融資與資本結(jié)構(gòu)理論課件

14三月2024融資與資本結(jié)構(gòu)理論一.FinancingInstrumentsEquityfinancinginstruments－Venturecapital－CommonStock－Option-linkedequity:Puttablecommonstock一.FinancingInstrumentsDebt－Bankloan－Privatedebt－Publicbonds－Fixedversusfloatingrate－Option-linkedbonds:Puttableversuscallable－IncomebondsDebtFinancingInstrumentsAdvantagesofdebt1.TaxBenefitHighertaxrates－>HighertaxbenefitDisadvantagesofdebt1.BankruptcyCost:Higherbusinessrisk－>Highercost2.LossoffuturefinancingflexibilityBondsFinancingInstrumentsBondsDebenture－Rating:AAA－C－Sinkingfund－Callorputright－RestrictonInvestment,Financingandoperation一.FinancingInstrumentsHybridfinancinginstruments－Preferredstock－Convertibleinstruments－Warrants二.CapitalStructureTheoriesFinancialMarketEfficiencyDefinition:Afinancialmarketisefficientwhenmarketpricereflectallavailableinformation.“Allavailableinformation”includes:1.Pastprice2.Allpublicinformation3.Allinformationincludingnon-public(inside)informationFinancialMarketEfficiency“Pricesreflectallavailableinformation”meansthatfinancialtransactionsatmarketprice,usingtheavailableinformationarezeroNPVactivitiesFinancialMarketEfficiency

StockpriceUnderorDelayedreactionEfficientmarketreactionOverreaction0TimeFinancialMarketEfficiencyWeakform:PastpricedonotpredictfuturepricechangesSemi-strongform:AllpublicinformationdoesnotpredictfuturepricechangesStrongform:Allinformation,publicandprivate,doesnotpredictfuturepricechangesNewFinance:overreactionandunderreaction－EventsreactionstudyIPOunderpricing二.CapitalStructureTheoriesWhatdothetheoryConcern－Whatarethefactorsthataffectthedeterminantsoffinancingchoice/options/actions?－Whoaretheactors?ComplementaryResearchMethodologies－MathematicalModels,NoData－LargeSampleTraditional－LargeSampleSmallSurvey－ComprehensiveSurvey－ClinicalTheStaticTradeoffTheory(I)

MarketValueofFirmDebtFirmValuewithDebtFirmValueunderAll-EquityFinancingPVcostsofFinancialDistressPVInterestTaxShieldsCapitalStructureTheories(II)M&MTheorem（Modigliani&Miller1958)ThefirmvalueisirrelevanceofCapitalStructureinaneconomist’sidealizedworldoffrictionlessmarkets.M&MTheorem－Therearenoincometaxes－Therearenotransactionscostsoffinancing－Thefirm’soutsideinvestorsanditsmanagersallsharethesomeinformationaboutthefirm’sfutureprospects,and－ThevariousstakeholdersofthefirmareabletocostlesslyresolveanyconflictsofinterestamongthemselvesCapitalStructureTheories(III)：

ThePeckingOrderofFinancingChoices－DynamicCapitalStructureTheoryDonaldson(1961)observedandcalledthepeckingorderoffirms’financingchoices,whichdescribedhowmanagersmaketheirfinancingdecision.1.Firmsprefertofinanceinvestmentwithretainedearningsratherthanexternalfinancing,firmsadapttheirdividendpoliciestoreflecttheiranticipatedinvestmentneeds.ThePeckingOrderofFinancingChoices－DynamicCapitalStructureTheory2.Ifexternalfinancingisrequired,firmstendtobeginwithstraightdebt,nextissueconvertiblebonds,andissueequityonlyasalastresort3.Ifthefirmhaveexcesscash,itwilltendtopayoffitsdebtpriortopaydividendorrepurchasingsharesExplanationsofPeckingOrderBehaviorsTaxesandtransactioncostsAsymmetricInformation(MyersandMajluf1984)andFinancingCosts-Managerknownbetterthanoutsiderinvestors-Informationisnotequally(andcostlessly)availabletoallmarketparticipants.Issuingequityconveysnegativeinformationtocapitalmarketsinvestors這些理論依據(jù)資本市場有效性假設(shè)討論企業(yè)債務(wù)與股權(quán)的權(quán)衡,沒有考慮企業(yè)產(chǎn)品市場競爭特性和資本市場融資條件的變化對企業(yè)融資行為的重要影響，難以解釋實踐中的很多融資行為。大量的實踐觀察和實證分析表明，不同行業(yè)的許多企業(yè)財務(wù)政策保守，表現(xiàn)在財務(wù)杠桿顯著低于主流資本結(jié)構(gòu)理論給出的預(yù)測值(Under-leveraged)。例如，紐約證券交易所有上百家公司連續(xù)5年長期債務(wù)比例為0。OrganizationalTheory－FreeCashFlows(MichaelJensen1986)ExplainLBOsGameTheory－SignalingModel(Ross1977)－SecuritiesDesignTheStakeholderTheoryof

CapitalStructure(IV)The