Всего публикаций в данном разделе: 43
Определение оптимальной структуры капитала на примере финской компании Alma Media Corp. и российской компании «РБК Информационные системы» [статья]
Опубликовано на портале: 31-12-2010Евгения Л Животова, Андрей Александрович Алексеев, Виталий Сергеевич Протасов, Ееро Ламминен Корпоративные финансы. 2008. № 4 (8). С. 106-113.
В статье представлено исследование по определению оптимальной структуры капитала для компаний Alma Media и РБК и ее сравнению с фактической структурой капитала. При анализе использованы методы EBIT-EPS, операционного дохода и скорректированной приведенной стоимости (APV). В ходе работы было выявлено, что в обоих случаях менеджментом компаний принимались решения, противоположные теоретически обоснованным. Неэффективные решения, которые привели к уменьшению стоимости компаний, были обусловлены интересами контролирующих акционеров Alma Media и РБК. Ключевые слова: оптимальная структура капитала, фактическая структура капитала медиа-отрасль, стоимость долга.
The Optimal Capital Structure of Banks: Balancing Deposit Insurance, Capital Requirements and Tax-Advantaged Debt [статья]
Опубликовано на портале: 26-10-2007Stephen L. Ross, Xiaozhing Liang, John P. Harding Department of Economics University of Connecticut: Working papers. 2007. No. 2007-29.
The capital structure and regulation of financial intermediaries is an important topic for practitioners, regulators and academic researchers. In general, theory predicts that firms choose their capital structures by balancing the benefits of debt (e.g., tax and agency benefits) against its costs (e.g., bankruptcy costs). This paper studies the impact and interaction of deposit insurance, capital requirements and tax benefits on a bank's choice of optimal capital structure. Using a contingent claims model to value the firm and its associated claims, we find that there exists an interior optimal capital ratio in the presence of deposit insurance, taxes and a minimum fixed capital standard as long as there is a significant financial burden associated with violating capital requirements. Banks voluntarily choose to maintain capital in excess of the minimum required in order to balance the risks of insolvency (especially to future tax benefits) against the benefits of additional debt. Because our model includes all three contingent claims, our results differ from those of previous studies of the capital structure of banks that have generally found corner solutions (all equity or all debt) to the capital structure problem.
Опубликовано на портале: 26-08-2007Hayne E. Leland, Chris Hennessy, Dirk Hackbarth AFA 2005 Philadelphia Meetings; 14th Annual Utah Winter Finance Conference Paper. 2004.
This paper examines the optimal mixture and priority structure of bank and market debt using a tax shield-bankruptcy cost tradeoff model where the only unique feature of banks is their ability to renegotiate. Optimal debt structure hinges upon the division of ex post bargaining power between the firm and bank. Weak firms utilize bank debt exclusively. Strong firms use a mixture of bank and market debt, with bank debt senior. Therefore, the tradeoff theory offers an explanation for: (i) why small firms use bank debt exclusively; (ii) why large firms employ mixed debt financing; (iii) why bank debt is senior; and (iv) why firms shift from bank debt into a mixture of market and bank debt over their life-cycle. Optimal debt contracts entail absolute priority, and we provide estimates of the cost of ex post priority violations across creditor classes.
Опубликовано на портале: 26-08-2007Sheridan Titman, Ayla Kayhan Journal of Financial Economics. 2006. Vol. Forthcoming.
This paper examines how cash flows, investment expenditures and stock price histories affect debt ratios. Consistent with earlier work, we find that these variables have a substantial influence on changes in capital structure. Specifically, stock price changes and financial deficits (i.e., the amount of external capital raised) have strong influences on capital structure changes, but in contrast to previous conclusions, we find that over long horizons their effects are partially reversed. These results indicate that although firms' histories strongly influence their capital structures, over time their capital structures tend to move towards target debt ratios that are consistent with the tradeoff theories of capital structure.
Опубликовано на портале: 26-08-2007Shaun A. Bond, Peter Scott SSRN Working Paper Series. 2006.
