資產擔保價值與資本結構的相關性：Underlying collateral value of assets and capital structure

Summary摘要

資本結構是指企業各種長期資本來源的構成和比例關系。通常情況下，企業的資本由長期債務資本和權益資本構成，資本結構指的就是長期債務資本和權益資本各自所占的比例。資本結構是反映企業資金實力和評價企業整體風險的重要指標，也是衡量企業償債能力的重要尺度。企業融資是現代企業發展不可或缺的一個重要環節，企業融資直接影響著企業的資本結構，可以說資本結構是企業融資安排的結果。

Capital structure refers to the ratio between the corporate structure and the various long-term capital sources. Typically, corporate capital from long-term debt capital and equity capital structure, capital structure refers to the long-term debt capital and equity capital respective proportion . The capital structure is a reflection of the overall corporate financial strength and an important indicator of business risk assessment is an important yardstick to measure firms' solvency . Corporate finance is an integral part of the modern enterprise development is an important aspect of corporate finance directly affect the capital structure , capital structure can be said to be the result of corporate financing arrangements. So around the question of how to optimize the capital structure of the enterprise through corporate finance has become an important topic in the field of financial research .

 

Introduction : Capital Structure Optimization and Its Significance引論：資本結構優化及其意義

 

1985 U.S. Professor Professor Modigliani and Miller's " cost of capital , corporate finance and investment theory " ( referred to as MM theory ) marked the birth of the modern capital structure theory. MM theorem states that , if the company 's investment decisions and financing policy is relatively independent , with no corporate income tax and personal income tax, no corporate bankruptcy risk, capital markets fully effective operation ( full capital markets) , the company's capital structure and the company's market independent of the value of that famous " unrelated theorem " (Irrelevence Theorem). In the past half century, the academic study of the capital structure has been ongoing, but the most influential research is still a theoretical framework based MM and be extended and expanded , so that MM is the origin of the modern theory of capital structure theory . MM theory after years of expansion and discarded , and gradually relax its strict assumptions, because of the different emphases in different scholars , so the development of a diverse funding wooden structure theory . Formed on the four main schools of the company's capital structure : tax poor school, trade-off theory , agency costs that asymmetric information theory , pecking order theory , based on the theory of control .#p#分頁標題#e#

Capital Structure Optimization Company research how to get funding and how this investment capital investment is needed to operate , and in the context of a given investment decisions , whether by changing the capital structure of the company to change its value , which determines the company's most gifted and optimal capital structure . Optimize the capital structure , determine a reasonable capital structure, can make the enterprise funds to achieve a virtuous cycle , lower capital costs and reduce financial risk, improve solvency and performance .

 

Theoretically, any business should exist an optimal capital structure , but in practice it is difficult to accurately determine the optimal structure. Because in practice, companies must take full account of the economic environment in which the country and the circumstances of their own , a careful analysis of the impact of various factors on the optimization of the capital structure , capital structure optimization policy .

 

Listed Companies' Capital Structure上市公司資本結構

 

Country through monetary policy, tax policy and the impact of the policy environment for enterprise development to the macroeconomic regulation and control , but also indirectly affect the capital structure of the state of the business , the macro monetary policy to make the money supply and changes in supply and demand of funds through the transmission mechanism , resulting in fluctuations in interest rates and down . Such fluctuations in interest rates will affect the company's capital structure, lower bank lending rates if certain period , the proportion of debt capital in the capital structure will rise relative ; Conversely, the proportion of debt capital will decline , tax policy decisions in different industries implementation of different tax rates , the effects of certain income tax rate is very low , industry , financial leverage is not, much to bring tax benefits of debt financing , and therefore a smaller proportion of debt capital is better, on the contrary , some of the higher income tax rate larger role in the industry , financial leverage , debt financing will bring the benefits of tax cuts and more, so these companies should choose debt funds than major capital structure. Conditionality enterprise development environment , including national laws, policies and constraints restrict competition in the industry and so on. Financing companies can , from what channels , in what manner to raise the funds required are governed by state law , industrial policy and the degree of competition in the industry related effects .

