上市公司融资外文文献翻译.docx

上市公司融资外文文献翻译.docx

《上市公司融资外文文献翻译.docx》由会员分享，可在线阅读，更多相关《上市公司融资外文文献翻译.docx（20页珍藏版）》请在冰点文库上搜索。

外文文献翻译

原文及译文

标题：

TheLiteratureReviewonFinancingofListedEnterprises

作者：

CarlMazur

期干U：

JournalofFinancialEconomics,第2卷，第1期,10-21页

年份：

2017

字数：

译文3423字

原文

TheLiteratureReviewonFinancingofListedEnterprises

CarlMazur

Abstract

Atpresent,theworldintotheacceleratorofeconomicdevelopment,nationalcompaniesamongtheinternationalmarket,participateintheinternationalstrategicinvestmentandfinancingactivities.Tothissituation,theenterprisefundsordesireofunprecedentedexpansion,theembodimentofthevalueofcapitalhasalsobeenunprecedented.Asaresult,financinghasbecomeanissueofincreasingenterprisedevelopmentstrategicheight.Thecurrentproblemisthattheinfluenceofthelong-termplannedeconomysystem,theenterprisehaslongbeentheaccumulationoffundsisalackofenoughattention,thusgenerallyinadequatereserves,unabletorealizecapitalexpansionandoptimization,andthepaceofenterprisescalehasalsobeenaffected,inthefaceofcompetitionintheworldmarkettothelackoftheinitiative,inturn,theriskofcorporatefinancewillincrease.

Keywords:

Sustainablegrowth;Financingstrategy;Listedcompanies

1Introduction

Differentiationatpresent,thedevelopmentofworldeconomy,thefinancialcrisisaffecttheaftermath,thebusinessenvironmentischangingsignificantly,uncertainfactorsincrease,forthedevelopmentofenterprisewhetherthetransformationandupgrading,canrapiddevelopment,moreandmoredependsontheimplementationoffinancingstrategyscientificandeffectivemanagement,financingmanagementtoinfiltrateintotheproductproduction,financialmanagement,administrativeoperationandmarketing,andotherlinksandareas.Thisrequiresenterprisestoestablishcoveringglobalfinancingstrategy,changethetraditionalpureonlybyfinancialmanagementreflectsthesituationoffinancingstrategy.Financingstrategy,tofullygraspthecapitalmarketasastartingpoint,combinedwiththeenterprise'sfinancialsituation,productstructureandmarketenvironment,choosetherightfinancingchannelsandmeans,optimizethestructureoffinancialmanagement,andprovidesufficientfundsforthedevelopmentofenterpriseoperationandguarantee,guaranteetheimplementationofthestrategyofenterprisedevelopmentandprogress.Innearlyadecade,China'scapitalmarkethasmaderemarkableachievements,graduallyperfectthefinancingsystem,financingchannelmultiplicationtendencyobvious,enterprisebuttry.Withthewidelyapplicationofthefinancing,thetheoreticalcircleandpracticalfieldresearchonfinancingalsodeepeningandrefining,researchhotspotinthefinancingstructureoptimization,topromotetheefficiencyoflowerfinancingcostandfinancing.

2Theliteraturereview

Researchonfinancing,academiccircleshasfocusedonthefollowingthreeaspects:

Oneistheenterprisefunds.Theproblemoftheacademicsofthefinancialsectorisoneofthemostconcerns.

Rationalcapitalstructurehelpstoimproveenterprise'smarketvalue,canalsoaffecttheenterprise'spropertyrightconfiguration,managementmode,financingcosts,andthusaffectthecapitalmarketandmacroeconomic.Capitalstructureisusuallycanbedividedintothreecategories,namely:

1.Netincometheory;2.Netbusinessincometheory;3.Thecompromisebetweennetincomeandnetoperatingtheory.Oneofthetraditionalcompromisetheorieswaspresentedin1952bytheBritishDurant,fromthetheorytoimproveandrevisethenetoperatingincome.Durantthinks,intheenterprisefinancingstructure,stockcostandliabilitycostisrelativelystable,ifthestockincreasesthecostoffinancinganddebtfinancingcosts,willreducethemarketvalueoftheenterprise,soenterprisesthereisalessthan100%thebestfinancingstructure,theproportionofbondfinancing,theenterprisehasareasonablearrangementofstockfinancingandbondfinancingproportionoffinancingstructure.

ModiglianiandMiller（1958）,themathematicalmodel,findingoutthecostofcapitalandtheenterprisevalueandtheintrinsicrelationshipsbetweencapitalstructureandrevealsthesignificanceofdebtinthecapitalstructure,putsforwardthetheoryofMM,pioneeredthemoderncapitalstructuretheory.TheMMtheoryconnotationis:

assumingthereisnocorporatetax,thevalueoftheenterprise,thecostofcapitalarenotaffectedbythecompany'sfinancialleverage.Taxshieldeffectdeterminestheenterprise'sdebtratiowillincreasethevalueoftheenterprise,andbecauseoftheincometax,taxshieldeffectcansometimesbeoffset,butifyoukeepyourratesarereasonablescope,taxshieldeffectwillnotdisappearcompletely.

