DeterminantsofCorporateBorrowing.PDFVIP

Determinants of Corporate Borrowing Stewart C. Myers Sloan School, M.I.T., Cambridge, MA 02139, U.S.A. Received October 1976, revised version received July 1977 Journal of Financial Economics 5 (1977) 147-175 North-Holland Publishing Company QF 892615 徐靜珊 QF 892617 曾瓊萩 QF 892629 賴書儀 1 l Introduction why not borrow as much as possible: ( 動機 ) 我們知道舉債有利於減少稅負，提高公司價值，那為什麼大部份公司並不會 去借百分之百的債呢? n tradeoff between tax advantage of debt and costs of the sub-optimal future investment strategy ( the financial distress costs loss of other investments with growth opportunity) 因為一旦決定借債後，會喪失一些原本對公司有利的投資機會而不投 資，只選取次佳的投資機會(sub-optimal investment)，造成了一些損 失(deadweight loss)，此為機會成本，如 Fig.2 中的斜線部份面積 ps.所謂次佳的投資機會(sub-optimal investment opportunity)是說，當 公司舉債後，因為有負擔償還的責任，一定會因此損失掉某些投資機 會，無法選擇當初尚未舉債時的投資機會，只能退而求其次，從剩下的 投資機會中選出較好，這一個就是我們所謂的次佳的投資機會。那所謂 的最佳投資機會(optimal investment opportunity)，就是指原先未舉債 時最好的那一個投資機會。 n other factors 1. Firms’ debt may reflect imperfect or incomplete capital markets. 2. Credit rationing by banks and other lenders may help explain the limits to corporate borrowing. 債方能借的金額也許有上限 3. Managers avoid high debt ratios in an attempt to protect their jobs and stabilize their personal wealth. 4. Firms’ financing decisions are actually signaling devices, conveying information to investors about the firm’s business risk and profitability. [ signaling theorem ] --- 公司發佈的消息會對投資人傳遞訊息(大部 份是好的消息，因為由公司發出，可能有新的有利的投資計畫，前景 看好，也可能公司的財務狀況不穩定，借入外債後雪上加霜，債務評 等降低)，若市場上的公司都發佈某項訊息，不發佈訊息反而是不好 的訊息 5. Bankruptcy costs probably discourage borrowing. 若舉債後有破產的可能性，則要考慮破產成本 2 l Summary 1. Growth opportunity視為 call options 2. Issuing risky debt reduces present market value 3. Corporate borrowing is inversely related to the proportion of market value accounted by real options 如果公司大部份的價值都建立在 option 上，代表公司本身已有一定的負 債，能再借的債務就會隨著比例增加而減少 4. Other aspects of corporate borrowing 這篇文章先簡單的分析在何