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1
Churaňová, Klára. "Management financování dynamického růstu malé firmy." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-10992.
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The objective of my final thesis was to choose, based upon findings and profitability assessments of each type of financing, a suitable financing of growth of the W.A.G, mineral fuels, Inc., the society which operates the project of unmanned filling-stations Tank & Go. In my thesis, I describe types of financing, the ways of gaining financial sources, the changes in legal form of entrepreneurship, the forms of cooperation as well as the state assistance to the entrepreneurs. Consequently, in the practical research, I evaluate the suitability of these types of financing to the project Tank & Go in accordance with the criteria given by the owner of the society as well as with its financial structure.
2
Lahiani, Mohamed. "The capital structure puzzle: On the existence of an optimal capital structure." CSUSB ScholarWorks, 2003. https://scholarworks.lib.csusb.edu/etd-project/2350.
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Corporate finance researchers have long been puzzled by low corporate debt ratios given debt's corporate tax advantage. What makes the capital structure debate especially intriguing is that the different theories represent such different, and in some ways almost diametrically opposed, decision-making processes.
3
Vanerová, Michaela. "Strategie financování podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221667.
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In my study for the Master´s thesis "Corporate Financial Strategy " I expain terms, such as enterprise financing and its structure, long and short-term financing, external, internal and alternative financing optimum financial structure and its costs.This all I applicated in the study where try to asses the fianancial structura and financing of real company. I analyse the ways how to secure the company´s liquidity and solvency, financial equilibrium and healt by means of the financial analysis of the activity and results of the company.
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Salazar, Manuel. "La optimización de la estructura de capital de la empresa: un modelo práctico de trade-off y su validación empírica." Doctoral thesis, Universitat de Lleida, 2012. http://hdl.handle.net/10803/96530.
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Presentació d'un nou model de "Trade-Off" d'estructura òptima de capital d'una empresa. La innovació consisteix a incloure una simplificació de la fórmula de distància a la fallida de Merton (1974) realitzada per Bystrom (2006), per a determinar la taxa d'interès de l'empresa. D'aquest mode s'inclou un efecte dinàmic del palanquejament sobre la taxa d'interès, la qual cosa afecta el cost del deute i la taxa de descompte utilitzada i que s'expressa com un increment o disminució de la probabilitat de fallida de l'empresa. A l'unir aquest resultat a la pèrdua i valor de bons "ferralla" (publicat per Altman & Suresh, 2007), s'obté l'actual valor net del cost de fallida que es manifesta com a percentatge del valor del deute.
El model desenvolupat s'ha aplicat a les empreses que van integrar al 2007 el DJIA, que calcula nivells estimats de deute per a aquestes empreses entre l'any 1996 i l'any 2006. Posteriorment, el deute estimat s'acara amb el deute real de l'empresa amb l'ús de la prova estadística de Mann-Whitney.
Els resultats obtinguts indiquen que el 63% de les companyies comparades no mostren una diferència estadísticament significativa entre el deute estimat i el real.We introduce a new Trade-Off model of capital structure. the innovation introduced is a simplification of Merton's (1974) distance to bankruptcy done by Bystrom(2006), to calculate the company's interest rate. Thus we include a dynamic effect of leverage on the interest rate, which affects both the cost of debt and de discount rate of the model. when we add this to the discounted value of distressed bonds (published by Altman & Suresh, 2007), we get the net present value of the cost of bankruptcy as a percentage of the value of the debt. We applied the model to the companies in the DJIA in 2007, calculating estimated debt levels for each company between the years of 1996 and 2006. the estimated debt was then compared with the actual debt using the Mann-Whitney statistical test. The results indicated that, on 63% of the compared companies, there is no statistically significant difference between the estimated debt and the actual debt.
Presentamos un nuevo modelo de “Trade-Off” de estructura óptima de capital de una empresa. La innovación consiste en incluir una simplificación de la fórmula de distancia a la quiebra de Merton (1974) realizada por Bystrom (2006), para determinar la tasa de interés de la empresa. Así incluimos un efecto dinámico del apalancamiento sobre la tasa de interés, el cual afecta al coste de la deuda y a la tasa de descuento utilizada expresándose como un incremento o disminución de la probabilidad de quiebra de la empresa. Al unir este resultado a la perdida e valor de bonos “chatarra” (publicado por Altman & Suresh, 2007), obtenemos el valor presente neto del coste de quiebra expresado como porcentaje del valor de la deuda. El modelo desarrollado es aplicado a las empresas que integraron en el 2007 el DJIA, calculando niveles estimados de deuda para dichas empresas entre el año 1996 y el año 2006. La deuda estimada es luego comparada con la deuda real de la empresa utilizando la prueba estadística de Mann-Whitney. Los resultados obtenidos indican que el 63% de las compañías comparadas no muestran una diferencia estadísticamente significativa entre la deuda estimada y la real.
5
Arici, Erdem. "Optimal Capital Structure For Build-operate-transfer Power Projects." Master's thesis, METU, 2003. http://etd.lib.metu.edu.tr/upload/1051887/index.pdf.
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Observing the deficiencies of traditional methods in meeting the demands
of today&rsquos infrastructure development has been motivating countries towards privatization of these sectors. However, due to the differences in these sectors as compared to other businesses, privatization can not be performed without strict regulations. Today, concession agreements like BOT models seem the best way for solving the problems. Financing of concession agreements plays a key role. In Turkey, most BOT projects are financed by capital structure that has a maximum debt ratio, which is allowed by the law. The objective of this study is to examine whether the maximum amount of debt ratio is the optimum amount of debt ratio. Optimization is carried out by analyzing the trade off between benefits of tax shield and the loss due to financial failure as a result of change in leverage, assuming other things are the same. A theoretical framework is developed for the analysis by selecting Adjusted Present Value Method as a financial tool. Energy generation sector in Turkey is analyzed, stock market data in Turkey is used for the analysis, and a bankruptcy prediction model is proposed for BOT projects in Turkey. Finally, by using the theoretical framework, an actual BOT model hydro electric power plant proposal is analyzed for optimization of capital structure.
6
Georgiadis, Vasilis. "Optimal capital structure of deep sea foreign freight transportation companies." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/90803.
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Thesis: S.M. in Engineering and Management, Massachusetts Institute of Technology, Engineering Systems Division, System Design and Management Program, 2014.Cataloged from PDF version of thesis.
Includes bibliographical references (page 46).
This thesis aims to understand the optimal leverage range for shipping companies (maritime foreign freight transportation companies - SIC 4412), through data analysis. This study confirms that in a traditional industry like shipping, the Market value-leverage curve is very similar to the theoretical curve, as proposed by traditional capital structure theories. In comparison to other industries, the trend shows that there is allowance for more debt in shipping, since the optimal capital structure is reached in relatively higher values. Between shipping companies, the study shows that the most definitive factor in determining the optimal leverage is the company type (type of ships owned), and somewhat the year range the company operated. Contrary to other industries, company size does not seem to play a major role in shipping. Data analysis using pure plays (groups of very similar companies) reels trend lines with higher accuracy, indicating the optimal leverage range of certain types of shipping companies. The most consistent result is that for tanker shipping companies, where the optimal leverage range is 65-75%.
by Vasilis Georgiadis.
S.M. in Engineering and Management
7
Perez, Giovanni. "Essays on Capital Structure of Nations." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2539.
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Sundararajan, Satheesh Kumar. "Project performance-based optimal capital structure for privately financed infrastructure projects." College Park, Md. : University of Maryland, 2004. http://hdl.handle.net/1903/1942.
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Thesis (Ph. D.) -- University of Maryland, College Park, 2004.Thesis research directed by: Civil Engineering. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
9
湯任彌 and Yum-li Benjamin Tong. "Financing schemes for investment in China: identifying the optimal capital structure." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1989. http://hub.hku.hk/bib/B31264499.
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Tong, Yum-li Benjamin. "Financing schemes for investment in China : identifying the optimal capital structure /." [Hong Kong] : University of Hong Kong, 1989. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12718452.
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Ericsson, Jan. "Credit Risk in Corporate Securities and Derivatives : valuation and optimal capital structure choice." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1997. http://www.hhs.se/efi/summary/446.htm.
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Barsotti, Flavia. "Optimal capital structure with endogenous bankruptcy : payouts, tax benefits asymetry and volatility risk." Toulouse 3, 2011. http://thesesups.ups-tlse.fr/1319/.
