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加拿大论文代写

加拿大论文代写

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.

加拿大论文代写

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).

 

加拿大论文代写推荐

加拿大论文代写推荐

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