Myersin1984putforwardtheoptimalsequencefinancingTheory,PeckingOrdergoing）isalsobuiltonrelaxingtheMMTheoryassumesthat,onthebasisoftheTheoryisthatundertheconditionofasymmetricinformation,duetooutsideinvestorsarelikelytounderestimatethevalueofcommonstock,andstockfinancingcostisrelativelyhigh,andtheinternalfinancinganddebtfinancingislessaffectedbytheinformationasymmetryproblem,thusitsfinancingcostisrelativelylow,therefore,enterpriserefinancingOrder,priorityshouldbetheinternalfinancing,debt,preferredstock,convertiblebondsandcommonstockissued.

Second,theinfluencefactorsoffinancingstructure.

Factorsthataffectcorporatefinancinginstitutionsincludetwotypes:

internalfactorsandexternalfactors.Macroeconomicfactors,arethemainexternalfactorsaffectingKorajczyk&Levy（2003）adoptedbivariate

Probitregressionofpaneldatatoempiricalresearch,foundthatgoodmacroeconomicandstockmarketboom,thelistedcompanyinwell-fundedhasstrongequityfinancingratioandlowpreference,andatthetimeofthecash-strappedcompanyhasstrongercreditor'srightsfinancingandthehighleveragepreferences.Anotherviewisthatdebtcostisreducedinflation,inflation,thecompany'sbondsincreaseddemand,thedebtlevelswillincrease.Intheperiod1989-1989,FischerandLelandandothersputforwardrespectively,enterprise'staxbenefitandbankruptcycostsareinterestandtheinfluenceofinflation,thusenterprisedebtlevelswillalsochange.

Influencecorporatefinancinginstitutionshaveafewkindsofsuchviews:

theinternalfactorsispartofscholarsbelievedthatthedevelopmentofthecompanydecidedtothecompany'sdebtratio.Intheperiod1977-1982,WarnerandChang,McConnell,researchshows,enterprisescaleexpansion,oftenpresentdiversifiedfinancingstrategy,andrelativelystable,notpronetobankruptcy,inviewofthetheory,theyallsupporttheimplementationofenterprisesubstantialleverage.

Threeistherelationshipbetweencorporategovernancestructuredomainfinancingstrategies.Researchoncorporatefinanceandcorporategovernancerelationshipfromrapiddevelopmentsince1970s,MrJensen&Mecklingthatiscommoninmodernjoint-stockenterpriseshareholdersandmanagersofconflict,whenthecompanyscale,debtfinancingratioisreduced,willincreasethemanagerintheproportionoftotalequitystake,managerwillincreasethecostofasplurgesohaveplayedanimportantroleinreducingcostsofdebtfinancing.

Underthesupportofinformationasymmetrytheory,Rossthroughthestudyfoundthat,thecompany'sdebt-equityratioandthevalueofthecompanyisapositiverelationship,theformerdeterminethelatter.In1984,MyersandMajlufthroughdebtfinancingandequityfinancingtwokindsoffinancingways,cometotheconclusionthattowinmarketsupport,issuingnewsharesmustgiveappropriatediscount,andlowerstheshareholder'ssharesdiscountinterest,whiledebtfinancingwillnotappearthisproblem.MyersandMajlufalsoaccordingtothedefinitionofthelowestcosttothecompany'sfinancingorderforsorting,endogenousfinancingcostminimum,thehighestequityfinancing,debtfinancingcenter.

In1982,GrossmanHart'sresearchshowsthattheenterprisebankruptcydirectlyaffectsthemanagerforcontrolofthecompanyandthepersonalreputation,thedebtistheimportantcauseofbankruptcy,anddebtwillinspirethemanagerworkenthusiasm,improveworkefficiency.

In1986,Mr.Jensen'sresearchshowsthatdebtservicingcantoacertainextent,inhibitthemanager'smisuseoftheenterprisehasitsowncashflow,reducingtheagentcost,isrootedintheenterpriseonceinbankruptcyproceedings,thedebtortomanagertheclaimsofthedebt.

1988Sarigstudieshaveshownthatoncethecompanymarketfailure,thefailureofthemostcostwillhavetobebornebytheobligor,andontheotherhand,thedebtorisnotnecessarilytogetextraincome.Thismechanismleadstothecompany'smanagerswillgotogreatlengthstoavoidmarketfailureinthenegotiation.

In1990,StulzandHarrisRavivhasfoundthatrelativetotherationalinvestors,managersaremorewillingtomaintainthecompany'slong-termoperation,avoidthecompanyintobankruptcyandliquidationproceedings,thuscomparedtoinvestorspayadividend,managersaremorewillingtoinvestmoneytocontinue.Whenthecompanyhasenoughcashflow,thecreditorsofcompanyliquidation,managercanrestrainexcessiveenthusiasm,andensurethatmaximizetheinterestsofinvestors.3Otherresearchliteraturereview

Theresearchfocusedon:

Oneisthechoiceofhowtocompletethefinancingstructure

Academicstudyofcorporatefinancingstructureintwodirections:

oneisbasedonstaticvisiontoexploretheinfluencefactorsoffinancingstructureoflistedcompanies,suchasthe1999Aencyhadcomprehensiveanddetailedexplorationofenterprisefinancingstructureandenterprisescale,profitability,developmentpotentialandno