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La thèse concerne la modélisation du risque de crédit en suivant l'approche de modèles structurels. La thèse se compose de trois articles dans lesquels nous nous appuyons sur la structure du capital d'une entreprise proposée par Leland et nous étudions différentes extensions de son article fondateur dans le but d'obtenir des résultats plus conformes aux normes historiques et évidence empiriques, en étudiant en détail tous les aspects mathématiques. On analyse la modélisation du risque de crédit en suivant l'approche de modèles structurels avec défaut endogène. Nous prolongeons le cadre classique de Leland dans trois directions principales pour obtenir des résultats plus conformes aux données empiriques. Nous introduisons des dividendes et une asymétrie dans la déduction fiscale : les résultats numériques montrent que ces modifications conduisent à des ratios de levier proches des normes observées, grâce à leur influence conjointe sur la structure optimale du capital. Enfin, nous introduisons un risque de volatilité. En suivant les suggestions de Leland, nous proposons un cadre dans lequel l'hypothèse de volatilité constante pour l'évolution de la valeur de l'entreprise est supprimé. En analysant les dérivés sujets au risque de faillite impliqués dans la structure du capital de l'entreprise, on obtient leur prix corrigé dans une classe assez large de modèles à volatilité stochastique en appliquant la théorie des perturbations singulières. En considérant la structure du capital optimal, la volatilité stochastique semble être un modèle efficace pour améliorer les résultats dans le sens de 'spreads' plus élevés et des ratios de levier, plus faibles de façon significativeThe dissertation deals with modeling credit risk through a structural model approach. The thesis consists of three papers in which we build on the capital structure of a firm proposed by Leland and we study different extensions of his seminal paper with the purpose of obtaining results more in line with historical norms and empirical evidence, studying in details all mathematical aspects. The thesis analyses credit risk modelling following a structural model approach with endogenous default. We extend the classical Leland framework in three main directions with the aim at obtaining results more in line with empirical evidence. We introduce payouts and then also consider corporate tax rate asymmetry : numerical results show that these lead to predicted leverage ratios closer to historical norms, through their joint influence on optimal capital structure. Finally, we introduce volatility risk. Following Leland suggestions we consider a framework in which the assumption of constant volatility in the underlying firm's assets value stochastic evolution is removed. Analyzing defaultable claims involved in the capital structure of the firm we derive their corrected prices under a fairly large class of stochastic volatility framework seems to be a robus way to improve results in the direction of both higher spreads and lower leverage ratios in a quantitatively significant way
13
Chadderton, Marcus. "Optimal capital structure and share repurchases: a case study of Anglo American Plc." Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/20437.
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During 2006, AAL adopted and implemented its first share repurchase program, which continued up until its suspension in 2008. While management stated that share repurchases would only be done in the interest of shareholders, the repurchase program was disastrous for shareholder value. Management also stated that share repurchases provide the firm with flexibility regarding its capital structure. We investigated the capital structure of AAL for the years 2004 to 2012 from an optimal capital structure perspective. Using a CAPM approach, we find no evidence that AAL targeted or implemented a capital structure, which could be considered optimal.
14
Luo, Haowen. "Is 100 Percent Debt Optimal? Three Essays on Aggressive Capital Structure and Myth of Negative Book Equity Firms." Thesis, University of North Texas, 2016. https://digital.library.unt.edu/ark:/67531/metadc862869/.
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This dissertation comprises of three related essays in regard of puzzling negative book equity phenomenon among U.S. public firms. In essay 1, I present the evidence that there is an increasing trend of negative book equity firms over the past 50 years, from 0.3% up to over 5% among publicly traded firms in US. In contrast to previous research which generally classify these firms as distressed firms with highly likelihood of bankruptcy, I propose a new method to separate Healthy Negative Book Equity Firms (HNBEF) from relatively more distressed negative book equity firms. The results show that HNBEF have much higher net income and interest coverage ratio, they survive longer, and pay more dividends. More interestingly, these firms are often actively increase share repurchases and debt issuance. These facts, combined with their strong profitability, indicate that managers of these firms are actively increasing their leverage and choose to be negative book equity firms.
To explain the existence of HNBEF, in essay 2, I investigate several possible reasons that may contribute to the extreme leverage of these firms. I find that HNBEF are substantially undervalued by their book assets as stated on the balance sheet. In addition, the value of intangible assets, especially those off-balance sheet intangible assets, is positively related to the probability of becoming HNBEF. Moreover, I find that characteristics of intangible assets and firms also play important role on existence of HNBEF. Specifically, I find that both liquidity and redeployability of intangible assets are positively related with the probability of becoming HNBEF. Also, firms associated with closer borrower-lender relationship are more likely to become HNBEF.
To investigate if the aggressive capital structure adopted by HNBEF is optimal, in essay 3, I performed several tests to analyze how these firms differ from other firms in terms of operating performance, corporate governance and firm value. My research finds that compared to firms from same industry and with similar size, managers of HNBEF invest more heavily in their own firms, and HNBEF have better corporate governance. In addition, HNBEF are associated with better operating performance and higher value.
15
Rickard, Svensson, and Svensson Nicolina. "Ska åkerier leasa eller köpa? : Optimal kapitalstruktur för företag med stora investeringar." Thesis, Södertörns högskola, Institutionen för ekonomi och företagande, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-16622.
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This study deals with the road freight sector's capital structure and how leases, loans and equity affect the ratios. The study is based on a ten-year period between 2000-2010 in Sweden. Investments in finance is a complex and interesting subject to study, there are many factors that can affect how the company best choose their investments when they have many great business investment the decisions plays a greater role. The aim is to find an optimal capital structure from a financial investment point of view. The purpose will be answered by the following research question: Are there significant differences between leases, loans and equity financed fleet of factors, profitability, tax, turnover, age, and cyclicality. The study will also examine how debt is related to profit margin, DuPont and the tax, all through a regression analysis. Then were plausible economic theories for the study. These theories are the financial growth cycle, the pecking order theory, Trade off theory, and DuPont. In order to answer the purpose and problem definition, data was collected from the database retriever business where we got a sample of 121 companies. The study is based on bigger haulers that have a turnover of more than 10 million SEK and mainly engaged in road transport. The study has concluded that equity is the alternative that is best in general. To minimize the risks of the company is leasing better but generates less profit. Debt financing is better if you want a fast growth.
16
Engwall, Ludvig, and Martin Bjerring. "Optimal Credit Rating with Regard to Capital Structure : A Mixed Method Study on the Swedish Real Estate Market." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-298054.