The two main theories of capital structure are tested on a sample of 18 UK listed real estate companies, over a seven year period to 2004. Using dynamic specifications of the models inferences about firm financing behaviour can be made. Specifically: (1) Where firms turn to external financing, debt constitutes the majority of securities issued. Debt issuance tracks the need for external finance closely, and is robust to periods when firms run financing 'surpluses' – debt is paid down during these periods. (2) The pecking order specification dominates the trade-off theory in a direct comparison of the dynamic models. The power of this result is much higher than any previous studies. Real estate financing appears to sit comfortably as part of a broader capital structure framework in which information asymmetries drive firm financing behaviour.
When Do Incumbents Learn from Entrepreneurial Ventures? Corporate Venture Capital and Investing Firm Innovation Rates [статья]
Опубликовано на портале: 21-06-2006Michael Lenox Research Policy. 2005. Vol. Volume 34. Issue 5. P. Pages 615-639.
In this paper, we focus on the potential innovative benefits to previous corporate venture capital(CVC), i.e. equity investments in entrepreneurial ventures by incumbent firms. We propose that previous termcorporate venture capitalnext term programs may be instrumental in harvesting innovations from entrepreneurial ventures and thus an important part of a firm's overall innovation strategy. We hypothesize that these programs are especially effective in weak intellectual property (IP) regimes and when the firm has sufficient absorptive capacity. We analyze a large panel of public firms over a 20-year period and find that increases in previous termcorporate venture capitalnext term investments are associated with subsequent increases in firm patenting.
Опубликовано на портале: 21-06-2006Jack Glen, Ajit Singh Emerging Markets Review. 2004. Vol. 5. No. 2. P. 161-192.
Balance sheets and income statements from nearly 8000 manufacturing companies in 44 countries are compared for 1994–2000 along several dimensions. Differences across sectors and countries are reported and interpreted. The findings are: first, we find that the size distribution of firms for much of the size range is broadly similar in the two groups of countries, except for the largest and the smallest sizes of firms for which there are observed differences in the expected direction. Second, emerging market firms currently have lower levels of leverage than do their developed market counterparts and leverage has declined in recent years. Third, emerging market firms employ a higher level of fixed assets than do their developed market counterparts. Fourth, returns on assets and equity generally are lower in emerging market countries, but they have increased in recent years. And fifth, country effects account for more of the variation in all variables than do either sector or size effects but individual firm effects account for most of the variation.
Опубликовано на портале: 21-06-2006Saumitra N. Bhaduri Applied Financial Economy. 2002. Vol. 12. No. 9. P. 655-665.
Existing empirical research on capital structure has been largely confined to the United States and a few other advanced countries. This paper attempts to study the capital structure choice of Less Developed Countries (LDCs) through a case study of the Indian Corporate sector. The objective is to develop a model that accounts for the possibility of restructuring costs in attaining an optimal capital structure and addresses the measurement problem that arises due to the unobservable nature of the attributes influencing the optimal capital structure. The evidence presented here suggests that the optimal capital structure choice can be influenced by factors such as growth, cash flow, size, and product and industry characteristics. The results also confirm the existence of restructuring costs in attaining an optimal capital structure.
Опубликовано на портале: 21-06-2006Franck Bancel, Usha R. Mittoo Financial Management. 2004. Vol. 33. No. 4. P. 103-132.
We survey managers in 16 European countries on the determinants of capital structure. Financial flexibility and earnings per share dilution are primary concerns of managers in issuing debt and common stock, respectively. Managers also value hedging considerations and use "windows of opportunity" when raising capital. We find that although a country's legal environment is an important determinant of debt policy, it plays a minimal role in common stock policy. We find that firms' financing policies are influenced by both their institutional environment and their international operations. Firms determine their optimal capital structures by trading off costs and benefits of financing.
Опубликовано на портале: 21-06-2006Jeffrey MacIntosh Journal of Business Venturing. 2005. Vol. Volume 21. Issue 5. P. Pages 569-609.
