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1.
This paper studies the optimal financing (capital structure) of entrepreneurial activity in the context of risk-aversion by incorporating the deadweight costs of bankruptcy and taxes. Unlike the extreme debt ratio (corner solution) predicted by scholars using linear models, this paper provides unique interior results for risk-free as well as risky debt, irrespective of corporate taxes. The paper also shows the necessary and sufficient conditions for both forms of debt, and the pareto-optimality of one over the other. The important findings of this paper are: (i) the existence of an equilibrium, where the borrowing interest rate is greater than the lending rate, despite the violation of Fisher separation theorem (1930); (ii) wealth plays a critical role in determining the debt ratio and the equilibrium risk-free rate of interest, complementing the De Meza and Webb (1987 and 1999) studies; (iii) an explanation for the preferred stock and income bond puzzles, extending Fooladi et al. (1991) and McConnell and Schlarbaum (1991). 相似文献
2.
Optimal Long-Term Financial Contracting 总被引:1,自引:0,他引:1
We develop an agency model of financial contracting. We derivelong-term debt, a line of credit, and equity as optimal securities,capturing the debt coupon and maturity; the interest rate andlimits on the credit line; inside versus outside equity; dividendpolicy; and capital structure dynamics. The optimal debt-equityratio is history dependent, but debt and credit line terms areindependent of the amount financed and, in some cases, the severityof the agency problem. In our model, the agent can divert cashflows; we also consider settings in which the agent undertakeshidden effort, or can control cash flow risk. 相似文献
3.
中小企业融资难的内因、外因及对策 总被引:8,自引:1,他引:8
本文通过挖掘造成中小企业融资困境的内部、外部因素,从加强中小企业自我强化内在管理、改革相对落后的金融体制、加强资本市场的建设与完善等方面提出了解决中小企业融资难的措施。 相似文献
4.
Because of transactions costs andinvestor/manager information asymmetries, internallygenerated funds should be less costly than fundsraised by issuing common shares. This suggests thatas firms use more internal funds relative toexternal equity, their costs of equity capital willfall and the rate the market uses to discountunexpected earnings of such firms will be lower. Wehypothesize that (1) firms having a higherproportion of internal to external equitywill have larger earnings response coefficients, and(2) this effect will be magnified for high growthfirms since the disparity between inside informationand publicly available information about high growthfirms' investment opportunities is greatest. Wefind support for both hypotheses using pooled andannual cross-sectional regressions after controllingfor other determinants of ERCs. The results arealso generally robust to alternative measures of themix of equity funding sources and of unexpectedearnings and to consideration of other factorsaffecting the mix of equity capital. 相似文献
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近年来,第三方物流从最初仅提供物流服务的"传统角色",过渡到既提供物流服务又提供金融服务的"代理角色"和"控制角色".代理角色和控制角色的出现推动了人们对外部与内部两种融资方式的认知.本文在国内外相关领域的研究基础上,通过介绍第三方物流在供应链企业融资中扮演的角色和供应链融资风险等理论,从融资企业的收益和最优订货量的角度,运用无风险和存在风险的资金约束报童模型分析供应链企业的内外部融资.本文的研究结论对于那些资本规模小、偿债能力差、信用评级低的供应链内中小型企业有着一定的借鉴和参考价值. 相似文献
7.
PAUL E. FISCHER 《The Journal of Finance》1992,47(2):673-694
Restrictions on trading by insider agents are analyzed using an optimal contracting framework. Prohibition of insider trading is shown to be Pareto preferred if, and only if, a revelation or moral hazard problem exists. If prohibition of insider trading is valuable, then trade registration with a delay is shown to be as valuable as complete prohibition. Short selling restrictions, however, are generally of less value than complete prohibition. Finally, regulation of insider agent trading by governmental institutions and/or professional associations is discussed. 相似文献
8.
Asia-Pacific Financial Markets - This research examines the link between managerial ability and firms’ external financing. Our findings show that firms with more able managers tend to... 相似文献
9.
Richard G. Brody Steven P. Golen Philip M. J. Reckers 《Accounting & Business Research》2013,43(3):160-171
Professional standards place specific responsibilities on auditors for the discovery of material mis-statements in reports of corporate financial performance. Certain factors have been shown to increase the likelihood of fraudulent financial reporting. One warning sign is the potentially pervasive effect of a weak internal control environment consistent with a weak internal audit group. This study investigates the impact of internal audit department quality differences on auditors ‘willingness to place reliance on the work performed by internal auditors. The study also gives consideration to auditors’ recent experiences with material errors and irregularities and examines the influence of two previously untested individual auditor differences on audit judgment decisions: (1) conflict management style and (2) perception of internal/external auditor communication barriers. The results indicate that auditors attend to internal audit department quality differences and that individual auditor differences exhibit significant influence over auditor judgments. Implications for audit practice are considered and directions for future research are suggested. 相似文献
10.
Cross-Subsidies, External Financing Constraints, and the Contribution of the Internal Capital Market to Firm Value 总被引:4,自引:0,他引:4
We examine the link between the excess value of a diversifiedfirm and the value of its internal capital market. Subsidiesto small financially constrained segments with good relativeinvestment opportunities significantly increase excess value,while transfers of resources from segments with good relativeinvestment opportunities significantly decrease excess value.Of interest is that subsidies to small financially constrainedsegments with poor relative investment opportunities also significantlyincrease excess value. However, there is little evidence thatthis result depends on the diversity of a firm's investmentopportunities. We conclude that financing constraints drivethe relationship between the internal capital market and firmvalue. 相似文献
11.