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In Sweden, the demand for official credit ratings has historically not been as substantial as in other parts of the world. This due to the fact that Swedish banks up until recently provided the market with shadow ratings. The European Securities and Markets Authority (ESMA) started investigating shadow ratings in August 2016 and decided that Nordic banks issuing shadow ratings were against the new directives because they were not registered as rating agencies. The Nordic corporate bond market has grown rapidly since the financial crisis and many bond issuers have avoided the organizational cost associated with obtaining and maintaining a credit rating. In 2016, more than half of Nordic bonds were issued without a credit rating, while today, the majority of Nordic bonds are issued with credit rating. Capital structure and specifically the goal of locating the optimal capital structure has, since the breakthrough of Modigliani and Miller in 1958, been the center of attention for a lot of research and the issue is of great interest for both academicians and practitioners. In practice, there are many factors that affect the decision of what leverage and capital structure a company decides to aim for. Among the factors are growth opportunities, firm size and profitability. With the base in corporate financial theory, the purpose of this study is to explore what factors that influence Swedish real estate companies regarding their decisions of capital structure and credit rating. With the method of semi-structured interviews and quantitative simulations, the study aims to understand why Swedish real estate companies are divided in their strategies about credit ratings and to explore if the firms have suboptimal credit ratings with respect to their capital structure. The quantitative part indicates that the optimal credit rating grade is A- with regard to the capital structure, for the examined Swedish real estate firms, under the current market conditions. The uncertainty of the optimal credit rating grade is displayed in a sensitivity analysis. The qualitative part of the study indicates that the rating of A- could plausibly be the optimal credit rating level and that it most likely is above the investment grade. The qualitative part further sheds light on the strategies of Swedish real estate firms and gives the market and investors insight to understand the underlying factors for why firms aim for different ratings. One can conclude that leverage and weighted average cost of capital are important factors when it comes to decisions regarding credit rating grades, but is often trumped by the quality label of credit ratings, the demand for different grades, the signals a upgrade/downgrade sends to the market and the possibility to reach the rating institutes requirements.I Sverige har efterfrågan på officiella kreditbetyg historiskt sett inte varit lika stor som i andra delar av världen. Detta på grund av att svenska banker fram till nyligen försåg marknaden med skuggratings. Europeiska värdepappers- och marknadsmyndigheten (ESMA) började undersöka skuggratings i augusti 2016 och beslutade att nordiska banker som utfärdade skuggratings gick emot de nya direktiven eftersom de inte var registrerade som kreditvärderingsinstitut. Den nordiska obligationsmarknaden har vuxit snabbt sedan finanskrisen och många fastighetsbolag har undvikit kostnader kopplade till att erhålla och underhålla ett kreditbetyg. Under 2016 emitterades mer än hälften av nordiska obligationer utan kreditbetyg, medan idag är de flesta nordiska obligationer emitterade med kreditbetyg. Kapitalstruktur och specifikt målet att hitta den optimala kapitalstrukturen har sedan Modigliani och Millers genombrott 1958 varit centrum för mycket forskning och frågan är av stort intresse för både akademiker och utövare. I praktiken finns det många faktorer som påverkar beslutet om vilken belåningsgrad och kapitalstruktur som ett företag bestämmer sig för. Bland de påverkande faktorerna är tillväxtmöjligheter, företagsstorlek och lönsamhet. Med utgångspunkt i företagsfinansiella teorier, är syftetmed denna studie att undersöka vilka faktorer som påverkar svenska fastighetsbolag beträffande deras beslut om kapitalstruktur och kreditbetyg. Med metod i form av semistrukturerade intervjuer och kvantitativa simuleringar syftar studien till att förstå varför svenska fastighetsbolag har olika strategier kring kreditbetyg, samt att undersöka om företagen har suboptimala kreditbetyg med hänsyn till deras kapitalstruktur. Den kvantitativa delen indikerar att det optimala kreditbetyget är A-, med hänsyn till kapitalstruktur för de undersökta svenska fastighetsföretagen, under nuvarande marknadsförhållanden. Osäkerheten kring det optimala kreditbetyget visas i en känslighetsanalys. Den kvalitativa delen av studien indikerar att A- troligtvis kan vara den optimala kreditbetygsnivån samt att den optimala nivån högst sannolikt ligger över investment grade. Den kvalitativa delen belyser även de svenska fastighetsbolagens strategier och förser marknaden och investerare med insyn om de bakomliggande faktorerna till varför företag strävar efter olika betyg. Slutsatsen är att belåningsgrad och kapitalkostnader är viktiga faktorer när det gäller beslut om kreditbetyg, men att det ofta prioriterars efter kvalitén associerad med kreditbetyget, efterfrågan på olika kreditbetyg, signalerna en uppgradering / nedgradering sänder till marknaden och om företaget kan nå kreditvärderingsinstitutets krav.
17
Carrão, Patrícia Margarida Gonçalves. "A estrutura financeira das empresas hoteleiras portuguesas versus europeias." Master's thesis, Instituto Superior de Economia e Gestão, 2012. http://hdl.handle.net/10400.5/10405.
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Mestrado em FinançasO presente estudo tem como objectivo a realização de uma comparação da estrutura financeira das empresas portuguesas do sector hoteleiro com empresas de outos países da União Europeia do mesmo ramo de actividade. A amostra que serviu de base para esta investigação é constituída por empresas do sector hoteleiro de seis países (Portugal, Espanha, França, Reino Unido, Grécia e Itália) com referência ao período de 2001 a 2010. A metodologia utilizada consistiu no modelo de regressão linear de forma a aferir os factores explicativos para a estrutura financeira de cada país, na ANOVA para a comparação de médias de endividamento e no método σ convergência de modo a perceber, se a estrutura financeira entre os vários países em análise estão a convergir ou a divergir. Os resultados obtidos sugerem que as empresas do sector hoteleiro estabelecidas na Grécia e em Portugal apresentam os maiores níveis de endividamento a médio e longo prazo, apresentando também a maior queda de rendibilidade entre os anos em estudo, o que aponta para eventuais dificuldades financeiras. Quanto aos determinantes da estrutura de capital, os que apresentam maior importância para a generalidade dos países são a rotação do activo, a rendibilidade, a flexibilidade financeira, a dimensão e a tangibilidade do activo. Contudo, nenhum dos países analisados apresentam os mesmos factores explicativos que Portugal para qualquer maturidade de endividamento. Por fim, constata-se uma tendência de convergência no nível de endividamento total e a curto prazo dos países em análise.
The study in hand has as it's objective the comparison between the financial structure of a Portuguese company, hotel sector, and other EU companies of the same business sector. This study was based by a sample of companies of the following countries: Portugal, Spain, France, UK, Greece and Italy (Date referenced: 2001 ? 2010). The methodology used was the linear regression model as it's a way of calibration and explanation for the financial structure of each country. In ANOVA the comparison of the average debit and the σ convergence method was used as a way of understanding if the financial structure of all the countries in study are converging or diverging. As a result of all the analysis it's suggested that the companies established in Portugal and Greece in the hotel sector have the biggest debit levels in medium and long-term and the greater drop in profitability in the years in study. All this points out for eventual financial difficulties. As for the determinants of the capital structure, in general the most important are: Asset turnover, ensuring profitability, financial flexibility, dimension and tangibility of the asset. Still, none of the countries in study have the same explanation factors as Portugal for any debt maturity. In the end, we find a short-term tendency of convergence in the levels of the total debit of the countries in study.
18
Guerrero, Dario Alexandre. "Estrutura de capital em setores de infraestrutura regulados." Universidade de São Paulo, 2016. http://www.teses.usp.br/teses/disponiveis/12/12138/tde-21102016-132435/.
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Esta tese é composta por três ensaios que analisam a estrutura ótima de capital em setores de infraestrutura regulados. O primeiro ensaio, uma revisão da literatura, sistematiza diversos artigos que tratam de possíveis efeitos decorrentes de um ambiente economicamente regulado sobre a definição da estrutura ótima de capital. Estes artigos indicam que a relação estratégica existente entre entes reguladores e firmas reguladas afeta a decisão destas com relação à sua estrutura ótima de capital. O segundo ensaio tem por objetivo analisar esta questão de forma empírica, pela ótica dos entes reguladores. Para isso, primeiramente se levanta os procedimentos usualmente praticados pelas agências reguladoras nacionais na definição regulatória da estrutura ótima de capital, buscando-se avaliar se as mesmas atentam aos efeitos esperados do ambiente regulado sobre as decisões das firmas com relação às suas estruturas ótimas. Este levantamento demonstra que, até o momento, esta não tem sido uma preocupação dos órgãos reguladores nacionais. Ainda neste segundo ensaio, realiza-se, a partir de informações econômico-financeiras de firmas reguladas e não reguladas, uma análise em painel para verificar se o ambiente regulado, conforme indica a literatura, realmente afeta a estrutura ótima das firmas reguladas. Finalmente, o terceiro ensaio, também empírico, analisa a composição do endividamento das firmas reguladas e realiza duas verificações: (a) se as variáveis explicativas que a literatura indica como determinantes para a definição da quantidade de dívida apresentam intensidades diferentes por tipo de fonte (financiamentos bancários tradicionais ou debêntures); e (b) se, para cada tipo de fonte, os determinantes apresentam intensidades diferentes entre empresas reguladas e não reguladas.This thesis consists of three essays on the optimal capital structure in infrastructure sectors that are subjected to economic regulation. The first essay, a literature review, organizes different articles that analyze the effects of an economically regulated environment over the optimal capital structure. These articles demonstrate that the existent strategic relation between regulators and regulated firms affects the firms\' decision in regard to its optimal capital structure. The second essay aims to an empirical test, from the point of view of regulators. First, the usual procedures adopted by the Brazilian regulators for measuring the optimal capital structure are systematized, showing that the potential effects of the regulated environment over the optimal capital structure have not so far been addressed by them. After that, a quantitative analysis is carried out, seeking to measure if a regulated environment really affects the optimal capital structure - the database consists of Brazilian regulated and unregulated firms, using a panel approach. Finally, the third essay, also empirical, breaks down the debt (long term loans and bonds) of firms and performs two analyses: (i) do different kinds of debt have different determinants?; and (ii) for each kind of debt, are there different determinants between regulated and unregulated firms?