In this paper, we examine a Canadian tax-driven venture capital vehicle known as the “Labour Sponsored Venture Capital Corporation” (LSVCC). As a theoretical matter, we suggest that the LSVCCs can be expected to have higher agency costs and lower profitability than private venture capital funds. We present data that is consistent with this view. The central question that we analyze, however, is whether the tax advantages conferred on LSVCCs have resulted in LSVCCs “crowding out,” or displacing other types of venture capital funds. Empirical analysis of our data (which covers the 1977–2001 period) is highly consistent with crowding out. The data suggest that crowding out has been sufficiently energetic as to lead to a reduction in the aggregate pool of venture capital in Canada, frustrating one of the key governmental goals underlying the LSVCC programs; namely, the expansion of the aggregate pool of capital. In the course of our analysis, we confirm the importance of macroeconomic factors (the performance of the stock market, real interest rates, and changes in real gross domestic product) in affecting the supply of and demand for venture capital. We also generate evidence that is consistent with the proposition that entrepreneurs in the market for venture capital prefer to incorporate their businesses federally, rather than provincially.
Опубликовано на портале: 21-06-2006Roberto Wessels, Sheridan Titman Journal of Finance. 1988. Vol. 43. No. 1. P. 1-20.
This paper analyzes the explanatory power of some of the recent theories of optimal capital structure. The study extends empirical work on capital structure theory in three ways. First, it examines a much broader set of capital structure theories, many of which have not previously been analyzed empirically. Second, since the theories have different empirical implications in regard to different types of debt instruments, the authors analyze measures of short-term, long-term, and convertible debt rather than an aggregate measure of total debt. Third, the study uses a factor-analytic technique that mitigates the measurement problems encountered when working with proxy variables.
Опубликовано на портале: 21-06-2006Harold Jr. Bierman, K. Chopra, J. Thomas Journal of Financial and Quantitative Analysis. 1975. Vol. 10. No. 1. P. 119-129.
At any point in time a firm must decide both the level of working capital consistent with its productive assets and how to finance these assets. Academic theorists in business administration have traditionally approached decision making of the firm on a segmented rather than on a global basis and have been satisfied with developing suboptimizing decision rules. Thus there has been concern about managing working capital and concern about choosing the optimum capital structure, but traditionally the two decisions have not been made jointly. And even if they were made jointly, decisions would still remain in the working capital area involving inventories, credit granting, and marketable securities. This article is an attempt to interrelate working capital and capital structure decisions with working capital used not only as a buffer to avoid ruin but also to affect sales via changing inventory levels and credit policies. The possibility of ruin introduces a discontinuity that precludes perfect elimination of leverage effects via a market. In this article the acquired working capital serves as a buffer against ruin, as well as a means of increasing earnings, while the debt used to finance the working capital increases the size of the fixed payment obligations, and the cost of debt tends to reduce the total earnings of stockholders.
Опубликовано на портале: 21-06-2006Raj Aggarwal ASEAN Economic Bulletin. 1990. Vol. 7. No. 1. P. 39-54.
This article reviews prior research regarding influences on capital structure and reports the results of an empirical study of the capital structures of large Asian companies. Variations with regard to the country, industry, and size of a company are examined for the first time for a sample as large as four hundred and seventy-four companies located in twenty Asian countries. The results of this study indicate that while size does not seem to be a significant influence, both country and industry are significant factors influencing capital structure in Asia. Multinational and diversified companies, therefore, must take these differences into account in developing and setting capital structure, financing, subsidiary evaluation, and management policies for their Asian operations. Bankers, other creditors, and investors also must recognize national differences in debt ratios in order to assess credit and investment risks accurately.
Equity, Bonds, and Bank Debt: Capital Structure and Financial Market Equilibrium Under Asymmetric Information [статья]
Опубликовано на портале: 21-06-2006Patrick Bolton, Xavier Freixas Journal of Political Economy. 2000. Vol. 108. No. 2.
This paper proposes a model of financial markets and corporate finance, with asymmetric information and no taxes, where equity issues, bank debt, and bond financing coexist in equilibrium. The relationship banking aspect of financial intermediation is emphasized: firms turn to banks as a source of investment mainly because banks are good at helping them through times of financial distress. This financial flexibility is costly since banks face costs of capital themselves (which they attempt to minimize through securitization). To avoid this intermediation cost, firms may turn to bond or equity financing, but bonds imply an inefficient liquidation cost and equity an informational dilution cost. We show that in equilibrium the riskier firms prefer bank loans, the safer ones tap the bond markets, and the ones in between prefer to issue both equity and bonds. This segmentation is broadly consistent with stylized facts.
