TheTheoryandPracticeofCorporateFinance中文英文論文翻譯.ppt

,The Theory and Practice of Corporate Finance: Evidence from The Field,John R. Graham, Campbell R. Harvey (1999),毛雅娟 華南農(nóng)業(yè)大學(xué)經(jīng)管學(xué)院,Capital Budgeting資本預(yù)算,Cost of Capital資本成本,Capital Structure資本結(jié)構(gòu),The Theory and Practice of Corporate Finance理論與實(shí)踐的企業(yè)融資,Contributions,Broad scope of survey調(diào)查的范圍很廣 (capital budgeting, cost of capital, and capital structure資本預(yù)算編制、 成本的資本，和資本結(jié)構(gòu)),A large cross-section of 4,440 firms4,440 公司大截面 (392 CFO responses),Responses conditional on firm characteristics (firm size, P/E, leverage, investment grade, pay dividends, industry, management ownership, CEO age, CEO tenure, CEO MBA, regulated, target debt ratio, public corp., foreign sales, and Fortune 500 mailing),Summary Statistics (Fig.1.),Summary Statistics (Fig.1.),Summary Statistics (Fig.1.),.,Controling for different firm characteristics對(duì)于不同的公司特征控制. (Tbl.2.),Survey Questions: Capital Budgeting資本預(yù)算,How firms evaluate projects公司對(duì)項(xiàng)目的評(píng)估?,How frequently does your firm use the techniques when deciding which projects or acquisitions to pursue如何頻繁地您的公司使用技術(shù)決定哪些項(xiàng)目或并購(gòu)時(shí)要追求? (See Fig.2.),Capital Budgeting (Fig.2.),.,Survey Questions: Cost of Capital資本成本,How firms calculate the cost of equity如何公司計(jì)算股本的成本？?,When valuing a project, do you adjust either the discount rate or cash flows for the risk factors?當(dāng)評(píng)估一個(gè)項(xiàng)目，你會(huì)調(diào)整折扣率或現(xiàn)金流的風(fēng)險(xiǎn)因素嗎 (See Fig.4.),How frequently would your company use the discount rates when evaluating a new project in an overseas market? (The discount rate for entire company, a risk-matched discount rate for this particular project, the discount rate for the overseas market, a divisional discount rate, a different discount rate for each component cash flow)如何將您的公司頻繁地使用折扣理事會(huì)，評(píng)估海外市場(chǎng)的一個(gè)新項(xiàng)目時(shí)？（為整個(gè)公司，為此特定項(xiàng)目的風(fēng)險(xiǎn)相匹配的貼現(xiàn)率，為海外市場(chǎng)，一個(gè)分區(qū)的折扣率，為組件的每個(gè)現(xiàn)金流的不同的費(fèi)率折扣折扣率折扣率）,Does your firm estimate the cost of equity capital? If yes, how do you determine your firms cost of equity capital?您的公司不會(huì)估計(jì)股權(quán)資本成本的嗎？如果是的話，如何確定貴公司的股權(quán)資本成本的？ (See Fig.3.),Controling for different firm characteristics.對(duì)于不同的公司特征控制 (Tbl.3-5.),Cost of Capital (Fig.3.),Cost of Capital (Fig.4.),.,Main Survey Questions: Capital Structure,How firms make debt/ equity financing choice公司如何使債務(wù) / 股本融資的選擇?,Has your firm seriously considered issuing common stock? If yes, what factors affect your firms decisions貴公司認(rèn)真考慮發(fā)行普通股票嗎？如果是的話，哪些因素會(huì)影響您的公司決定? (See Fig.7.),What factors affect how you choose the appropriate amount of debt for the firm哪些因素會(huì)影響你如何為公司選擇適當(dāng)?shù)膫鶆?wù)數(shù)額? (See Fig.5-6.),All the survey responses are controlled for different firm characteristics所有調(diào)查答復(fù)得到都控制，不同公司的特征. (Tbl.6-11.),Has your firm seriously considered issuing convertible debt? If yes, what factors affect your firms decisions貴公司認(rèn)真考慮發(fā)行可轉(zhuǎn)換債務(wù)嗎？