We analyze intercorporate asset sales where equity is the means of payment, and compare the results to cash asset sales. Equity deals are value‐enhancing for both buyers, 10%, and sellers, 3%, while cash sales generate seller returns of 1.9% and buyer returns that are not significant. Combined wealth gains are large for equity deals, but modest for cash deals. Equity‐based asset sales are not a precursor to consolidations between buyers and sellers, and do not affect buyer openness to the takeover market. We conclude that the use of buyer equity conveys favorable information about the value of assets and buyers. 相似文献
12.
Sudipto Sarkar 《Journal of Business Finance & Accounting》1997,24(5):685-704
Although there is substantial research on optimal bond refunding, an important real-life feature is missing from the existing literature: imperfect adjustment or 'stickiness' of bond yields to short term interest rate changes. Our model takes this behavior into account, and also has the ability to handle mean reverting interest rates. The results indicate that the former has a significant effect on the optimal refunding policy (especially for longer maturities), but the latter does not. By incorporating these features, our model will hopefully offer a fairly complete and easily implementable guide to managers with regard to the bond refunding decision. 相似文献
13.
准确计算出一个融资方案的综合成本需要较全面的金融知识,是一项技术性较强的工作.以中国银行资金部融资处参与过的一个水电站融资评标为例,其复杂程度可见一斑. 相似文献
14.
We use panel data on S&P 1500 companies to identify external network connections between directors and CEOs. We find that firms with more powerful CEOs are more likely to appoint directors with ties to the CEO. Using changes in board composition due to director death and retirement for identification, we find that CEO‐director ties reduce firm value, particularly in the absence of other governance mechanisms to substitute for board oversight. Moreover, firms with more CEO‐director ties engage in more value‐destroying acquisitions. Overall, our results suggest that network ties with the CEO weaken the intensity of board monitoring. 相似文献
15.
内部会计控制的外部监督 总被引:1,自引:0,他引:1
李志伟 《河南财政税务高等专科学校学报》2003,17(4):13-16
内部会计控制是加强单位内部财务管理的重要举措,是从源头上根治腐败的一项重要制度.目前单位内部会计控制失效的原因是多方面的,为了改变内部会计控制失效的现状,应当加强内部会计控制的监管工作,积极研究强化内部会计控制外部监管的对策. 相似文献
16.
Catherine Casamatta 《The Journal of Finance》2003,58(5):2059-2086
This paper analyses the joint provision of effort by an entrepreneur and by an advisor to improve the productivity of an investment project. Without moral hazard, it is optimal that both exert effort. With moral hazard, if the entrepreneur's effort is more efficient (less costly) than the advisor's effort, the latter is not hired if she does not provide funds. Outside financing arises endogenously. This explains why investors like venture capitalists are value enhancing. The level of outside financing determines whether common stocks or convertible bonds should be issued in response to incentives. 相似文献
17.
控制环境作为内部控制中最为基础的一环,对内部控制的有效实施起着非常重要的作用。拟从外部和内部两个方面来分析我国内部控制环境的现状,进而提出完善内部控制环境的措施。 相似文献
18.
External and Internal Pricing in Multidivisional Firms 总被引:1,自引:0,他引:1
Multidivisional firms frequently rely on external market prices in order to value internal transactions across profit centers. This paper examines market‐based transfer pricing when an upstream division has monopoly power in selling a proprietary component both to a downstream division within the same firm and to external customers. When internal transfers are valued at the prevailing market price, the resulting transactions are distorted by double marginalization. The imposition of intracompany discounts will always improve overall firm profits provided the supplying division is capacity constrained. Under certain conditions it is then possible to design discount rules so that the resulting prices and sales quantities are efficient from the corporate perspective. In contrast, the impact of intracompany discounts remains ambiguous when the capacity of the selling division is essentially unlimited. It is then generally impossible to achieve fully efficient outcomes by means of market‐based transfer pricing unless the external market for the component is sufficiently large relative to the internal market. 相似文献
19.
We examine corporate security choice by simulating an economy populated by adaptive agents who learn about the structure of security returns and prices through experience. Through a process of evolutionary selection, each agent gravitates toward strategies that generate the highest payoffs. Despite the fact that markets are perfect and agents maximize value, a financing hierarchy emerges in which straight debt dominates other financing choices. Equity and convertible debt display significant underpricing. In general, the smaller the probability of loss to outside investors, the more likely the firm is to issue the security and the smaller the security's underpricing. 相似文献
20.
强化对经济实体的内部财务监控 总被引:1,自引:0,他引:1
韩启忠 《河南财政税务高等专科学校学报》2005,19(2):23-24
科研单位组建成立的经济实体,普遍存在组织机构不健全、管理水平不高等问题。强化对经济实体的内部财务监控,以便实施有效的财务管理是建立现代企业制度、改善企业经营管理的需要。必须积极探索加强对经济实体财务监控的措施和有效方法,实施有效的财务管理,提高经济实体的经济效益,实现投资经济实体的目的。 相似文献