Опубликовано на портале: 21-06-2006Ari Hyytinen, Otto Toivanen Journal of Financial Services Research. 2006. Vol. 23. No. 3. P. 241-249.
In this paper we study a horizontally differentiated market for financial intermediation and develop a simple explanation for concentration in the financial intermediation industry. We show that under asymmetric information, if the demand for funds is not perfectly elastic, the heterogeneity of entrepreneurs in need of financing translates into a barrier to entry. That is, we do not need to resort to learning, weak property rights or exogenous costs of entry to generate this result.
Опубликовано на портале: 21-06-2006Donald R. Fraser, Chek Derashid, Hao Zhang Journal of Banking & Finance. 2006. Vol. 30. No. 4. P. 1291-1308.
This paper extends prior work on the links between political patronage and capital structure in developing economies. Three proxies of political patronage are developed and applied to a group of Malaysian firms over a 10-year period. We find a positive and significant link between leverage and each of the three measures of political patronage. We also find evidence of an indirect link between political patronage and capital structure through firm size and profitability.
Опубликовано на портале: 21-06-2006Mark G. Brown Euromoney. 2005. Vol. 36. No. 433. P. 29.
This article focuses on the leveraged buyout (LBO) market in Europe. Two contrasting European leveraged buyouts have shown how the leveraged finance market is developing in 2005. While ideas like Cablecom's refinancing and Greece's first ever LBO are being funded largely in the bond markets, the secondary buyout of German motorway service station chain Tank & Rast backed the trend and used senior debt. Allianz Capital Partners, Lufthansa and funds advised by Apax Partners agreed to sell their shares in Tank & Rast to British private-equity house Terra Firma Capital Partners in November 2004. Terra had been looking at the acquisition for more than a year. Meanwhile,JP Morgan and Deutsche Bank are acting as arrangers and bookrunners on the LBO of 80.87% in Telecom Italia's Greek mobile operator Tim Hellas Communications.
Опубликовано на портале: 21-06-2006Turan Erol Economics Letters. 2003. Vol. 78. No. 1. P. 109-115.
This paper uses the industry-level data to investigate the effects of corporate debt on output pricing in a typical developing country. The panel estimations on the major two-digit industries reveal two basic findings. First, short-term debt leads to an increase in output prices while long-term debt has the opposite effect. Second, short-term debt but not long-term debt is found to have cyclical effects on prices.
The Influence of Firm Maturation on Firms' Rate of Adjustment to Their Optimal Capital Structures [статья]
Опубликовано на портале: 21-06-2006Jeffrey A. Pittman, Kenneth J. Klassen Journal of American Taxation Association. 2001. Vol. 23. No. 2. P. 70-94.
Extant empirical research on firms' adjustment to their optimal capital structures is cross-sectional. However, Scholes and Wolfson (1989) argue that refinancing costs that accumulate with age increasingly impede firms from restoring their optimal capital structures. This study provides evidence on the time-series variation in the rate at which firms move toward their leverage targets that is consistent with this prediction. In separate tests, age is measured from two dates—from firms' initial public offerings and from their incorporation—to examine whether the duration of their public and private experience, respectively, affect the evolution in financial policies. This paper contributes to the literature by developing a research design that isolates the influence of dynamic refinancing costs on the leverage adjustment problem. The evidence also justifies future research on Scholes and Wolfson's (1989) predictions about the time-series pattern in firms' tax shields by empirically validating that refinancing costs increasingly constrain their capital structures.
Опубликовано на портале: 21-06-2006Laurence Booth, Varouj Aivazian, Asli Demirguc-Kunt, Vojislav Maksimovic Journal of Finance. 2001. Vol. 56. No. 1. P. 87-131.
This study uses a new data set to assess whether capital structure theory is portable across countries with different institutional structures. We analyze capital structure choices of firms in 10 developing countries, and provide evidence that these decisions are affected by the same variables as in developed countries. However, there are persistent differences across countries, indicating that specific country factors are at work. Our findings suggest that although some of the insights from modern finance theory are portable across countries, much remains to be done to understand the impact of different institutional features on capital structure choices.