capstructure资产结构
– If high value occurs, don’t invest
• Value of existing shares = 150
– If low value occurs, issue & invest
• Value of existing shares = 60
• Issuing new capital signals bad news • If firm has internal capital available, firm invests regardless of outcome (no underinvestment).
Capital structure puzzle
• How do firms choose their capital structures?
– Answer according to Myers (1984): “We don’t know.” – The answer is not really that bleak. It was just that existing theory did not do a very good job of explaining observed capital structures.
• Include both “direct” and “indirect” costs. • Direct
– Costs paid by firm as part of bankruptcy proceedings. – Will vary by economic regime based on law.
Capital Structure Theories and Evidence
Advanced Corporate Finance 25 September 2007
Is there an “optimal” capital structure for a firm?
• Adding corporate taxes to the Modigliani and Miller framework suggests firms should be “all-debt”. • What keeps firms from this type of capital structure? • Costly financial distress • Value of levered firm = Value of unlevered firm + tax benefits – expected costs of distress
– Higher marginal tax rates, higher debt ratios. – Greater expected costs of distress, lower debt ratios. – In general, very non-specific!
What are distress costs?
Basic example (cont’d)
• Equilibrium strategy is that firm’s managers refuse to invest in positive NPV project in “good” state. • Equilibrium value to existing shareholders:
More on the tax benefits of debt
• Are the tax benefits of debt really defined by corporate tax rate? • Miller (1977) • Missing piece: tax rates faced by investors.
• Free cash flow can be used by managers for non-value-adding purposes. • Paying cash flow to shareholders (i.e., more dividends and/or repurchases) is “weak” commitment. • More debt = binding commitment to pay out excess free cash flow (more interest). • Greater commitments to pay debtholders might create additional motivation for managers to maximize efficiency of business.
• Indirect
– Business disruption costs. – Value lost because of underinvestment. – Value lost because of asset fire sales.
How big are financial distress costs?
• Frank and Goyal (2003)
– No – Net equity issues track financing deficit more closely than do net debt issues. – Small, high-growth firms are less likely to follow pecking order.
• An alternative to trade-off theory is proposed by Myers: pecking order.
Pecking order
• Firms prefer internal financing • Adapt target dividend payout to investment opportunities. • Sticky dividend plus unpredictable fluctuations in profitability and investment opportunities create need for financing (or surplus of financing). • If new financing is required, firms issue debt first with new equity as last resort. • Observed debt ratio reflects cumulative need for financing over time.
Basic example of pecking order
• Myers and Majluf (1984) basic example:
– Two equally likely states of the world:
• High value • Low value
– Value of assets in place:
– Value = 115 (expected value of existing assets + expected NPV)
• Assume that managers learn which state occurs ahead of outside investors:
– Value of existing shareholders’ stake if high value occurs:
– Tax rate paid by investors on equity income is positive, but tax rate on interest income is typically much higher. – Reduces tax benefit of debt. – See definition of “G” in equation 15.24. – Tax code could be defined to deter debt (by making tax rate on interest income sufficiently high relative to corporate tax rates). – Graham (2000) estimates the value of debt tax shield after accounting for personal taxes to be about 4 – 7% of firm value.
Does pecking order really explain financing choice better than trade-off theory?