 

Different industries have different characteristics , aspects of its operations , financing, the level of competition and the impacts on national policies , such as there are differences , so its capital structure will there be different. The impact of these differences on capital structure mainly: First , different industries in different capital structure . The level of corporate capital formation , depending on the characteristics of the production and operation of enterprises , industries with high capital formation , higher capital investment required for the starting point of the economic scale ; otherwise low. Second, the industry life cycle is different. At the same time or different times, there are differences in different stages of the life cycle of the industry. Even in the same period, the same sectors in different stages of the life cycle also has a different level of business risk . Third, the level of different industries ranging from industrial barriers , differences in industrial concentration. The higher the concentration , the weaker competition , companies can more more debt. Fourth , different sectors of the market competition environment, even in business under the same macroeconomic environment , due to their different market environment in which its debt level should not be generalized. In general, if the level of competition is weak or the industry in which the enterprise in a monopoly position , such as telecommunications, electricity, water , gas and other enterprises, the problem does not occur because the sales , production and operation will not produce large fluctuations , profit stable growth , therefore , may be appropriate to increase the debt ratio ; On the contrary, if the business in which the degree of competition in the industry is strong, such as household appliances, textiles, real estate , etc. , because of its sales is completely determined by the market , the price is easy to fluctuations , the average profit trend to make profits is to be reduced so that the average trend, therefore , not too much use of the liability method to raise funds. Fifth, the expected return on investment in different sectors , industries or products if the rise time , good investment returns are expected to fast return on investment , should increase the debt ratio , expand production scale , the use of financial leverage ; Conversely, if the industry is expected to produce operations and efficiency will decline, should be appropriate to reduce debt , reduce production scale , to prevent the risk of financial leverage .#p#分頁標題#e#

 

Perfect capital market development , corporate financing channels will be to diversify ; imperfect development of the capital market , in the absence of corporate equity financing , it must be to maintain production operations through debt and liabilities and mainly from banks and other financial lending institutions , which increased the unreasonable position of invisible corporate capital structure.

 

Changes in the financial markets greater impact on corporate capital structure . When capital tight, low long-term credit rating of corporate bonds because there is no market , had to give up long-term debt financing program , and to the stock market or short-term capital markets to raise capital .

 

Financing interest expense on the income tax relief available , and dividends from the profit after tax burden expenditures , does not have a tax-deductible role. As the debt capital interest expenses are tax-free , so the higher corporate income tax rate , the greater the gearing tax deductible interest , taxes increased gearing objective factors stimulating effect on the more obvious. I do have a profitable enterprise , in order to truly enjoy the benefits of tax-deductible interest . If large losses of state-owned enterprises , tax-deductible debt would not achieve the role , but the role of tax-deductible interest on income tax liability still exists objectively .

 

Large companies of good reputation , easy to get government support, low risk operation , easier access to loans. Large -scale enterprises tend to implement diversification or vertical integration of operations , decentralized operational risks and improve the overall efficiency of the enterprise level .

 

Corporate profitability企業盈利能力

 

If the business development and management is extensive , it will lead to lower corporate profitability , it is difficult to raise capital through retained earnings or other equity capital , had through debt financing , which will inevitably lead to the proportion of debt in the capital structure to increase , this enterprises should pay attention to financial risk ; while for strong corporate profitability , its retained earnings will be more , according to M yers and M ajluf (1984) financing sorting theory, companies use retained earnings to finance the costs are lower tendency in debt financing , and the cost of debt financing and equity financing below , so the stronger the company 's profitability , its use retained earnings to finance will be stronger, the corresponding proportion of debt financing will be lower . In accordance with theoretical expectations , the proportion of debt financing company and the company 's profitability should be inversely changes direction .

 

Business growth企業成長性

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Business growth positively correlated with capital structure. The more rapid growth of the enterprise, its desire to expand the market stronger desire for more money . Strong business growth , even if profit levels are not low, but rely only on retained earnings is not enough. In reality, there are often many restrictions equity financing , corporate debt more inclined readily available financing , the corporate debt ratio is higher. The company's capital requirements , long approval time allotment , and therefore had to rely on debt financing faster to solve funding requirements. Other factors in the same situation , the development of the enterprise may be slower to accumulate additional capital through internal rather fast development of enterprises must rely on external capital , especially debt capital .