权益分类	功能权益	普通用户	{{item.name}}会员
{{category.name}}	{{benefitItem.name}}

The theoretical and empirical study about the relationships between the corporate capital structure and the capital market.

公司资本结构与资本市场关系的理论与实证研究。

基本信息

批准号：
60301097
负责人：
ICHIMURA Shozo
金额：
$ 3.46万
依托单位：
Faculty of Economics, Kyushu University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Co-operative Research (A)
财政年份：
1985
资助国家：
日本
起止时间：
1985 至 1987
项目状态：
已结题

项目摘要

Our study of this year is divided to two part ; one of them is to conduct cmpirical researches as continuing efforts to prove the validity of our theories and another part of is to build theoretical models. The former was done by Ichimura, Muramatsu, Mizuno and Kamiryou and they have alredy published their accomplishments in the academic journals. After Ichimura had surveyed empirical studies on the Capital structures of U.S. firms historically, he has extended his study as to the theoretical examination on the relationships between share repurchases and capital structures. Muramatsu has introduced the empirical research of the effcts of corporate merger on the capital stuructures of U.S. firms which was done by an American scholar. He conducted that the mergers had contributed to augment a debt capacity of merged companies and subsequently to increase the corporate profits. Mizuno also has done a comparative study on the capital structures of Japanese and Austlarian firms emprically, … More in collaboration with Dr. D.E.Allen at the University of Western Australia. Thier joint research revealed that both of holding a loaer leverage as they had a higher proditability. Kamiryou has expanded his study to the area of the optimal capital structure and dividend policy. making most of his previous empirical researches. The eatter was done by Mizuno, Yasuda, Okabe and Tateishi individually. Their accompilshments were pubilshed in the academic journals and some of them have presented papers at the academic conference. Mizuno has analyzed the effects of corporate profits and risks on the capital structure, employing a simple tax-sheeter, bank-ruptey-cost model. He has simulated many factors in using their theoretical model. Yasuda has examined the corporate-tax saving effects of debts comparing the wealth taxation system with the income taxation system which are significant issure in the area of corperate finance. He has eapoloyed a state preference model for the stady. In his reseach, he has reviewed the definition for an impricit tax rate of debt and examined the existence of optimal capital strueture using the theoretical framework of taxation only. Okabe has studied the relationship between a financial eeverage and the eorporale growth from the view point of strategic management. Tateisi has studied the literature on Bankruptey Cost Models and re-examined optimal capital structure models by analyzing the bankruptey-costs quantitatively. Less

我们今年的研究分为两个部分，一个是进行实证研究，继续努力证明我们的理论的有效性，另一个部分是建立理论模型。前者是由Ichiura、Muramatsu、Mizuno和Kamiryou完成的，他们已经在学术期刊上发表了他们的成果。在回顾了历史上有关美国公司资本结构的实证研究之后，Ichiura将他的研究扩展到股票回购与资本结构之间关系的理论检验。村松介绍了美国学者关于公司兼并对美国公司资本结构影响的实证研究。他说，合并有助于增加合并公司的债务能力，并随后增加公司利润。水野还对日本和澳大利亚公司的资本结构进行了比较研究，…更多是与西澳大利亚大学的D.E.Allen博士合作。他们的联合研究显示，这两个人都持有更令人厌恶的杠杆，因为他们有更高的可预测性。卡米尔尤将他的研究扩展到最优资本结构和股利政策领域。进行了他之前的大部分实证研究。水野、安田、冈部和Tateishi分别完成了这场比赛。他们的论文被刊登在学术期刊上，其中一些人在学术会议上发表了论文。Mizuno使用了一个简单的税单、银行破产成本模型，分析了公司利润和风险对资本结构的影响。在使用他们的理论模型时，他模拟了许多因素。安田考察了债务的企业税节省效应，将财富税制与所得税制度进行了比较，这两种税制在公司金融领域具有重要意义。他提出了一种政府偏爱政府的模式。在他的研究中，他回顾了债务隐含税率的定义，并仅用税收的理论框架检验了最优资本结构的存在性。冈部从战略管理的角度研究了金融杠杆与经济增长之间的关系。Tateisi研究了有关银行破产成本模型的文献，并通过对破产成本的定量分析重新审视了最优资本结构模型。较少