如果是的話，哪些因素會(huì)影響您的公司決定? (See Fig.8.),What factors affect the firms choice between short- and long-term debt哪些因素會(huì)影響公司的選擇之間短-和長(zhǎng)期債務(wù)?,Capital Structure (Fig.5.),Capital Structure (Fig.6.),Capital Structure (Fig.7.),Capital Structure (Fig.8.),Explanations of Capital Structure Choice資本結(jié)構(gòu)選擇的簽名,Trade-off Theory交易理論,Risk Management風(fēng)險(xiǎn)管理,Other Factors (Debt, Common Stock, Convertible Debt and Foreign Debt)其他因素 （債務(wù)、 普通股票、 可轉(zhuǎn)換債券和外國(guó)債務(wù)）,Product Market and Industry Factors產(chǎn)品市場(chǎng)和行業(yè)因素,Control Contests,Practical, Cash Management現(xiàn)金管理,Asymmetric Information信息不對(duì)稱,Agency Costs代理成本,Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12.),Capital Budgeting,NPV is more important now as a project evaluation method; NPV 現(xiàn)在作為項(xiàng)目 最重要的評(píng)價(jià)方法 The likelihood of using specific evaluation techniques is linked to firm size, leverage and CEO characteristics. (e.g. Small firms are significantly less likely to use NPV.)使用具體評(píng)價(jià)技術(shù)的可能性被掛鉤企業(yè)的大小、 杠桿和首席執(zhí)行官特征。（如小公司是明顯不太可能使用函數(shù) NPV。,Cost of Capital,CAPM is also widely used資本資產(chǎn)定價(jià)模型使用很廣泛; The likelihood of using CAPM is linked to firm characteristics (e.g. Large firms, public firms or firms with low leverage, small mgmt ownership or high foreign sales are more likely to use CAPM.);使用資本資產(chǎn)定價(jià)模型的可能性鏈接到堅(jiān)定的特征 （如大型企業(yè)、 公共企業(yè)或與低杠桿、 小 mgmt 所有權(quán)或高外國(guó)銷售公司是更有可能使用資本資產(chǎn)定價(jià)模型） ； More than half of the CFOs of growth firms, or firms with foreign exposure, would use the overall discount rate to evaluate a project;更多幫助比增長(zhǎng)的首席財(cái)務(wù)官的公司或與外國(guó)接觸的公司會(huì)使用整體折扣率來評(píng)估一個(gè)項(xiàng)目。 CFOs pay very little attention to risk factors based on momentum and book-to-market value首席財(cái)務(wù)官很少關(guān)注基于勢(shì)頭和圖書市場(chǎng)價(jià)值的風(fēng)險(xiǎn)因素,Capital Structure資本構(gòu)成。,Financial flexibility and credit ratings are the most important debt policy factors;財(cái)務(wù)靈活性和信用評(píng)級(jí)是最重要的債務(wù)政策因素 EPS dilution and recent stock price appreciation are the most important factors influencing equity issuance;EPS 稀釋和近期股票價(jià)格升值是最重要的因素影響股票發(fā)行 ； Moderate support for the trade-off theory and target their debt ratio is found;發(fā)現(xiàn)他們的債務(wù)比例適度支持貿(mào)易理論和目標(biāo) ； The importance of equity undervaluation and financial flexibility are generally consistent with the pecking-order view;股票低估和財(cái)務(wù)靈活性的重要性通常是一致的與啄順序表或視圖。 Others in Tbl.12.,Conclusions,Critiques: Strengths,Broad reassuring and surprising results based on the theory of corporate finance (a good idea!);廣泛的安心和令人驚奇的結(jié)果基于理論的企業(yè)融資 (一個(gè)好主意!); First-hand information and customerized questions through the survey analysis, breaking through the restriction of database;第一手資料和工裝的問題，通過調(diào)查分析、 突破限制的數(shù)據(jù)庫(kù) ； Weak support for many capital structure theories, raising the need for further research.弱支持許多資本結(jié)構(gòu)理論，提高需要進(jìn)行進(jìn)一步的研究。,Critiques: Weakness,Plain statistical methods (shoulders of pre