• Shyam-Sunder and Myers (1999)
– Yes – Change in debt is better correlated with the financing deficit (as compared to correlation with difference between lagged “target” debt ratio and lagged actual debt ratio
资本资产定价模型(CAPM模型)ppt课件
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β值及其经济含义
证券市场线也可以用另一种方式来表明：
i
E(ri ) rf E(rm ) rf
i
Cov(ri , rm ) /Var(rm )
im
/
2 m
系数是表示了某只证券相对于市场组合的风险度量。
➢ 由于无风险资产与有效组合的协方差一定为零，则任何无 风险资产的 值也一定为零。同时任何 值为零的资产的 超额回报率也一定为零。
因此，对于有效组合来说，可以用两种指标来度量其 风险，而对于非有效组合来说，只能用β系数来度量 其风险，标准差是一种错误度量
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资本市场线与证券市场线的内在关系
资本市场线表示的是无风险资产与有效率风险资产再组 合后的有效资产组合期望收益与总风险之间的关系，因 此在资本市场线上的点就是有效组合；而证券市场线表 明的是任何一种单个资产或者组合的期望收益与其系统 风险之间的关系，因此在证券市场线上的点不一定在资 本市场线上。
rC (1 wA wB )rf wArA wBrB rC rf wA (rA rf ) wB (rB rf )
E(rC rf ) wA[E(rA) rf ] wB[E(rB ) rf ]
(wAA wBB )[E(rM ) rf ]
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β值及其经济含义
例：假定市场投资组合的风险溢价为8%，其标准差 为22%。如果某一资产25%投资于通用汽车公司股票，
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我们可以对 rp j 给出另一种解释。由于拥有股票j的风险
为 jm ，即 j乘上市场风险 m是j所带来的风险，而每
单位风险的价格为：
P rm rf m
所以，承担风险资产j的所需求的风险溢价应为：
资产结构名词解释
资产结构名词解释
资产结构是指企业的资产总额及其在资产中的构成比例关系。
它反映了企业的资产分布情况，包括资产的来源、性质、用途等方面。
在企业管理中，资产结构的调整是企业发展过程中重要的决策之一。
合理的资产结构可以提高企业的总资产利用效率，提高企业的竞争力和盈利能力。
具体来说，资产结构的调整可以从以下几个方面入手:
1. 资产来源的调整：企业可以通过增加资金来源，如增加股东投资、扩大负债比例等方式来增加资产来源，以满足企业发展的需求。
2. 资产性质的调整：企业可以通过改变资产性质，如将闲置资金用于投资、将长期投资转变为短期投资等方式来改变资产性质，从而提高资产利用效率。
3. 资产用途的调整：企业可以通过改变资产用途，如将闲置资产用于生产、将固定资产转化为流动资产等方式来改变资产用途，从而满足企业不同发展阶段的需求。
资产结构的调整需要综合考虑企业的发展方向、财务状况、市场环境等因素，以达到最优的资产利用效果。
资产结构
资产结构编辑本词条缺少名片图，补充相关内容使词条更完整，还能快速升级，赶紧来编辑吧！资产结构，是指各种资产占企业总资产的比重。
主要是指固定投资和证券投资及流动资金投放的比例。
中文名资产结构外文名asset structure目录1概述2三种类型3结构形式4质量特征5资本结构6影响7结构优化1概述编辑是指企业进行投资中各种资产的构成比例，主要是指固定投资和证券投资及流动资金投放的比例。
一些企业存在流动资金不足的问题，其中一个很重要的原因就是没有处理好固定资金和流动资金投入的比例。
从盈利性来看，基于流动资产和固定资产盈利能力上的差别，如果企业净营运资金越少，意味着企业以较大份额资金运用到盈利能力较高的固定资产上，从而使整体盈利水平上升；但从风险性看，企业的营运资金越少，意味着流动资产和流动负债的差额越小，则到期无力偿债的危险性也越大。
在实际工作中，如过多的资金投入到前期的固定资产上，极有可能引出流动资金紧张，无力进货，拖欠职工工资，短期偿债能力下降等恶果。
资产结构管理的重点，在于确定一个既能维持企业正常开展经营活动，又能在减少或不增加风险的前提下，给企业带来更多利润的流动资金水平。
2三种类型编辑企业在进行资产结构决策时,往往关注资产的流动性问题,特别是流动资产占总资产的比重.根据这个比重的大小,可以将企业的资产结构分为三种类型:1.保守型资产结构,指流动资产占总资产的比重偏大.在这种资产结构下,企业资产流动性较好,从而降低了企业的风险,但因为收益水平较高的非流动资产比重较小，企业的盈利水平同时也降低.因此，企业的风险和收益水平都较低.2.风险型资产结构,指流动资产占总资产的比重偏小。
在这种资产结构下,企业资产流动性和变现能力较弱,从而提高了企业的风险,但因为收益水平较高的非流动资产比重较大，企业的盈利水平同时也提高.因此,企业的风险和收益水平都较高.3.中庸型资产结构.指介于保守型和风险型之间的资产结构。
财务结构杠杆资本结构理论
