外文翻譯---融資過程中啄食順序理論的一個合理證明 英文

1、Management Research NewsA rational justification of the pecking order hypothesis to the choice of sources of financing Vuong Due Hoang QuanArticle information:To cite this document: Vuong Due Hoang Quan, (2002),“A ration

2、al justification of the pecking order hypothesis to the choice of sources of financing“, Management Research News, Vol. 25 Iss 12 pp. 74 - 90 Permanent link to this document: http://dx.doi.org/10.1108/01409170210783296Do

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12、ormation correct at time of download.Downloaded by UNIVERSITY OF MELBOURNE At 22:04 09 March 2015 (PT)marketable securities as well as unused risk free debt capacity - in order to be able to finance internally in case of

13、 need.The most important implication of the hypothesis involves its explana- tion power to the question why leverage decreasing events such as new stock offerings and equity-for-debt exchange schemes associate to a firm’

14、s stock price decline. Firms in general only conduct leverage decreasing events when they are forced to do so. Reality seems to be consistent with this prediction, when firms are observed to issue debt securities with a

15、far more frequency than seasoned equity. Pratt (1995) reports that seasoned common equity accounted for only 4.22% and 3.88% of the total sold securities by American public-traded companies for the year of 1994 and 1993,

16、 respec- tively. Furthermore, an increasing leverage scheme reveals that the manag- ers are quite confident about the firm’s future prospects and they would like to send a signal about their positive beliefs to the marke

17、t. It explains why an announcement of increasing leverage events is received by the market as good news.Another implication of the pecking order hypothesis relates to the role of financial intermediaries in reducing the

18、extent of information asymmetry. With their professional skills, financial intermediaries like investment banks can become corporate insiders indirectly through repeated contacts with firms and even by having proprietary

19、 access to the firms’ financial statements and operational plans. Through granting investment credits, or even investing in equity (where the laws are allowed) the intermediaries turn out to be in a position to monitor t

20、he firms’ performance and to directly in- tervene in their decisions. Firms in countries where the pattern of bank- related corporate financing tend to enjoy higher market valuations than do other firms that rely strictl

21、y on capital markets for external financing.Critics of the pecking order hypothesis3 include its inability to explain how taxes, bankruptcy costs, security issuance costs, as well as other factors such as the firm’s inve

22、stment opportunity set have impacts on the capital choice. The hypothesis is also thought to have ignored agency problems - those created by conflicts of interests held by various claimants to the firm’s value. Therefore

23、, although of an intuitive appeal by its simplicity in explain- ing the rational of leverage changes as well as in predicting the priorities with which a firm selects its means of financing, the pecking order hypothe- si

24、s still suffers from a lack of compelling rational justification, resulting in a limitation of its acceptance among financial academia (Baskin, 1989).The objective of the study is to propose a rational justification to t

25、he pre- diction of a preference of debt to equity in the decision of the corporate when it comes to facing the needs of raising capital outside the firm in the light of the Modigliana-Miller proposition I and other exist