資本結(jié)構(gòu)研究中的普遍性問題金融債務(wù)資產(chǎn)比率和發(fā)行活動(dòng)對杠桿效率變化【外文翻譯】

1、原文：原文：CommonProblemsinCapitalStructureResearch:TheFinancialDebtToAssetRatioIssuingActivityvs.LeverageChangesThispaperpointsouttwocommonproblemsincapitalstructureresearch.Firstalthoughitisnotclearwhethertheyshouldbeconsid

2、ereddebtnonfinancialliabilitiesshouldneverbeconsideredasequity.Yetthecommonfinancialdebttoassetratio(FDAT)measureofleveragecommitsexactlythismistake.ThusresearchthatexplainsincreasesinFDATexplainsatleastinpartsdecreasesi

3、nnonfinancialliabilities.FutureresearchshouldavoidFDATaltogether.Secondequityissuingactivityshouldnotbeviewedasequivalenttocapitalstructurechanges.Empiricallythecrelationbetweenthetwoisweak.Thecapitalstructurecapitalissu

4、ingliteraturearedistinct.Leverageisdefinedasthesensitivityofthevalueofequityownershipwithrespecttochangesintheunderlyingvalueofthefirm.Empiricallyleverageratiosarefrequentlyindependentvariables(sometimesasapartofahypothe

5、sissometimesasacontrol).Leverageratiosarealsothedependentvariableintheempiricalcapitalstructureliterature.Thisliteraturetriestoexplainvariationincpateleveragebothinthecrosssectionofcapitalstructure—whydosomefirmshavehigh

6、leverage—inthetimeseries—howdocapitalstructuresevolveInthetheyofcapitalstructureonecommonhypothesisderivesdirectlyfromtheequitysensitivitychannel:afirmwithmeleveragehasbothhigherpoweredincentives(usually)ahigherprobabili

7、tyoffinancialdistress.(Inturnthismeansthatleveragecaninfluencemanagerialbehavi.)Asecondcommonhypothesisaboutleveragearisesfromthefactthatpaymentstocreditsareexcludedfromcpateincometax.Thesetwohypotheseshavefmedthebasisof

8、moderncapitalstructuretheysinceRobichekMyers(1966).Thereisalsoarelatedresearchliteraturethatinvestigatesissuingactivityhypotheticalcapitalstructures:FinancialDebtNonFinancialLiabilitiesEquityTotalStructureA$30million$30m

9、illion$40million$100millionStructureB$30million–$40million$70millionIhavechosentheclaimsinStructureAsothattheyareroughlyrepresentativeofpubliclytradedfirms.StructureBismadeupfillustration.Itshouldbeimmediatelyobviousthat

10、Aisthemeleveredstructure.Ithasmesensitivityofequitywithrespecttounderlyingassetchanges.Adecreaseof10%inthevalueofthefirmwouldmanifestitselfasanequitylossof($40$10)$401=25%understructureA.Thesame10%decreaseinthevalueofthe

11、firmwouldmanifestitselfasanequitylossof($40$7)$401=17.5%understructureB.YetaccdingtotheFDAratioAislessleveredthanB:AhasanFDAratioof$30$100=30%whileBhasafinancialdebttoassetsratioof$30$70≈43%.Changesinleveragearesimilarly

12、affectedbythisproblem.StructureBcouldreduceitsfinancialdebttoassetratiobyassuminganadditional$50millioninaccountspayablesregardlessofwhethertheextrafundsareusedtofundcurrentassetsdiscarded.Itshouldbeclearthefinancialdebt

13、toassetratioisnotanappropriatemeasureofleverage.OfcourseanFDATratiomaywellbeanappropriatemeasureincontextsinwhichitisnotusedasaleverageratio.FexampletheFDATratiooftenappearsindebtcovenants.Ifthegoalistopredicthowlikelyfi

14、rmsaretoviolateacovenantexplainingFDATwhenexplainingdistancefromthecovenantthresholdisinteresting.HoweverfromtheperspectiveofcapitalstructuretheyappearingindebtcovenantsdoesnotmakeFDATanappropriatemeasureofleverage.Fexam