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ID:23304212
大小:2.45 MB
页数:72页
时间:2018-11-06
《资本结构和信用评级之间的关系:巴基斯坦银行业的研究》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,anumberoftheorie
2、shavebeenproposedtoexplainthevariationindebtratiosacrossfirms.Thetheoriessuggestthatfirmsselectcapitalstructuresdependingonattributesthatdeterminethevariouscostsandbenefitsassociatedwithdebtandequityfinancing.Firmschoosefinancingmixtofinanceitsassets
3、tomaximizeitsvalueanditisknownasthecapitalstructureofthefirm(Modigliani&Miller,1958).Itisprovedthatthemarketvalueofafirmisdeterminedbyitsearningpowerandtheriskofitsunderlyingassets,andisindependentofthewayitchoosestofinanceitsinvestmentsordistributed
4、ividends.Firmcanchoosebetweenthreemethodsoffinancing:issuingshares,borrowingorspendingprofits.Itismorecomplicated,butthebasicideaisthatundercertainassumptions,itmakesnodifferencewhetherafirmfinancesitselfwithdebtorequity.Ontheotherside,forregulatoryp
5、urposesdifferentcreditratingagenciesarerecognizebyfinancialregulators.Theyusedtheratingsanddefinetheamountofcapitalforfinancialinstitutionneedtobehold.Mostofthetimeissueofdebateisthatcreditratingagencieshasadvantagetoallocateinflatedratingsandagencie
6、salsoassesthedefaultchancesofissuersontheirbonds(Stolper,2009).InadditioninvestorsandissuersofdifferentsecuritieshadknownthethreecreditratingagenciesfromthesetheyobtainalltheirimportantratingstheseagenciesareMoody’s,Standard&Poor’s(S&P)andFitch.7万方数据
7、华中科技大学硕士学位论文Banksregulatorcriticallyviewedtheratingsbytheseagenciesbecauseonemistakebyagencieshascriticalconsequencesforallfinancialsectors(White,2010).1.1CapitalStructureBackgroundCapitalstructureisveryimportantconcernforanykindofcorporatebusiness,a
8、ndimportantdecisionforthecorporatemanageristomaximizethevalueofthefirmbydecidingtheoptimallevelofthecapitalstructure.Theoptimallevelbetweenthedebtandequityisnotaneasytaskforanykindofcorporatefirms.Thereasonbehindthattherearemanycostandbenefitsareasso
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