19
Barros, Lucas Ayres Barreira de Campos. "Decisões de financiamento e de investimento das empresas sob a ótica de gestores otimistas e excessivamente confiantes." Universidade de São Paulo, 2005. http://www.teses.usp.br/teses/disponiveis/12/12139/tde-07082007-224658/.
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Esta pesquisa investiga empiricamente as possíveis influências de gestores cognitivamente enviesados sobre as decisões de financiamento e de investimento das empresas. Especificamente, dois vieses cognitivos amplamente documentados na literatura comportamental e psicológica são enfocados: o otimismo e o excesso de confiança. As hipóteses de pesquisa são derivadas de um crescente corpo de teorias dedicadas à exploração das implicações para a empresa da presença destes traços psicológicos nos seus gestores. Embora o otimismo e o excesso de confiança tendam a se manifestar conjuntamente, é possível tratá-los separadamente para fins analíticos. Genericamente, o otimismo costuma ser modelado como uma superestimação da probabilidade de ocorrência de eventos favoráveis, ao passo que o excesso de confiança reflete-se na subestimação da volatilidade ou do ruído de processos que envolvem incerteza. Argumenta-se que uma predição central emerge do conjunto dos modelos considerados, qual seja, empresas geridas por indivíduos otimistas e/ou excessivamente confiantes são mais propensas ao endividamento, ceteris paribus. Alguns modelos que enfocam apenas o viés do otimismo também sugerem que estas empresas são mais propensas a adotar uma hierarquização de preferências por fontes de financiamento conhecida como pecking order. Quanto ao impacto destes vieses sobre o valor de mercado e sobre as decisões de investimento das empresas os resultados teóricos são ambíguos. O estudo oferece duas contribuições principais. A primeira é o teste pioneiro das predições referidas acima e a segunda é a proposição de uma estratégia inovadora de identificação destes vieses entre os gestores. Especificamente, sólidas evidências empíricas apoiadas por argumentos teóricos diversos sugerem que os indivíduos que gerenciam o seu próprio negócio (empreendedores) são particularmente propensos a exibir excesso de confiança e otimismo exacerbado em seus julgamentos. Alternativamente, estes vieses são identificados com base no padrão de posse de ações da própria empresa por parte dos seus gestores. Utiliza-se uma amostra de 153 empresas brasileiras observadas entre os anos de 1998 e 2003. Diferentes métodos foram empregados para estimar os parâmetros dos modelos empíricos, com destaque para o procedimento baseado no Método dos Momentos Generalizado conhecido como GMM Sistêmico, sempre com o objetivo de controlar os problemas de endogeneidade relacionados, em particular, com variáveis omitidas, erros de mensuração e com a provável determinação simultânea de algumas variáveis. Os dados não mostram evidências favoráveis à hipótese da hierarquização de fontes de financiamento. Tampouco é possível divisar qualquer impacto sistemático das variáveis substitutas do otimismo/excesso de confiança dos gestores sobre medidas do valor de mercado e do volume geral de investimentos das empresas. Um resultado bastante significativo emerge, não obstante, da análise empírica: empresas geridas por indivíduos classificados como otimistas/excessivamente confiantes revelam-se, depois de isolados diversos fatores intervenientes, substancialmente mais alavancadas financeiramente do que as demais. Esta evidência, compatível com a predição central do conjunto de teorias comportamentais consideradas, é robusta a variações do método de estimação, da especificação do modelo empírico e da definição operacional escolhida para os vieses de interesse. A significância econômica aliada à significância estatística da influência observada sugere que otimismo e o excesso de confiança dos gestores podem exercer impacto significativo sobre decisões corporativas e, em especial, podem ser importantes determinantes da estrutura de capital das empresas.This research empirically investigates the possible impacts of cognitively biased managers on firms\' financing and investment decisions. Specifically, two cognitive biases that are widely recorded in the behavioral and psychological literature are considered: optimism and overconfidence. The testable hypotheses are derived from a growing body of theories that focus on the implications of biased managers for firms. Although optimism and overconfidence tend to appear together, it is possible to treat them separately for analytical purposes. Generically, optimism is usually modeled as an overstatement of the probability of occurrence of favorable events and overconfidence is reflected in the understatement of the volatility or of the noise of processes that involve uncertainty. It is argued that one central prediction emerges from the set of models considered, namely, that companies managed by optimistic and/or overconfident individuals are more inclined towards debt financing, ceteris paribus. Some models that focus on the bias of optimism alone suggest, in addition, that these companies are more prone to establishing an ordering of preferences for alternative sources of financing known as pecking order. When it comes to the impact of these biases on the firm\'s market value and on its investment decisions the theoretical results are more ambiguous. The study offers two main contributions. Firstly, it pioneers in testing the above mentioned predictions. Secondly, it proposes a novel strategy for identifying these biases among managers. Specifically, solid empirical evidence supported by diverse theoretical arguments suggests that people who run their own business (entrepreneurs) are particularly prone to showing overconfidence and optimism in their judgments. Alternatively, these biases were identified based on the amount of firm\'s stock owned by its manager. The available sample comprises 153 Brazilians firms observed from years 1998 to 2003. Different methods were applied for estimating the parameters of the empirical models, emphasizing a procedure based on the Generalized Method of Moments and known as System GMM, aiming at controlling endogeneity problems related to omitted variables, measurement errors and the likely simultaneous determination of some variables. The empirical evidence obtained does not favor the pecking order hypothesis. It is also not possible to distinguish any systematic impact of the proxies for managerial optimism/overconfidence on indicators of firm\'s market value or of its general level of investments. A quite significant result emerges from the empirical analysis, nevertheless: firms managed by individuals that were classified as optimists/overconfident reveal themselves, after intervening factors have been isolated, to be substantially more financially leveraged. This evidence is compatible with the central prediction of the set of theories considered and is robust to variations of the estimation method, specification of the empirical model and to differing operational definitions for the cognitive biases of interest. The economic significance allied to the statistical significance of the observed impact suggests that managerial optimism and overconfidence can indeed play a role in corporate decision making and, specifically, they may be important determinants of firms\' capital structure.
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Varoli, Rita de Cássia. "Abordagens de cálculo do grau ótimo de endividamento: um estudo em empresas brasileiras." Universidade Presbiteriana Mackenzie, 2006. http://tede.mackenzie.br/jspui/handle/tede/682.
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Previous issue date: 2006-09-14International and Brazilian s researchers have been showing studies to answer questions about an optimal leverage. Following evidences of an optimal capital structure s existence and its relevance for creation value, this paper shows the comparison of actual financing leverage with results of theoretical models, using different approaches to achieve the optimal financing mix. Five methods were applied, looking for those that are better fitted to predict leverage for food and beverage and paper and pulp firms. These approaches are: operational margin method, return differential method, adjusted present value method, average weighted cost of capital method and comparative method, in which a cross sectional with capital structure determinants is used to obtain the optimal leverage.
Estudos internacionais e brasileiros têm sido realizados por pesquisadores na busca de uma resposta para a existência de uma estrutura ótima de capital. Partindo da vertente das evidências de que esta existe com sua conseqüente relevância para a criação de valor, este trabalho mostra a comparação dos níveis de endividamento atuais com resultados de modelos teóricos ideais, usando diferentes abordagens que se propõem fornecer o chamado nível de endividamento ótimo. Foram aplicadas cinco abordagens de cálculo para estimar graus ótimos de endividamento em empresas do setor de alimentos e bebidas e de papel e celulose, procurando verificar quais abordagens se apresentam mais adequadas. Essas abordagens são: método do lucro operacional, método do diferencial do retorno, método do custo de capital, método do valor presente ajustado ao método comparativo por regressão cross sectional, na qual dados determinantes de capital são usados para obter o endividamento em nível ótimo.
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Wallberg, Martin, and David La. "Optimal kapitalstruktur : En undersökning tillämpad på skandinaviska och tyska företag." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-156767.
