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经过多年的自由化，可以理解政府在公司的资本结构分析中扮演着重要的角色。这些被发现是基于公司的财务杠杆和他们的财务杠杆。就美国而言，人们担心的是对债务的追逐和股权的流失。有人认为，金融危机的风险更大。这些是消费者和纳税人为了满足投资需求的财务要求而需要进行的风险转移。根据美国的监管规定，这些公司的资本结构似乎有所不同。在这个体系中，资本的回报是公平的。在欧洲，有一种规定是用来考虑资本的回报。公司的资本结构在很大程度上决定了这种模式需要考虑的因素。

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必须正确选择资本结构，这可能影响利率和盈利能力。公司的财务健康是由现金流量来衡量的。现金流是通过现金流入和流出的考虑来衡量的。在某些情况下，对债务的利息被认为是可扣税的。这些被发现会影响公司的运作。除此之外，还需要考虑公司的政治立场。必须考虑到国家的经济立场和整个国家的债务。这被发现会影响公司的运作。人们的意识形态也影响着人们的消费习惯。这些在资本结构分析中被考虑。企业水平与国家水平变量之间的相关性。美国公司的各种级别的描述性统计包括收入、税收、费用等。

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After the many years of liberalization, it can be understood that the government plays an important role in the capital structure analysis of the companies. These are found to be regulated based on the financial leverages of the companies and their financial leverage. In the case of United States, there are concerns for the dash for the debt and the flight of equity. There is argument that is made for the greater risk of the financial distress. These are transference of the risks that the consumers and tax payers need to make in order to meet the financial requirements of the investment requirements. The capital structure of the companies seems to vary based on the US regulation. There is a fair return of the return on the capital in this system. In Europe, there is regulation that is used for the consideration of the return of the capital.

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There is the determination of the larger extent on the firm’s capital structure that needs to be factored in this paradigm. There must be proper choosing of the capital structure and this can affect the rate and the profitability. The company’s financial health is measured by the cash flow. This cash flow is measured by the cash inflow and outflow consideration. The interest in the debt is considered to be tax deductible in some cases. These are found to impact the operation of the companies. Apart from this the political stance of the company needs to be considered. There must be factoring in of the economic stance of the nation and the overall national debt. This is found to impact the operation of the company. The ideology of the people also impacts the spending habits of the people. These are considered in the capital structure analysis. Correlation between Firm Level and Country Level variables: The descriptive statistics for the US Based companies’ various levels include revenues, tax, expenses and more.

加拿大代写

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在自由化之前，许多银行被迫使用配额信贷。对贷款和利率有控制。这必然意味着银行不会使用价格来将贷款供应和需求因素联系起来。由于这一点，对债务的需求增加了。这通常意味着有更多的借款人只是被延长了。由于放松管制，有必要减少信贷。在放松管制的同时，经济活动中出现了周期性回升。他们被发现分享利润。基本面的改善被认为是真实资产价格的合理增长(Booth et al.， 2001)。这些都被发现是投机性的增长，而不是由基本面决定的。在公司内部，资产价格的增加被发现为提高杠杆率提供了一种动力，这是由于名义利息的税收可抵扣性。这些名义利息支付被发现在这两个部分之间是分开的。如果借贷利率被发现增加更多的通货膨胀，可以增加税收减免，通货膨胀可以创造。这些可以被更高的借贷成本完全抵消。

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还有一种综合措施衡量债务的实际成本。在均衡的情况下，债务的成本被发现会给溢价带来风险。它们必须等于所有者权益的成本。但是，平衡条件不是连续的。在发现借款利率随通货膨胀而增加的情况下，将增加税收减免。这些被发现完全被较高的借贷成本所抵消。当发现债务的成本上升时，就会发现它们相对于股票的成本。这些预计将随着传动装置的增加而增加。

这些都是公司层面和宏观环境分析的一部分，需要考虑到公司的资本结构。

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Before liberalization, many of the banks were forced to utilize the ration credit. There were controls on the lending and interest rates. This invariably meant banks will not use prices to associate the loan supply along with the demand factors. Owing to this there is increased demand for the debt. This is often meant to mean that there are higher numbers of borrowers that are simply lengthened. Owing to the deregulation there is a need to ration credit disappeared. In the same time in the deregulation there was a cyclical pick-up within economic activity. These were found to share towards the profits. The improvement in the fundamentals is found to be legitimate increase in the real asset prices (Booth et al., 2001). These are found to set of speculative increases and not justified by the fundamentals. Within the firm the increase in the asset prices are found to provide an incentive towards the higher leverages owing to the tax deductibility of the nominal interest. These nominal interest payments are found to be separated between the two components.