财务结构杠杆资本结构理论财务结构(Financial Structure)是指一个公司资产负债表右边负债与净值的分配情形；资本结构(Capital Structure)则是指长期负债与净值的分配情形，要紧项目有长期负债、专门股及一般股权益，然而不包括所有的短期负债。
因此，资本结构是财务结构的一部份。
由图5-1可知两者的关系:图5-1: 资产负债表如图5.1 阻碍财务与资本结构决策的悠关因素财务结构构成元素所占的比重，会受下列各个因素的阻碍5.1.a 因素A: 经营者与股东的态度在没有方法证明怎么说什么才是公司最适财务结构时，往往借着经营者主观的判定，决定一个他认为适合的财务结构。
比较稳健保守的经营者也许会使用比较少的负债，比较冒险性的经营者也许会举借较多负债。
由经营者与股东的观点来看:(1).发放一般股的优点与缺点(2). 发行公司债的优点与缺点(3). 发行专门股的优点与缺点5.1.b 因素B: 放款金融机构的态度金融机构(如往来银行)的态度，往往是决定公司财务结构的重要因素。
专门亚洲金融机构(日本除外)较为稳健保守，即使公司经营者对以后充满信心，而使得负债比率超过同业的平均标准专门多时，金融机构专门可能不情愿增加放款或连续融通资金，或者要求比较高的放款利率，提高了公司的资金成本负担。
5.1.c 因素C: 经营操纵权发行新股或发行公司债筹集资金关于经营者的操纵权有所阻碍。
因此，经营操纵权的考虑会阻碍到公司的财务结构。
假如经营者差不多操纵了大部份的投票权或经营权，那么他会考虑在适当的范畴内发行新一般股;假如他的经营权差不多在边际状况，那么他比较可不能想发行新股冲淡经营权，而会考虑用发行公司债举借资金。
5.1.d 因素D: 资产的结构公司资产的结构也会阻碍融资型态，流淌资产比较多的厂商，要紧的资金来源应该是举借短期债务;而固定资产应该来自长期资金，例如长期借款、盈余转投资或者增资发行新股。
因此，固定资产多的公司，像纺织公司或是公用事业，就会倾向于运用杠杆(多举债)，而固定资产较少的公司如研究进展型的公司，就会较少举债。
capstructure资产结构
Agency costs of free cash flow
• Jensen (1986) • Free cash flow: cash flow in excess of that required to fund all valuable projects.
– After-tax operating cash flow is easily observable, BUT – Valuable investment opportunities are NOT easily observable.
• Issue & invest = 144.42 (115/215 * 270) • Don’t invest = 150
– Value of existing shareholders’ stake if low value occurs:
• Issue & invest = 85.58 (115/215 * 160) • Don’t invest = 50
• Frank and Goyal (2003)
– No – Net equity issues track financing deficit more closely than do net debt issues. – Small, high-growth firms are less likely to follow pecking order.
Basic example (cont’d)
• Equilibrium strategy is that firm’s managers refuse to invest in positive NPV project in “good” state. • Equilibrium value to existing shareholders:
c开头的高中英语单词。
1.c abbage* ['kæbidʒ] n.洋白菜, 卷心菜2.c afé3.c age [keidʒ] n.笼子vt.把…关入牢中4.c ake [keik] n.蛋糕, 糕饼；饼状食物; 块状物vt. & vi.(使)结块; (使)胶凝piece of cake 轻而易举的事情；轻松愉快的事rice cake 年糕cakes and ale n. 欢乐tea cake 茶点make a cake 制做蛋糕take the cake 得奖；坏到极点bake a cake 烘蛋糕5.c all [kɔ:l] vt. & vi.叫, 喊；通电话；认为; 估计vt.命名, 取名；召唤, 号召, 召开vi.拜访, 访问n.呼喊声, 叫声; 鸟鸣声；打电话；拜访; 小歇call up打电话；使人想起；召集；动员;提出call off取消；放弃；叫开；叫走call on访问；号召；呼吁；拜访;请求call forth引起；唤起；振作起；鼓起call slip索书单；借书单；请拨单；借书证call divert呼叫转移；呼叫转接call for 要求；需要；提倡；邀请；为…叫喊phone call 电话will call （大商店的）预订零售部call of 邀…同去call in 召集；召来call center 客户服务中心telephone call 电话呼叫call back vi. 回电；收回make a phone call 打电话give me a call 给我打电话call upon 号召；要求；拜访call at 拜访，访问；停靠（车站）call home 由教堂公布结婚人姓名；自动通报wake-up call 警钟；叫醒服务；电话叫醒服务call out 唤起；出动；大声叫唤conference call 电话会议call a taxi 打的；叫出租车6.c alm [kɑ:m] adj.