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This paper describes and develops a trade off model of optimal capital structure by Bradley et al. (1984). The model is then tested to examine how changes in corporate tax rates affect the optimal capital structure of firms. Based on theoretical implications of the model, four hypotheses are derived stating that firms’ optimal debt-to-value ratio is (1) negatively related to financial distress costs, (2) negatively related to non-debt tax shields, (3) negatively related to firm volatility and (4) positively related to the corporate tax rate. Based on the results of two regression models applied on 753 Scandinavian and German firms, we find empirical support for hypothesis 1 and 3 while we find no empirical support for hypothesis 2 and 4. These results can be explained by problematic empirical proxies and in the light of the pecking-order theory.
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Vieira, Kelmara Mendes. "Modelagem de equações estruturais aplicada à reação a splits : integrando as hipóteses de liquidez, sinalização e nível ótimo de preços." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2006. http://hdl.handle.net/10183/7958.
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Dentre as decisões adotadas pelos gestores quanto à política acionária em suas empresas, está a realização splits. Como a sua realização não altera a posição relativa dos investidores e não interfere nas políticas de investimento, de financiamento e de distribuição de resultados, espera-se, a luz da teoria financeira, que os splits sejam apenas eventos cosméticos. Entretanto, grande parte das pesquisas empíricas desenvolvidas ao longo dos últimos anos demonstra que o mercado reage positivamente ao splits. As possíveis explicações para este comportamento são ainda inconclusivas. Dentre as diversas hipóteses levantadas pela literatura três se destacam: sinalização, liquidez e nível ótimo de preços. Este trabalho tem como objetivo principal o desenvolvimento de um modelo capaz de considerar, simultaneamente, o papel destas hipóteses na explicação da reação dos investidores aos splits. Para avaliar a influência de cada uma das hipóteses e das suas inter-relações utiliza-se um modelo híbrido de equações estruturais. No modelo de mensuração, foram definidos quatro construtos: negociação, spread, tamanho e preço. O modelo estrutural define as relações existentes a partir da proposição de 22 hipóteses. Para a avaliação do modelo utilizou-se uma amostra de 321 splits realizados no mercado brasileiro entre 1990 e 2004. Os resultados da análise fatorial confirmatória apontaram para a validade e coerência dos quatro construtos, validando o modelo de mensuração. Após a eliminação das hipóteses não significativas e da inserção de algumas correlações entre os erros das variáveis, o modelo estrutural confirmou 12 das hipóteses levantadas originalmente e apresentou índices de ajuste adequados. De maneira geral, os resultados apontam para a pequena influência da assimetria informacional, dentre eles, o fato do tipo de split (bonificações ou desdobramentos) e do split fator não influenciarem a reação e a não significância das hipóteses que envolvem a maioria das variáveis relacionadas à assimetria. Quanto à decisão de realizar os splits, observou-se que o gestor leva em consideração principalmente a volatilidade e o preço para a escolha do split fator.Among the decisions that managers make concerning stock policies in their companies, one can find the splits. As splits do not effect changes in the relative position of investors nor influences the policies for investment, financing and distribution of results, it is expected that, according to financial theory, splits play a cosmetic role and nothing else. Nonetheless, a great deal of current empirical research shows that the market reacts positively to splits. Possible explanations for such a behavior are yet inconclusive. Among the several hypotheses that were raised so far in the literature, three can be given special attention: signaling, liquidity, and optimal price level. The preset work develops a model able to take simultaneously the role of these hypotheses to explain the reaction of investors to the splits. In order to assess the influence of each hypothesis and interrelationships, a hybrid model of structural equations is deployed. Four constructs were defined in the measurement model: trading activity, spread, size, and price. The structural model defines extant relations from the proposition of 22 hypotheses. A sample of 321 splits performed in the Brazilian market between 1990 and 2004 was used for assessing the model. Confirmatory factor analysis revealed the validity and coherence of the four constructs, thus enabling one to claimabout the validity of the measurement model. After eliminating non-significant hypotheses and adding some correlations for the errors in variables, the structural model confirmed 12 original hypotheses and exhibited adequate fit indexes. Broadly, findings suggest that there is little influence from the informational asymmetry, among which the facts that the type of split (stock dividends or stock splits) and the split factor do not influence the reaction and the non-significance of the hypotheses that comprise most variables related to asymmetry. In what comes to deciding to do splits, it was clear that the manager mainly takes into account the volatility and the price for choosing the split factor.
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Burkowski, Érika. "Identificando preferências e atributos relacionados à decisão de financiamento a partir das técnicas de conjoint e correspondência – uma aplicação em empresas de capital fechado localizadas na cidade de Juiz de Fora." Universidade Federal de Juiz de Fora (UFJF), 2008. https://repositorio.ufjf.br/jspui/handle/ufjf/2860.
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Esta dissertação pesquisou 99 empresas localizadas na cidade de Juiz de Fora (MG), buscando identificar um perfil de financiamento das mesmas. Utilizou-se a Análise Conjunta (Conjoint) para identificar as características mais desejadas de um instrumento de financiamento por essas empresas. Realizaram-se revisões bibliográficas acerca de temas como estrutura de capital, finanças comportamentais e trabalhos empíricos realizados em micro e pequenas empresas, além da Análise de Correspondência, para se identificar os atributos das empresas relacionados à decisão de financiamento atual e ideal. Constatou-se que a maior parte das empresas da amostra utiliza financiamentos de curto e de longo prazo; o endividamento total se apresenta próximo a 20% do capital total. A variável ‘novos Investimentos’ foi significativa para os financiamentos de curto longo prazos. As variáveis ‘tamanho’ (medida pelo faturamento), ‘, ‘expectativa de retorno dos novos investimentos’ e ‘fonte de financiamento dos novos investimentos’ foram significantes para financiamentos de curto prazo. Com os financiamentos de longo prazo, estão relacionadas ‘destino do financiamento’, ‘percepção da volatilidade’, ‘expectativa de crescimento’ e ‘intenção de novos investimentos’. Conclusivamente, observa-se adequação da hierarquia de fontes modificada (HOLMES e KENT, 1991) e do modelo de decisão de estrutura de capital em pequenas empresas (MICHAELAS et al, 1998).
This dissertation surveys 99 companies located in Juiz de Fora (Minas Gerais State), searching for patterns in their capital structure. Conjoint Analysis was used to capture the most preferable items in a financing instrument chosen by them. A literature review on capital structure, behavioral finance and empirical works concerning to small companies was made and Correspondence Analysis was used to identify companies attributes related either to the actual capital structure and capital structure preferences. The findings were: most of the companies in the sample use short and long term funds. Debt was nearly 20% of total funds. Variable “new investments’ was significant to the short- and long-term debt. Variables “size” (measured by Net Income), “new investments return expectation” and “funding source of new investments” were related to short-term debt. Variables “application of new funding”, “volatility perception”, “growth expectation” and “intention of doing new investments” were related to long-term debt. Conclusively, evidences of the modified pecking order theory (HOLMES e KENT, 1991) and the capital structure model adequacy in small companies (MICHAELAS et al, 1998) were found.
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Shiong, Hue-huechiuen, and 熊慧娟. "THE ANALYSIS OF THE OPTIMUM CAPITAL STRUCTURE SELF-FINANCE OF BOT PROJECTS." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/87120420656287597969.
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碩士國立聯合大學
防災科技研究所
95
There are many mega-BOT projects under going at Taiwan, such as Taiwan High Speed Rail project, Kaoshoung MRT project, and Tran-airport MRT project. These projects encounter some problems which include the cost overrun, time delay and lack of banks’ financial support. These problems lead to the possible failure of the projects, as well as the loss of the banks’ investment. BOT projects are with project financing scheme which becomes more complicate as the projects become large scale or with long project term. Therefore, the risk evaluation and control are vital in such BOT projects. Another important issue is the determination of the optimum capital structure of the BOT projects. Less investment by investors may increase the IRR of the project, but decrease the DSCR of the project. Small DSCR will enhance the probability of default of the BOT projects. A project finance evaluation model (PFEM) is developed to analyze the project financial characteristics and to determine the optimum capital structure of a case study of Turkey electricity project. The results show that the payback period of the case study is 7.8~8.6 years. And the optimum capital structure is26.69% ~ 33.04%. These information are useful for the bankers’ and investors’ reference
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吳文彬撰. "The relationship between optimum capital structure and the cost of capital: the empirical study of publicly issued companies in Taiwan." Thesis, 1988. http://ndltd.ncl.edu.tw/handle/61855043605889201714.
