ratio, integrated their own factors, reasonably determine the capital structure. (C) of the micro-economic factors 1, the enterprise scale. Firm size on capital structure can be analyzed from two aspects of supply and demand. On the demand side, companies large and the demand for capital, the more, and therefore greater need for diversified financing channels, as in the stock market when funding is limited, demand will increase to debt, debt leverage to seek greater effect. On the supply side, the larger corporate regulation membrane ability to take risks that companies, banks and other creditors to be more willing to provide financing to businesses, enterprises can obtain a lower cost debt capital, so debt is higher. In summary, the corporate debt ratio and firm size is often positively correlated. 2, the companys profitability and growth. High debt ratio of enterprises need sufficient liquidity to pay as interest and debt guarantees, therefore, in general, only with higher profitability and growth of the company can maintain a higher debt ratio. On the other hand, high profitability and growth of enterprises do not want to because the equity financing, equity financing of the old with the dilution of the interests of shareholders, companies continue to grow and need a lot of financial support, the financing of enterprises will be biased in favor of debt financing. Therefore, the debt ratio and corporate profitability and growth are positively correlated. 3, film companies can regulate mortgage assets. Modern enterprises generally use debt financing by way of security, so companies only have a bite larger mortgage assets, to finance by way of debt, for the machinery manufacturing, real estate and other fixed assets, the larger the enterprise, its with more assets can be secured, a greater supply of debt finance and financing costs are lower, companies would be biased in favor of higher debt capital structure. In summary, in terms of capital structure theory and practical analysis of the factors, I believe that the optimal capital structure of enterprises need integrated various factors, both theoretical models to be applied, and must be based on the actual situation of domestic capital markets, real case, alternative financing channels in the actual and reasonable identified in the capital structure to maximize the reduction in the cost of corporate finance, financial needs of corporations, while maximizing the level of corporate earnings. Links in the paper for download中文资本结构理论的理论，包括纯收入，净经营收入理论，MM理论，代理理论和基金理论水平。 （一）净理论该理论认为，债务的使用可以减少他们的资本的总成本。随着债务成本一般较低，所以较高的债务水平，综合资本成本低，企业价值就越大。当负债比率为100，企业价值将达到最大化。 （b）净营业收入理论该理论认为，资本结构无关的商业价值，决定了对企业的净经营收入的价值水平的关键因素。虽然公司增加成本较低的债务资本，但也增加了企业的风险，权益资本成本增加，导致公司综合资本成本维持不变。不管如何公司的财务杠杆，资本总成本不变，企业资本结构的价值不会，因而不存在最佳资本结构。 （三）MM的MM理论的理论是，在企业和个人所得税的情况下，任何企业的价值，无论是平等的负债经营利润的回报其风险程度划分的情况下适用的税率。同一企业，负债的价值及风险是否从负债程度的影响，但在考虑所得税的情况下，由于企业价值的利益避税会随着增加的负债程度，公司股东将得到更多的实惠。因此，更多的债务，企业价值会更大。 （四）代理理论，代理理论，资本结构会影响工作管理人员和其他行为的选择，这会影响未来的现金收入和市场价值的水平。该理论认为，债权人有强烈的激励资金，并作为一种安全机制的债务。这种机制可以使经理更多的工作，少个人享受，并做出更好的投资决策，从而降低了所有权分离和代理费用，但是，债务融资可能会导致其他机构的费用，公司接受债权人的监督成本。企业所有权结构之间的公平和均衡的债务代理成本代理成本平衡的决定。 （五）资金理论理论水平，筹资水平：（1）外部融资，包括管理和承销不仅费用成本，而且信息不对称产生的，“根据投资效应”造成的成本。 （2）比股权融资债务融资。对企业所得税节税的利益，债务融资可以增加企业的价值，也就是更多的债务，增加企业的价值，这是首因效应的债务，但是，金融危机和目前的费用代理成本的预期值是值将导致企业价值下降，即更多的债务，更大的企业价值，这是第二个影响减少债务。由于这两个影响抵消，企业责任要适中。 （3）非对称信息的存在，企业需要保留有利可图的投资机会在某些债务的能力来发行债券，以避免新股发行成本高。查看从成熟的证券市场，企业融资啄食顺序模式是先内部融资，通过贷款，发行债券，可转换债券之后，最后是发行新股筹资。不过，80与新形成的明显的偏好股权融资20世纪的股票市场。影响因素虽然现代资本结构理论已成为一个较完整的理论体系，但它只是从理论上分析，以及对资本结构理论的重点往往是一个因素，以及企业面临的竞争环境和生产环境复杂，影响因素;影响资本结构复杂，从宏观，中观和微观分析，需要各方面。（一）宏观经济因素宏观经济因素是一个国家的整体经济状况和收入水平，资本结构因素，包括经济发展周期，经济发展水平，资本市场状况和通货膨胀的宏观经济影响的发展。如果一个国家的经济发展良好，在一个复苏或繁荣，强劲的需