(水面)平静的, (天气)无风的；镇定的, 沉着的; 宁静的, 心平气和的vt. & vi.(使)平静; (使)镇定dead calm风平浪静；航越地平线；平静；怒海惊情calm down平静下来；镇定下来；平息；平静keep calm保持镇静；平心静气；沉住气；保持冷静calm sea 风平浪静；无浪；静海；平稳的海洋stay calm保持镇静；保持冷静calm down 平静下来；镇定下来remain calm 保持冷静，保持镇静；面不改色calm before the storm 暴风雨前的平静7.c amel ['kæməl] n.骆驼8.c amera ['kæmərə] n.照相机; 摄影机; 电视摄影机Candid Camera有照为凭；抓拍镜头；偷拍；选拍照相机Video Camera摄像机；摄影机；电视摄像机；视频照相机digital camera 数字摄像机；数字照相机camera lens 摄影机镜头；摄像头in camera 禁止旁听地；秘密地；不公开审讯on camera 在电影或电视摄影机的摄影范围内；出现在电视上infrared camera 红外摄像机television camera [电]电视摄像机speed camera 超速照相机high speed camera 高速摄影机；高速照相机camera bag 相机袋；摄影包；暗袋film camera 软片摄影机；电影摄影机；胶片摄象机pinhole camera 针孔照相机projecting camera 投影机，放映机；翻拍照相机camera crew n. 电影（或电视）摄制组streak camera 超快扫描照相机；超高速扫描摄影机security camera 保安摄像机9.c amp [kæmp] n.营地；收容所；阵营; 集团vt. & vi.宿营, 露营summer camp 夏令营;夏天露营；暑期夏令营；暑期班camp on得等待；推荐作为架构连接请求队列的优化手段；预占线military camp兵营；营盘；军营camp up做作表演training camp 集训营concentration camp 集中营refugee camp 难民营；难民收容所base camp 大本营；探险队等的营地；扑火营部；扑火野外指挥部camp on 得等待，预占boot camp n. ［美口］海军训练新兵之营地prison camp 战俘集中营labor camp 流动工人招待所；劳改所camp fire 营火camp out 野营camp site 露营区；施工现场death camp （第二次世界大战期间纳粹的）死亡集中营（等于extermination camp）work camp 囚犯劳动营；（青少年）劳动夏令营holiday camp 假日野营地；度假村10.can [kæn, kən] aux. v.能, 能够；可以；可能, 会vt.将…装入密封罐中保存n.罐, 罐头watering can喷壶；浇水壶；洒水器；喷水壶oil can油罐；油壶；小油桶；注油罐ren can人参can be 可能；可以是how can 怎么能够；哪能；怎会can only 只得can tell 能感觉到；能看出来how can i 我岂能…；我怎么能…can afford 买得起；有能力负担as you can see 正如你所看到的；你是知道的can not help 禁不住，忍不住；情不自禁yes we can 是的，我们可以（奥巴马竞选口号）what can you see 你能看见什么cannot but 不得不，禁不住can do with 需要，希望得到；能对付，将就can not but 不得不11.cancel ['kænsəl] vt.取消, 废除；注销, 盖销；删去, 划掉cancel out 取消；抵销12.cancer ['kænsə] n.癌；迅速蔓延的恶劣的或危险的事物13.candle ['kændl] n.蜡烛candle holder 烛台candle light 烛光a lighted candle [诗歌用语]晚会；盛大的宴会worth the candle [常用于否定句或疑问句]值得，合算，划得来candlepower 烛光；烛光量，烛光度14.candy ['kændi] n.结晶糖, 冰糖；〈美〉糖果, 巧克力vt.(用糖煮过以)保存candy store 糖果店eye candy 花瓶角色；华而不实candy cane 柺杖糖；甘蔗15.canteen [kæn'ti:n] n.小卖部, 食堂；水壶, 水罐air canteen氧气瓶factory canteen工厂食堂16.cap [kæp] n.便帽; 帽子；保护盖[套] vt.覆盖, 笼罩；胜过, 超过cap in hand 毕恭毕敬地；谦恭地to cap it all 更加；更有甚者gas cap 气顶；气冠；油箱门salary cap 工资上限end cap 管端盖板；后盖toe cap 鞋头screw cap 螺帽put a cap on 限制；控制；制止17.capital ['kæpitl] n.首都, 首府；资本, 资金；大写字母adj.资本的,与资本有关的；主要的；极好的；大写的；可处死刑的capital market 资本市场human capital 人力资本，技能资本venture capital 风险资本，风险投资capital investment 资本投资capital structure 资本结构social capital n. 