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Wang, King-long, and 王金隆. "Analysis Of Optimum Capital Structure Of BOT Projects - The Case Study Of Taiwan High Speed Rail Project." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/97192210292824374096.
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碩士國立聯合大學
土木與防災工程學系碩士班
96
Self-liquidation-ratio (SLR) is very difficult to greater than one for mega-scale infrastructure BOT projects at Taiwan due to lengthy construction period and huge construction expenditure. The governmental agent has to provide some intrinsic incentives to the investors in order to attract them to invest at these BOT projects. Most effective incentive for the investors is that the agent invests the projects’ construction expenditure as well. Then, how much share the agent should invest in the projects becomes a crucial issue. In general, the SLR is a major index to determine the amount of investment of the agent. We conduct an analysis to demonstrate that SLR is not a good index for determining the share of investment of the agent. For example, we use the Taiwan high speed rail project as a case study. The results show that SLR is equal to 65.1%, i.e., the agent should invest 34.9%. The model shows that the optimum investment share for the agent is 40.53%. Therefore, we provide some evidences that SLR should not be a sole index for the agent to consider the investment share of the BOT projects. In addition, we construct a simulation model to calculate the optimum capital structure of the non-self –liquidation BOT projects. The calculation process is followed the real procedure of negotiation. The negotiation of the investment share of the tri-parties, agent, investors, and bankers, is modeled into two stages. First stage is the negotiation between the agent and the investors. Second stage is the negotiation between the investors and the bankers. We find that in Taiwan high speed project, the agent should invest 40.53%. The investor should invest 27.22% of remaining fund, and the bankers should provide 72.28% of remaining fund.
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NOVOTNÁ, Eva. "FINANCOVÁNÍ PODNIKU S OHLEDEM NA OPTIMALIZACI KAPITÁLOVÉ STRUKTURY." Master's thesis, 2013. http://www.nusl.cz/ntk/nusl-153705.
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The main aim of this work is financial analysis and evaluation of capital structure, whose calculation is applied to concrete company from the South Bohemian region. The analysis was done in three dimensions, when firstly the capital structure of the company was analyzed including horizontal and vertical analysis. Further, types of financing are described and in conclusion the financial efficiency and capital structure are evaluated.
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Yao, Xiao-Yun, and 姚曉雲. "Testing Optimal Capital Structure with Threshold Model." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/79741409172486324608.
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碩士國立暨南國際大學
財務金融學系
93
This paper is to discuss the use of financial leverage as well as the threshold effect on the value creation of Taiwan listed companies. There are nine industries included in the sample. Across them, the results reveal that the Tobin’s Q varies after controlling for assets growth rate, profitability, and dividend. In addition, threshold effects can be detected in the electronics, construction, and transportation and tourism industries, whereas they are not significant in others. Therefore, companies in the specific industries can increase values via borrowings as long as their total debts ratio is below this particular threshold rate. The results also identify profitability and dividend as crucial factors of multiplying firm values.
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Ratshikuni, Murangi N. "Optimal capital structure for JSE listed companies." Diss., 2009. http://hdl.handle.net/2263/24438.
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This report details a study of capital structure for JSE listed companies. The study considered historical financial information for JSE listed companies over the period 1987 to 2009 and asked two central questions, with the benefit of hindsight. Firstly, could JSE listed companies have used more debt to finance their operations during this period? Secondly, how much additional debt could these companies have used and thereby increase shareholder value? An optimal debt ratio maximises shareholder value by optimising tax benefits of debt. This study analysed data for 97 companies that were within the top 160 JSE listed companies. For each year of data, debt was increased while maintaining certain pre-selected debt service ratios, to determine how much additional debt these companies could have had. These ratios were interest coverage, cash coverage and DSCR. The results indicate that in most sectors of the JSE companies could have used significantly more debt to finance their operations over the past 22 years. By so doing these companies would have increased shareholder value over the years. CopyrightDissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted
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Yang, Jie. "Essays in Capital Structure." Diss., 2010. http://hdl.handle.net/10161/2265.
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The costs and constraints to financing, and the factors that influence them, play critical roles in the determination of corporate capital structures.
Chapter 1 estimates firm-specific marginal cost of debt functions for a large panel of companies between 1980 and 2007. The marginal cost curves are identified by exogenous variation in the marginal tax benefits of debt. The location of a given company's cost of debt function varies with characteristics such as asset collateral, size, book-to-market, intangible assets, cash flows, and whether the firm pays dividends. Quantifying, the total cost of debt is on average 7.9% of asset value at observed levels, reaching as high as 17.8%. Expected default costs constitute approximately half of the total ex ante cost of debt.
Chapter 2 uses the intersection between marginal cost of debt functions and marginal benefit of debt functions to examine optimal capital structure. By integrating the area between benefit and cost functions, net benefit of debt at equilibrium levels of leverage is calculated to be 3.5% of asset value, resulting from an estimated gross benefit of debt of 10.4% of asset value and an estimated cost of debt of 6.9%. Furthermore, the cost of being overlevered is asymmetrically higher than the cost of being underlevered. Case studies of several firms reveal that, for some firms, the cost of being suboptimally levered is small while, for other firms, this cost is large, suggesting firms face differing sensitivities to the capital structure choice.
Finally, Chapter 3 examines the role of financing constraints on intertemporal capital structure choices of the firm via a structural model of capital investment. In the model, firms maximize value by choosing the amount of capital to invest and the amount of debt to issue. Firms face a dividend non-negativity constraint that restricts them from issuing equity and a debt capacity constraint that restricts them from issuing non-secured debt. The Lagrange multipliers on the two constraints capture the shadow values of being constrained from equity and debt financing, respectively. The two financing constraint measures are parameterized using firm characteristics and are estimated using GMM. The results indicate that these measures capture observed corporate financing behaviors and describe financially constrained firms. Finally, between the two financing constraints, the limiting constraint is the debt restriction, suggesting that firms care about preserving financial slack.
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Tsay, Min-Hung, and 蔡明宏. "Real Options, Asymmetric Competition, and Optimal Capital Structure." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/11237084908161319013.
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博士國立中央大學
財務金融學系
102
This dissertation investigates the interaction between product market competition and firm's optimal capital structure in an dynamic asymmetric duopoly model. The paper first shows that in both sequential and preemption investment equilibria, the firm with profit advantage is the leader (the first firm enters the market), and the other is the loser (the first firm exits the market). On the leader's side, we first find that in sequential investment equilibrium, the leader's optimal investment trigger, leverage ratio and credit spread increase with market competition. Next, we see in preemptive investment equilibrium that both the leader's optimal investment trigger and leverage ratio first increase and then decrease with market competition, and the relationship between its optimal credit spread and market competition is ambiguous. On the loser's side, we show that its optimal investment trigger decreases with market competition in sequential investment equilibrium, but first increases and then decreases with market competition in preemptive investment equilibrium. Furthermore, competition does not affect the loser's optimal leverage ratio and credit spread in both types of equilibria. Our results imply that the effect of market competition on a firm's optimal decisions and financial structures significantly depends on a firm's position in the market. Finally, we show that the leader's optimal leverage ratio and credit spread vary with irreversible investment cost non-monotonically, but both the loser's optimal leverage ratio and credit spread do not vary with irreversible investment cost.
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YANG, CHENG-XIN, and 楊程馨. "The Optimal Capital Structure of Corporate Social Responsibility." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/688nk5.
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碩士國立高雄第一科技大學
金融系碩士班
105
The question of whether an optimal capital structure actually exists remains a mystery despite decades of fierce debate. Capital structure is associated with a firm’s corporate governance and operating performance, whilst an optimal capital structure is the best debt-to-equity ratio for a company, which maximizes enterprise value. Therefore, the aim of this paper was to explore how different levels of corporate social responsibility (CSR) exert an influence on the capital structure of listed companies in Taiwan. This paper is the first to employ the quantile unit root test and Fourier function developed by Bahmani-Oskoee et al. (2016) to verify the existence of an optimal capital structure in companies with varying levels of CSR. Empirical results indicate that firms focusing on CSR activities tend to have an optimal capital structure because they carry their economic responsibility well and are able to maximize enterprise value. Contrarily, firms that pay little attention to CSR are prone to rejecting an optimal capital structure and will be unlikely to maximize enterprise value. This study provides empirical findings of the advantages of CSR for listed companies in Taiwan: companies pursuing CSR will be more likely to have an optimal capital structure (aka target capital structure), which may decrease a firm’s financing cost and maximize enterprise value. Firms with low levels of CSR do not have a target capital structure, and cannot maximize enterprise value by reducing financing costs.
