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大小:2.45 MB
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时间:2018-11-04
《资本结构和信用评级之间的关系:巴基斯坦银行业的研究 (1)》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、华中科技大学硕士学位论文ListofFigureFigure-1.1Contentsofresearch………………………………………………..176万方数据华中科技大学硕士学位论文1INTRODUCTION1.1IntroductionandBackgroundFinancialmangersappeartotakecreditratingsintoaccountwhenmakingcapitalstructuredecisions.Inrecentyears,anumberoftheorieshavebeenproposed
2、toexplainthevariationindebtratiosacrossfirms.Thetheoriessuggestthatfirmsselectcapitalstructuresdependingonattributesthatdeterminethevariouscostsandbenefitsassociatedwithdebtandequityfinancing.Firmschoosefinancingmixtofinanceitsassetstomaximizeitsvalueanditisknownasth
3、ecapitalstructureofthefirm(Modigliani&Miller,1958).Itisprovedthatthemarketvalueofafirmisdeterminedbyitsearningpowerandtheriskofitsunderlyingassets,andisindependentofthewayitchoosestofinanceitsinvestmentsordistributedividends.Firmcanchoosebetweenthreemethodsoffinancin
4、g:issuingshares,borrowingorspendingprofits.Itismorecomplicated,butthebasicideaisthatundercertainassumptions,itmakesnodifferencewhetherafirmfinancesitselfwithdebtorequity.Ontheotherside,forregulatorypurposesdifferentcreditratingagenciesarerecognizebyfinancialregulator
5、s.Theyusedtheratingsanddefinetheamountofcapitalforfinancialinstitutionneedtobehold.Mostofthetimeissueofdebateisthatcreditratingagencieshasadvantagetoallocateinflatedratingsandagenciesalsoassesthedefaultchancesofissuersontheirbonds(Stolper,2009).Inadditioninvestorsand
6、issuersofdifferentsecuritieshadknownthethreecreditratingagenciesfromthesetheyobtainalltheirimportantratingstheseagenciesareMoody’s,Standard&Poor’s(S&P)andFitch.7万方数据华中科技大学硕士学位论文Banksregulatorcriticallyviewedtheratingsbytheseagenciesbecauseonemistakebyagencieshascriti
7、calconsequencesforallfinancialsectors(White,2010).1.1CapitalStructureBackgroundCapitalstructureisveryimportantconcernforanykindofcorporatebusiness,andimportantdecisionforthecorporatemanageristomaximizethevalueofthefirmbydecidingtheoptimallevelofthecapitalstructure.Th
8、eoptimallevelbetweenthedebtandequityisnotaneasytaskforanykindofcorporatefirms.Thereasonbehindthattherearemanycostandbenefitsareasso
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