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If the borrowing rates are found to increase more with the inflation there can be increased tax deduction that the inflation can create. These can be completely offset by the higher borrowing costs. There is also the aggregate measure of the real cost of debt with the aggregate measure. In the cases of equilibrium, the cost of debt is found to put risk on the premium. They must be equal to the cost of equity. However, the equilibrium conditions are not continuous. In the cases where the borrowing rates are found to increase with the inflation there will be increased tax deduction. These are found to be completely offset by the higher borrowing costs. When the costs of the debt are found to be rising, it is found that they are relative to the cost of the equity. These are expected to be increased with the gearing. These are some of the firm level and the macro environmental analysis that needs to be considered with the case of capital structure of the firm.

 

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权衡理论被认为是允许破产的考虑。利用债务作为税收挡箭牌的好处是可以受益的。债务融资有许多好处。下一个理论是啄食顺序理论。这被发现包含了不对称信息的成本。还有一些公司被发现优先考虑融资的来源。内部融资是考虑在内的。在这方面，债务被发现是公司的选择，它可以独立于公司的外部财务。资本结构替代理论的基础是公司的管理可以操纵资本结构(Kayhan和Titman, 2007)。这不是一个规范性模型。这是三种代理成本。资产替代效应。这是债务与股本比率的增加，对公司承担任何风险的激励将会较小。在这个范例中，净现值被发现减少了。有一个投资不足的问题被用来拒绝积极的NPV项目。除此之外还有自由现金流。这是给投资者的，管理层被发现有破坏公司价值的动机。

加拿大论文代写

这些是解释公司资本结构的主要因素和理论。

影响公司资本结构决策的宏观经济和企业层面因素。

在中等规模的情况下，公司必须表现出对外部证券的内部资金的偏好。在适度范围内，在这些情况下，对外部资金的要求是，公司必须倾向于债务而不是股权。这是对内部资金的偏好。在公司现金流和对债务的依赖之间形成的消极关系中，这些必须是显而易见的。有各种各样的成本与外部财务相关。这些信息在信息不对称中被发现较低。有各种各样的显性和隐性成本与财务相关。这些公司与不同的利益相关者之间的关系比较低。这些公司的利益相关者包括债权人、股东、债权人、客户和雇员。在大公司的案例中发现更多(Booth等人，2001)。

加拿大论文代写

The trade-off theory is found to allow bankruptcy that is considered. There is the benefit of using the offset to benefit of using the debt as tax shield. There are many advantages of the financing with the debt. The next theory is the pecking order theory. This is found to encompass the costs of asymmetric information. There are also companies that is found to prioritize the sources of the financing. There is internal financing that is considered. In this the debt is found to be the choice of the firm that can act as independently of the external finances of the company. The capital structure substitution theory is based on the hypothesis that the management of the company can manipulate the capital structure (Kayhan, and Titman, 2007). This is not a normative model. These are three kinds of agency costs. The asset substitution effect. This is the debt-to-equity ratio increases there will be lesser incentives for the company to undertake any risks. The Net present value is found to be reduced in this paradigm. There is underinvestment problem that is used to reject the positive NPV projects. Apart from this there is free cash flow. This is given to the investors and the management is found to have an incentive to destroy the firm value.

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These are some of the major factors and theories that explain the capital structure of the firm
Macroeconomic and Firm Level Factors Affecting Capital Structure Decision of Firms
In the cases of moderate ranges, the firms must exhibit preference for the internal funds over the external securities. Within the moderate ranges, there is requirement for the external funds in these cases the firms must prefer debt to equity. There is the preference for the internal funds. These must be evident in the negative relationship that forms between the firms’ cash flow and the reliance on debt. There are various costs that are associated with the external finances. These are found to be lower for the informational asymmetries. There are various explicit and implicit costs that are associated with the finances. These are found to be lower for the firms with the various stakeholders. These stakeholders for the companies include debt holders, equity holders, creditors, customers and employees. There are found to be more in the cases of larger firms (Booth et al., 2001).