CAPITAL STRUCTURE: CONVERGENT AND PECKING ORDER EVIDENCE
CAPITAL STRUCTURE: CONVERGENT AND PECKING ORDER EVIDENCE
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资本结构：趋同和融资顺序证据
DOI：
10.1002/j.1873-5924.1991.tb00540.x
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发表时间：
1991
影响因子：
1.2
通讯作者：
E. Claggett
中科院分区：
文献类型：
--
作者：
E. Claggett
自20世纪60年代以来（如果不是更早的话），文献见证了一般理论的激烈发展和随后的实证检验，即给定企业面临特定的资本结构，这将优化该企业的总价值。最优资本结构理论的出发点是，随着企业债务的增加，随之而来的税收优惠会增加，并倾向于抵消企业与债务相关的破产预期成本。随着债务的增加（债务水平相对较低），税收优惠的增加速度快于预期的破产成本；因此，公司的价值增加。然而，如果债务水平继续增加，当增加的边际预期破产成本超过边际债务相关的税收优势时，达到最优债务水平。面临类似商业风险的公司，例如同一行业内的公司，在债务相关的税收优惠和预期的债务相关的破产成本之间有相同的权衡。随着时间的推移和行业商业风险的变化，人们会期望公司的最优（目标）资本结构发生变化。最后，该理论表明，同一行业的所有企业都将了解相同的目标资本结构。如果这一理论是正确的，如果管理者的目标包括企业价值最大化，那么我们应该观察到，如果企业的资本结构是最优的，企业就会试图保留它们的资本结构，如果它们不是最优的，企业就会试图纠正它们。1984年以前，许多企业似乎更喜欢内部融资而不是外部融资，更喜欢债务融资而不是外部股权融资，这一观察结果不断威胁到最优（目标）资本结构理论。这些观察结果产生了Myers（1984）提出的啄食顺序理论（POT）。POT的一个假设是“公司没有明确的目标债务与估值比”（Myers, 1984: 576）。（波特的另一个信条是，选择负债还是外部股权，至少在一定程度上取决于管理层对公司未来前景的看法。）当然，这些前提是与最优资本结构理论相矛盾的。具体来说，遵循POT的管理行为只关注公司获得内部股权融资（第一）、外部债务融资（第二）和外部股权融资（第三）的能力。如果公司相对负债很少，并且相对于行业内的其他公司有较强的财务状况，那么它很可能会利用内部股权来扩大资本。这意味着这类公司的资本结构往往离行业平均水平更远，而不是更接近。当负债相对较高的公司因为无法获得内部权益来增加资本而选择更多债务时，也会出现类似的结果。
Since the 1960s (if not sooner), the literature has witnessed the intense development and subsequent empirical testing of the general theory that a given firm faces a particular capital structure, which will optimize the total value of that firm. The optimal capital structure theory begins with the ideathatas the firm's debt increases, the accompanying tax advantages increase and tend to offset the firm's debt related, expected costsofbankruptcy. With additions to debtatrelatively low levels ofdebt, the taxadvantages increase faster than expected bankruptcy costs; therefore, the value of the firm increases. However, if the debt level continues to increase, the optimal debt level is reached when the increasing marginal expected costofbankruptcy more than overcomes the marginal debt related tax advantage. Firms confronting similarbusiness risks, such as those within the sameindustry, have the same trade-offs between debt related tax advantages and expected, debt related bankruptcy costs. Astime passes and the industry'sbusinessrisks change, one wouldexpect the firm's optimal (target) capital structure to change. Finally, the theory implies that all firms of the same industry will be knowledgeable of the same target capital structure." If this theory is correct and if managers' goals include maximizing firm value, enterprises should be observed attempting to preserve their capital structures if they are optimal or correcting them if they are not.Before 1984, the observations that many firms seem to prefer internal to external financing and debt to external equity financing constantly threatened the optimal (target) capital structure theory. These observations gave rise to the pecking order theory (POT) introduced by Myers (1984). One given of the POT is that “the firm has no well-defined targetdebt-to-valueratio”(Myers, 1984: 576).(Another POTtenetisthat the choiceofdebt or external equity is, at least, a partial function of management's view of the firm's future prospects.) Of course, these premises are contrary to the optimal capital structure theory. Specifically, management behavior that adheres to the POT focuses solely on the capacity of the firm to secure internal equity financing (first), external debt financing (second), and external equity financing (third). If the firm has little relative debt and is in a strong financial position relative to others in its industry, it will, most likely, employ internal equity to expand capital. This implies such a firm often moves its capital structure further away from, rather than closer to, the industry's mean. A similar result occurs when a relatively high debt firm selects more debt because it is unable to secure internal equity for additions to its capital.
影响因子：
8
作者：
S. Titman;R. Wessels
通讯作者：
S. Titman;R. Wessels