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Tseng, Han-Lou, and 曾瀚樓. "Partial Write-Down Bond and Optimal Capital Structure." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/sdycm3.
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碩士國立交通大學
財務金融研究所
107
In this paper, we introduce a new kind of write-down (WD) bond by designing a partially continuously write-down mechanism. By using the idea of occupation time, we derive the closed-form pricing formula of the WD bond. We analyze a firm’s optimal capital structure where the straight debt (SD) and junior WD bond are included. First, we find that there is a substitutive relationship between the SD and WD bond in determining a firm’s optimal capital structure. Second, the optimal capital structure of our model is different from that of the model with the principal one-time write-down bond. Finally, issuing our WD bond can reduce the spreads of the SD and can significantly increase the firm’s optimal leverage.
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曾群軒. "Optimal Capital Structure Model under the CEV Process." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/81538245892073337526.
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碩士國立交通大學
財務金融研究所
98
The well-known Leland (1994) and Leland and Toft (1996) models provide some insights of the capital structure issues. However, in order to obtain analytical solutions of corporate securities, researchers need to impose some unrealistic assumptions to avoid time and path dependency. While evaluating a single corporate debt with finite maturity or complex bankruptcy proceedings, no analytical solution is available and one needs to resort to numerical methods. In this study, we extend the binomial lattice method by Broadie and Kaya (2007) to develop a capital structure model, which incorporates finite maturity as well as the feature of Chapter 11 bankruptcy proceedings. To make the model more realistic, we assume that the underlying asset value follows the constant elasticity of variance (CEV) process. Our numerical results show that when the reorganization period is longer or the elasticity constant is smaller, the value of corporate risky debt will be lower.
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Lin, Hung-kuei, and 林鴻逵. "Estimating the Optimal Capital Structure---Divided by Industries." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/f2hs3q.
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碩士國立高雄第一科技大學
金融營運所
96
Estimating the Optimal Capital Structure—Divided by Industries ABSTRACT Capital structure is an important part of a company’s policy. Due to MM theory, capital structure has become the main issue of making policies. This paper uses multiple quadratic equations trying to prove that if the optimal capital structure is exist. This paper uses the debt ratio as the factor of making the capital structure, and also add many control variables. In addition, this paper uses the quadratic of debt ratio as the key point of the entire equation to estimate the optimal debt ratio. This paper uses the six-year data during 2001/1/1~200612/31, and estimates the optimal debt ratio in different industries. The total data includes sixteen industries, in these sixteen industries, five of them aren’t evident, and the rest of them eleven are evident. And this paper also make the optimal debt ratio of each industry.
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Hsu, Chun-chiang, and 許竣強. "Optimal capital structure for construction coompanies-a profitability viewpoint." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/77643834839323854863.
Full textAbstract:
碩士國立中央大學
營建管理研究所
98
The optimal capital structure for a corporation has been discussed for years; yet, numerous studies proposed certain values of debt ratio, which barely fit empirical evidence for construction and construction related companies. This research adopts the profitability viewpoint and modifies the trade off model to establish a theoretical corporate capital structure more suitable for construction and construction related companies. Having technology impact set to a constant and adjusting the equations by characteristics of the construction industry, the modified capital structure model is established. The model is evaluated using 260 ranked empirical datasets by the Technique for Order Performance by Similarity to Ideal Solution (TOPSIS), and demonstrates that the debt ratio at 52.29% is optimal. The findings address that a gap of 5.67% in average between the theoretical value and empirical value is limited; thus, the optimal capital structure exists. With the consideration of corporate profitability, this research suggests that the range of practical capital structure from 43.28% to 61.31% is more suitable for construction and construction related companies.
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Tung, Yi-Hsuan, and 董乙璇. "A Dynamic Optimal Capital Structure Modelwith Costly Adjustment Mechanisms." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/47586523532998411277.
Full textAbstract:
碩士國立臺灣大學
財務金融學研究所
96
This paper develops a dynamic capital structure model with costly adjustment mechanisms. Based on an exogenous cash flow process, the model can endogenously determine the firm value and the claim value of firm’s derivative security under optimal debt level. The model considers costs of adjustments in capital structure, including a fixed cost element and a proportional one, which have significant effect on the frequency of adjustments in capital structure by a firm. The numerical results of simulation analysis of our model are consistent with those expected in literature and intuition.
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Huang, Sheve-hwa, and 黃雪華. "THE INFERENCE OF ECONOMIC CONDITIONS ON OPTIMAL DYNAMIC CAPITAL STRUCTURE." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/35414654884501363930.
Full textAbstract:
碩士大同大學
事業經營學系(所)
97
This paper analyzes the optimal leverage and the factors that influence optimal leverage of the companies listed on Taiwan Stock Exchange and OTC in Taiwan with a dynamic capital structural model by incorporating economic conditions factors so as to examine the impacts of these factors on the speed of adjusting a corporate optimal capital structure. The empirical finding shows that a booming economy is beneficial to the adjusting speed of a corporate optimal capital structure. Meanwhile, there is a significantly positive correlation between leverage ratios and firm size. However, the correlation with profitability is negative. In a recession, companies pay more focus on fundamentals and take a gradual approach in adjusting their capital structure by taking into accounts costs and other factors. When the influence of individual variables on leverage is greater than that of an economic boom, there is a significantly positive correlation between leverage ratios, firm size and collateralized asset value. However, there is a significantly negative correlation with non-debt tax shield, growth opportunity, profitability and equity structure.
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Tung, Yi-Hsuan. "A Dynamic Optimal Capital Structure Model with Costly Adjustment Mechanisms." 2008. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-0907200822272000.
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Chang, Yi-Han, and 張伊涵. "Optimal Capital Structure and Speed of Adjustment: Inside Debt Perspective." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/04273040314671157305.
Full textAbstract:
碩士國立臺灣大學
財務金融學研究所
102
This study examines the effects of inside debts on a firm''s target leverage and explains the low-leverage puzzle (e.g. Graham, 2000) by the over estimation of the target leverage due to neglecting the effects of inside debts. We find that a firm’s inside debt affects not only the target leverage, but also the speed of adjustment toward that target. A firm’s target leverage is negatively related to the amount of inside debt and the effect of inside debt is alleviated when a firm’s funding status is positive. Additionally, the adjustment speeds are faster when considering inside debt effects during 1985-2012 and 2007-2012. If we separated the whole sample firms into below- and above- traditional target leverage, we find that adjustment speeds are slower (faster) when firms have below-target (above- target) leverage after 2007.
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Acar, Sarp Kaya [Verfasser]. "Aspects of optimal capital structure and default risk / Sarp Kaya Acar." 2007. http://d-nb.info/98255933X/34.
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Chen, Chang-chih, and 陳昌志. "How does credit rating migration impacts an optimal capital structure decision?" Thesis, 2009. http://ndltd.ncl.edu.tw/handle/05162556671474052699.
Full textAbstract:
博士國立中山大學
財務管理學系研究所
98
This paper examines the impact of credit rating migration in determining optimal capital structure. The models we propose capture empirical behavior in two ways; the behavior of linking firm’s rating to the promised coupons and the behavior of targeting minimum rating. We find that as long as the rating at issuing time is not too low, tax shields of the rating-linked coupon debt are larger than those of standard debt with the same par, and hence, optimal leverage usage of the firm with the rating- linked coupon scheme is greater. Further, we also show that the behavior of targeting a minimum rating causes mean-reverting leverage dynamics. Managers are appeared to make over-repurchase choices for adjusting the current rating back to the initial target following a downgrade from target minimum rating.
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Tseng, Yi-Ping, and 曾依平. "Empirical Investigation On the Factors Of Capital Cost And Optimal Structure." Thesis, 1997. http://ndltd.ncl.edu.tw/handle/45564412971577790791.
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Wu, Pei-hen, and 吳沛翰. "Optimal Capital Structure and Industry Dynamic in Taiwan High-Technology Industries." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/naw75m.
