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首页> 外文期刊>International journal of finance & economics >Rather complements than substitutes: Firm value effects of capital structure and financial hedging decisions
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Rather complements than substitutes: Firm value effects of capital structure and financial hedging decisions

机译：相当符合替代品：资本结构和金融对冲决策的坚定价值影响

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The aim of this study is to analyze the interaction between capital structure decisions and risk management decisions as well as the channels through which they add value to firms. Competing theories are considered in an integrated path model, which we test by means of meta-analytic structural equation modelling (MASEM). This meta-analysis is based on 6,312 reported results, which are manually collected from 411 empirical studies. We find that capital structure mediates the relation between corporate financial hedging and firm value. In this regard, active risk management positively affects leverage by providing greater debt capacities. Furthermore, leverage has a negative impact on firm value. Hence, capital structure and financial hedging decisions appear rather as complements instead of substitutes. This implies that managers should leave additional debt capacities unused and instead use additional internal funds arising from active risk management to carry out profitable projects and research and development activities. Overall, corporate hedging is found to especially add value to a firm by lowering bankruptcy risks and underinvestment risks.
机译：本研究的目的是分析资本结构决策和风险管理决策之间的互动以及他们向企业增加价值的渠道。竞争理论被考虑在集成路径模型中，我们通过Meta-Inalytic结构方程模型（Masem）进行测试。该META分析基于6,312次报告的结果，从411实证研究中手动收集。我们发现资本结构介导公司金融对冲和公司价值之间的关系。在这方面，主动风险管理通过提供更大的债务能力来积极地影响利用。此外，杠杆对公司价值产生负面影响。因此，资本结构和金融对冲决定似乎是补充而不是替代品。这意味着管理人员应留下额外的债务能力，而是使用来自主动风险管理产生的额外内部资金来开展有利可图的项目和研发活动。总体而言，通过降低破产风险和投资风险，将企业对冲特别为企业增加价值。

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