financing of corporations

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1、Chapter4FINANCINGOFCORPORATIONSSTEWARTC.MYERS°SloanSchoolofManagement,MITContentsAbstract216Keywords2161.Introduction2171.1.Theoriesofoptimalfinancing2172.TheModigliani–Millervalue-irrelevancepropositions2183.Thetrade-offtheory2213.1.Taxes2223.2.Directcostsoffinancialdistress2263.3.Indirectcostsoffinan

2、cialdistress–conflictsbetweencreditorsandstockholders2263.4.Otherindirectcostsoffinancialdistress2283.5.Evidenceoncostsoffinancialdistress2293.6.Leverageandproductmarkets2293.7.Evidenceforthetrade-offtheory2303.8.Target-adjustmentmodels2313.9.Computationalmodels2324.Thepecking-ordertheory2334.1.Debtvs.

3、equityinthepeckingorder2344.2.What’swrongwiththepeckingorderastheory?2364.3.Peckingordervs.thetrade-offtheory–time-seriestests2374.4.Furthertestsofthetrade-offandpecking-ordertheories2385.Agencytheoriesofcapitalstructure2395.1.JensenandMeckling’speckingorder2405.2.Freecashflow,leveragedbuyoutsandrest

4、ructurings2425.3.Isthereageneralfree-cash-flowtheoryofcapitalstructure?2436.Whatnext?2436.1.Compensationandincentives2446.2.Humancapitalandfinancing245°SomepassagesinthispaperappearedinMyers(2001).IthanktheJournalofEconomicPerspectivesforpermissiontorepeatthesepassages.IalsothankRen´eStulzforhelpfulco

5、mmentsandNeetiNundiforexcellentresearchassistance.HandbookoftheEconomicsofFinance,EditedbyG.M.Constantinides,M.HarrisandR.Stulz©2003ElsevierB.V.Allrightsreserved216S.C.Myers6.3.Exportingcapital-structuretheory246References247AbstractThisreviewevaluatesthefourmajortheoriesofcorporatefinancing:(1)theMo

6、digliani–Millertheoryofcapital-structureirrelevance,inwhichfirmvaluesandrealinvestmentdecisionsareunaffectedbyfinancing;(2)thetrade-offtheory,inwhichfirmsbalancethetaxadvantagesofborrowingagainstthecostsoffinancialdistress;(3)agencytheories,inwhichfinancingrespondstomanagers’personalincentives;and(4)thep

7、ecking-ordertheory,inwhichfinancingadaptstomitigateproblemscreatedbydifferencesininformation.Thesetheoriesareconditional,notgeneral.Itiseasytofindexamplesofeachtheoryatwork,butotherwisedifficulttodisting