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资本结构之迷1984 Myers
&&资本结构之谜
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资本结构之谜梅耶斯
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《资本结构之谜》读书报告 梅耶斯
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资本结构之谜【外文翻译】.doc 11页
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The Capital Structure Puzzle
Material Source:
Stewart C. Myers
I will contrast two ways of thinking about capital structure:
1. A static tradeoff framework, in which the firm is viewed as setting a target debt-to-value ratio and gradually moving towards it, in much the same way that a firm adjusts dividends to move towards a target payout ratio.
2. An old-fashioned pecking order framework, in which the firm prefers internal to external financing, and debt to equity if it issues securities. In the pure pecking order theory, the firm has no well-defined target debt-to-value ratio.
Recent theoretical work has breathed new life into the pecking order framework. I will argue that this theory performs at least as well as the static tradeoff theory in explaining what we know about actual financing choices and their average impacts on stock prices.
Managerial and Neutral Mutation Hypotheses
I have arbitrarily, and probably unfairly, excluded &managerial& theories which might explain firms' capital structure choices.' I have chosen not to consider models which cut the umbilical cord that ties managers' acts to stockholders' interests.
I am also sidestepping Miller's idea of &neutral mutation . & He suggests that firms fall into some financing patterns or habits which have no material effect on firm value. The habits may make managers feel better, and since they do no harm, no one cares to stop or change them. Thus someone who identifies these habits and uses them to predict financing behavior would not be explaining anything important.
The neutral mutations idea is important as a warning. Given time and imagination,economists can usually invent some model that assigns apparent economic rationality to any random event. But taking neutral mutation as a strict null hypothesis makes the game of research too tough to play. If an economist identifies costs of various financing strategies, obtains in
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