Full textAbstract:
碩士國立中山大學
經濟學研究所
96
This paper studies the relation between the optimal capital structure and industry dynamic. First,we formulate a dynamic adjustment model. We specify and estimate the unobservable optimal capital structure using observable determinants Secondly,we apply dynamic factor demand model that assumes each firm derives an optimal plan such that the expected present value of current and future cost streams is minimized. In variables setting, capital inputs are divided into debt capital and equity capital. The empirical work is based on firm level data of Taiwan high-technology industries during 2003 ~2007. The empirical results show that (1) The capital structure of high- technology is adjusted dynamaic.(2) The contribution of debt on high-technology industries is negative.
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Chen, Jin-Taa, and 陳金塔. "The study of the influencing factors of capital structure and optimal capital structure for Taiwan public corporations in electronics and fiber industry." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/71041240130734900969.
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Li, Chun-Jen, and 李俊仁. "An Empirical study on Optimal Capital Structure of Listed Companies in Taiwan." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/03222810048605886140.
Full textAbstract:
碩士朝陽科技大學
財務金融系碩士班
98
This study applied the methodology proposed by Hovakimian et. al. (2001) to examine whether there is optimal capital structure in the listed corporate in Taiwan during 1999 to 2006. The determinants for optimal capital structure and financing type were also verified in this study. Research results found the existence of optimal capital structure in the listed corporate in Taiwan. The determinants were research and development fee, selling expense, tangible asset, company size, return on asset, and market-to-book ratio, although the tendencies of selling expense and return on asset were contrary to the prediction.
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Wang, Ming-Feng, and 王銘逢. "On the determination of optimal capital structure: Signaling equilibrium and Countersignaling equilibrium." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/87435453471185888865.
Full textAbstract:
碩士朝陽科技大學
財務金融系碩士班
92
Ross (1977) argues that under information asymmetry, in order to defer from lower quality firms, high quality firms always use higher debt as external funds. It implies that the higher the expect earnings, the higher the debt issue. Regrettably, some empirical evidence indicates that firm’s debt is not significantly positively associated with firm quality. This paper extends the Ross’s model by introducing the extra information provides by an independent third party. We found out that when the signaling game has extra information, then the signaling equilibrium may be separating or partial-pooling. It means that in the presence of extra information, High quality firms will be correctly identified even it does not use the higher debt. Our result has made a possible explanation for some empirical evidence.
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Chen, Shaui-Wen, and 陳帥文. "An Empirical Study on Optimal Capital Structure of Listed Companies in Taiwan." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/67150177081238411047.
Full textAbstract:
碩士國立中山大學
企業管理學系研究所
89
Abstract The finance literature offers two major models about the capital structure of a firm. In the tradeoff model, firms tradeoff the costs and benefits of borrowing to identify their optimal capital structure and gradually move towards it. On the contrast, firms do not have an optimal capital structure in the pecking order model. The moving of the capital structure is simply the result of the financing hierarchy: retained earnings, safe debt, risky debt, and finally equity. The purpose of this study is to test whether the public firms in Taiwan have optimal capital structure. We address the question with cross-section regressions. If the tradeoff exists, moving towards the optimal capital structure will explain the change of capital structure. On the other hand ,the deficit-in funds（DEF）will explain the change of capital structure when the pecking order model exists. The empirical result shows that the public firms in Taiwan have optimal capital structure, and their realized capital structures are moving towards it, but the speed of adjustment is quite slow.
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Chen, SUI-Mei, and 陳繐玫. "Revisit The Hypothesis of Optimal Capital Structure: Evidence from Mergers and Acquisitions." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/85796374763710761987.
Full textAbstract:
碩士國立中興大學
高階經理人碩士在職專班
97
Abstract Enterprises often acquire or merge with other companies to achieve their strategic goal of corporate growth because it is an easier way to secure the market share, production technology, distribution network, and management. When managers evaluate an investment proposal, a common goal is to create firm value within capital budget. This research studies 174 merger and acquisition cases among a total of 96 listed companies from 1998 to 2007. We calculate the daily, monthly, and quarterly rates of return within two years before and after merger and acquisitions. With all empirical results combined, the conclusions are as follows. 1.Factors that matter in the estimation of the capital structure include sales and earnings before interest, taxes, depreciation and amortization (EBITDA). Sales has positively significant impact on with the optimal capital structure while EBITDA and research and development (R&D) cost have a negatively significant impact. 2.Empirical results show that the rate of return before merger and acquisition is better than that after merger and acquisition and the difference is significant. However, the accumulated monthly rate of return is insignificant in the merger and acquisition. The result is consistent with the existing literature the mergers and acquisition could not bring about operation synergy for enterprises in Taiwan except for the better short-term performance in the rate of return. Performances in the daily and long-term rates of return, accumulated quarterly rate of return, after mergers and acquisitions are both worse than those before mergers and acquisitions. 3.Among the companies of high systematic risk, the conclusion is the same. Their accumulated daily and quarterly rates of return are significantly worse after mergers and acquisitions. In the contrary, there is not much difference for companies of low systematic risk. It implies that the market has a consistent and continuous valuation with low systematic risk 4.There are 49 companies with a capital structure close to optimal level. The results for companies with a capital structure far from optimal level show that the rates of daily and quarterly return are better before mergers and acquisitions. The accumulated monthly rates of return when the capital structure closes to the optimal level, has no significant difference before and after mergers and acquisitions. 5.There is no significance in the accumulated monthly rate of return, (within three months before and after the merger or acquisition). The result may due to the fact that monthly rate of return is usually considered the short-term share price performance of a company and is seldom used to evaluate the actual management performance of the company. 6.Among the factors that influence the share price of the acquiring company before and after mergers and acquisitions, only the distance from the capital structure (Chgdef) is significance. The smaller the distance from the optimal capital structure, the rate of return on the share price will be better.
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Fu, Chiang, and 傅強. "The Thesis of Optimal Capital Structure:A Case Study of tsmc." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/88497349449625148566.
Full textAbstract:
碩士國立臺灣大學
國際企業學研究所
96
In financial theories, the focus of Optimal Capital Structure is to examine whether the corporate management, subject to the existing growth rate, market share, and profitability, can identify the most appropriate financial indicators to adjust company’s capital structure so as to maximize the company’s future growth and the wealth of its shareholders. In practice, however, it is not an easy task for any organization to make out the most appropriate capital structure. Lately, high technology industries experienced a slowdown in growth rate. Take TSMC for example. The profit growth rate for the past 3 years has been lesser than 15%; its major shareholder, Philip, also cleared all the TSMC’s shares it held. Along with the implementation of employees’ bonus recognized as costs in 2008 and the cancellation of Statute for Upgrading Industries in 2009, all these factors will result in the increase of the operating cost and income tax of TSMC. To bolster business performance and maintain the return rate of common shareholders’ equity, TSMC is facing with the challenges of capital replacement and structuring. This has inspired me to probe into the problems of related studies. Based upon traditional capital structure theory, I use Rwacc, Market to book value ratio, and PVGO as the company’s value indexes to obtain the PVGO model of the capital structure. I also prove that when PVGO is maximized, a company should have a capital structure to fit itself the most, and the most appropriate Asset to Liability ratio is correlated with the decision variables such as market risk-free ratio, company’s risk premium, capital cost of leverage, unlevered Beta value, and the ratio of retained capital for investment. In practice, this research applies PVGO capital structure model and Monte Carlo Method to simulate the most appropriate capital structure for TSMC, and at the same time to explore the relation between the capital structure and the company value. According to the result of this study, I found TSMC’s existing Optimal Financial Leverage is consistent with the result of Monte Carlo Simulation, which testifies the feasibility of this model describing the present status. With the implementation of employees’ bonus recognized as costs in 2008 and the cancellation of Statute for Upgrading Industries in 2009, TSMC will have to face the impacts of increased operating costs and income tax. This study also speculates the financial model of TSMC in upcoming 3 years. Based upon Monte Carlo Simulation of this model, the conclusion of this study is as follows: In the future, TSMC should increase Asset to Liability Ratio so as to upgrade the company’s value. It is also proposed that in addition to retained earnings, TSMC should also finance funds to purchase treasury stocks. By reducing the company’s total asset, TSMC would come to the most appropriate capital structure. Finally, I hope this paper would serve as a reference for the management when adjusting capital structure and equity policy.