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1、本科毕业论文(设计)外文翻译原文:TheValueofFinancialFlexibilityWedevelopamodelthatendogenizesdynamicfinancing,investment,andcashretention/payoutpoliciesinordertoanalyzetheeffectoffinancialflexibilityonfirmvalue.Weshowthatthevalueoffinancingflexibilitydependsonthecostsofexternalfina
2、ncing,thelevelofcorporateandpersonaltaxratesthatdeterminetheeffectivecostofholdingcash,thefirm’sgrowthpotentialandmaturity,andthereversibilityofcapital.Throughsimulations,wedemonstratethatfirmsfacingfinancingfrictionsshouldsimultaneouslyborrowandlend,andweexaminethe
3、natureofdynamicdebtandliquiditypoliciesandthevalueassociatedwithcorporateliquidity.RecentsurveysofAmericanandEuropeanCFOssuggestthatthemostimportantdriveroffirms’capitalstructuredecisionsisthedesiretoattainandpreservefinancialflexibility.Financialflexibilityrepresen
4、tstheabilityofafirmtoaccessandrestructureitsfinancingatalowcost.Financiallyflexiblefirmsareabletoavoidfinancialdistressinthefaceofnegativeshocks,andtowhenprofitableopportunitiesarise.Whileafirm’sfinancialflexibilitydependsonexternalfinancingcoststhatmayreflectfirmch
5、aracteristicssuchassize,itisalsoaresultofstrategicdecisionsmadebythefirmrelatedtocapitalstructure,liquidity,andinvestment.Inthispaper,weexplorehowfirmsshouldoptimallymanagetheirfinancialflexibilityinthefaceofvarioustransactioncostsandtaxes,andinturnexaminethevalueof
6、financialflexibilityunderdifferentconditions.Weparticularlyfocusonthestrategicmanagementofcorporateliquidityanditsrelationshipwiththefirm’sfinancingandinvestmentpolicies.Apervasive,andperhapspuzzling,aspectofcorporatefinancialpolicyisthatmostfirmsthatemploydebtfinan
7、cingsimultaneouslyholdcashbalances.Whileequivalentborrowingandlendingpositionsoffseteachotherfromataxperspective,theremaybeotherreasonswhydifferentcombinationsofdebtandcashpositionsthatleadtothesamenetdebtvaluearenotnecessarilyneutralpermutations.Weshowthattransacti
8、oncostssuchasdebtissuancecostscanexplainthisfinding,andwesystematicallyanalyzeoptimalliquiditypoliciesandtheirresultingeffectsonfirmvalue.