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Is capital structure relevant? An empirical examination of capital structure choices.

机译：资本结构是否相关？资本结构选择的实证检验。

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摘要

Modigliani and Miller propose a scenario in which capital structure becomes irrelevant. To achieve the condition of capital structure irrelevance, Modigliani and Miller have to assume market frictions such as taxes, information asymmetry, and other factors do not exist. With the acknowledgement of such forces, capital structure irrelevance does not hold and we are left with the question "why do firms finance the way that they do?" Within this dissertation I address this very question.;Chapters one and two provide an introduction and review of the extant literature. Chapter three examines data over a period of 1970 to 2010, with the goal of identifying which determinants influence capital structure and over what interval of time do the determinants influence capital financing. As tax rates, information costs, and related factors change over time, there is the expectation that determinants change as well. The results indicate that capital structure determinants and the magnitude of their influence do change over time. The change is attributable to factors such as change in regulation and tax rates. The findings provide support for the pecking-order theory prior to 1986 and offer evidence to support the market-timing and trade-off theories.;Chapter four employs tests of capital structure theory to identify which theory explains the majority of firm financing decisions and over what period are the theories applicable. The results indicate that the pecking-order theory is the predominant financing regime from 1970 to 1987 and after 1987 the trade-off model is the principal method of capital financing. The analysis also explores speed of adjustment and the results support for the trade-off theory and cast doubt on the market-timing theory.;Chapter five responds to highly cited studies that report leverage does not add value, but rather reduces firm value. A stochastic frontier model is employed to assess the relationship of leverage among other factors with firm value. The findings reconcile the prior reports and show that the inverse relationship between leverage and firm value was a temporary occurrence and is likely attributable to firms employing tax loss carrybacks in response to the 1986 Tax Reform Act.
机译：Modigliani和Miller提出了一种资本结构变得无关紧要的方案。为了实现与资本结构无关的条件，Modigliani和Miller必须假设市场摩擦，例如税收，信息不对称以及其他因素不存在。有了这样的力量，资本结构无关紧要就不成立了，我们面临的问题是“为什么企业要以他们的方式融资？”在这篇论文中，我将解决这个问题。第一章和第二章对现有文献进行了介绍和回顾。第三章研究了1970年至2010年的数据，目的是确定哪些决定因素影响资本结构以及决定因素在什么时间间隔内影响资本融资。随着税率，信息成本和相关因素随时间变化，人们期望决定因素也会发生变化。结果表明，资本结构的决定因素及其影响程度的确随时间变化。该变化归因于法规和税率变化等因素。这些发现为1986年之前的啄食顺序理论提供了支持，并为支持市场时机和权衡理论提供了证据。第四章采用资本结构理论的检验来确定哪种理论可以解释大多数公司融资决策以及这些理论适用于什么时期。结果表明，啄序理论是1970年至1987年的主要融资体制，1987年以后，权衡模型是资本融资的主要方法。该分析还探讨了调整的速度以及结果对折衷理论的支持，并对市场时机理论产生了怀疑。随机前沿模型用于评估其他因素与公司价值之间的杠杆关系。研究结果与先前的报告相符，表明杠杆与企业价值之间的反比关系是暂时的，很可能归因于企业为响应1986年《税制改革法案》而采用了税收亏损结转。

著录项

  • 作者

    Pratt, William R.;

  • 作者单位

    The University of Texas - Pan American.;

  • 授予单位 The University of Texas - Pan American.;
  • 学科 Economics Finance.;Business Administration General.
  • 学位 Ph.D.
  • 年度 2012
  • 页码 225 p.
  • 总页数 225
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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