融资与资本结构理论课件

14三月2024融资与资本结构理论一.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这些理论依据资本市场有效性假设讨论企业债务与股权的权衡,没有考虑企业产品市场竞争特性和资本市场融资条件的变化对企业融资行为的重要影响，难以解释实践中的很多融资行为。大量的实践观察和实证分析表明，不同行业的许多企业财务政策保守，表现在财务杠杆显著低于主流资本结构理论给出的预测值(Under-leveraged)。例如，纽约证券交易所有上百家公司连续5年长期债务比例为0。OrganizationalTheory－FreeCashFlows(MichaelJensen1986)ExplainLBOsGameTheory－SignalingModel(Ross1977)－SecuritiesDesignTheStakeholderTheoryof

CapitalStructure(IV)The