社会资本（指交通、卫生、通信等基本设施）capital construction 基本建设capital city 首都provincial capital 省会registered capital 注册资本；登记资本额capital fund 资本基金private capital 私人资本capital flow 资本流动；资金流量working capital 营运资本；运用资本capital account 资本性帐户；固定资产帐户intellectual capital 知识资本；智慧资本national capital 国家资本18.captain ['kæptin] n.船长, 机长；上尉, 队长, 首领alternate captain副队长junior captain小队长sea captain 船长captain of industry 大企业之首脑19.card [kɑ:d] n.卡, 卡片, 名片；请帖; 明信片；纸牌, 扑克牌；办法, 手段, 妙计key card出入证；钥匙牌；钥匙卡；一张让你成为一手好牌的关键牌Storage Card存储卡；内存卡；储存卡；记忆卡card catalogue卡片目录；卡片式目录；卡片目录区business card 名片；商务名片credit card 信用卡；记帐卡ic card 智能卡id card 身份证（等于identity card）smart card 智能卡identity card 身份证name card 名片card number 卡号bank card 银行信用卡memory card 记忆卡，存储插件card reader 读卡机，读卡器debit card 借记卡；签帐卡；提款卡card system 卡片系统；卡片式帐簿greeting card 贺卡green card （美）绿卡（指允许外国人进入美国工作的绿色许可证）；（英）绿色保险证report card 成绩单sound card 音效卡，声卡network card 网卡20.care [kɛə] vt. & vi.关心, 担心, 在乎, 介意vt.喜欢, 愿意n.照顾, 护理；小心, 注意；忧虑, 挂念；负责照管、办理的事take care小心；注意；当心；保重care about关心；介意；在意；在乎hospice care临终关怀；安宁疗护；临终护理；安宁照顾take care of 照顾；注意；抚养care of 由…转交health care 卫生保健take care of oneself 照顾自己；颐养care for 关心，照顾；喜欢medical care 医疗护理don't care 不管，不在意nursing care 护理skin care 护肤品；皮肤护理take good care 好好照顾；珍重take good care of 照顾好；好好照看with care 小心地personal care 个人护理；个人护理用品health care products 保健品child care 儿童保育health care system 保健系统；医疗制度intensive care 重病特别护理21.careful ['kɛəful] adj.仔细的, 小心的careful in 在…方面小心careful consideration 深思熟虑；细心考虑be careful with 小心；照顾be careful about 当心，注意be careful of 小心，注意；当心…，对…仔细22.careless ['kɛəlis] adj.粗心的, 草率的；随便的, 不介意；不关心的, 冷漠的careless working滥采Careless Pedestrian粗心行人；大意行人careless about对…不留心；对…不小心careless of 不顾；不关心；不在乎；不感兴趣；无忧无虑23.carpenter* ['kɑ:pintə] n.木工, 木匠24.carpet ['kɑ:pit] n.地毯on the carpet 在考虑中；在审议中red carpet （迎接贵宾用的）红地毯；隆重的接待persian carpet 波斯地毯25.carriage ['kæridʒ] n.四轮马车; 车辆；车厢；举止, 仪态carriage free[交] 免收运费；免付运费；运费免除；免费运输carriage forward运费；运费到付；运费待付；运费未付carriage way 车行道26.carrot ['kærət] n.胡萝卜27.carry ['kæri] vt.提, 挑, 背；支撑, 支持vt. & vi.运送, 搬运；携带, 具有, 包含carry on继续；进行下去；从事；继续下去Super Carry超级运载carry conviction使生信心或令人心服；有说服力；令人信服；令人折服carry it占优势；获胜cyclic carry循环进位carry out vt. 执行，实行；贯彻；实现；完成carry forward 发扬；推进carry through 贯彻；完成；坚持下去carry in 携带；输入carry with 进行carry on with 继续；与…调情carry around 随身携带carry away 运走；使失去自制力carry off 夺去；获得；使丧命；成功地处理carry over ..留到以后处理；继续存在fetch and carry 做杂务，打杂carry trade 套利交易；套息交易；利差交易；息差交易carry about 带着；随身携带carry the torch 开战；奋斗；单恋carry weight 有影响；重要；有分量carry up 建高（房屋），追溯carry back vt. 运回；拿回；使回想；使回忆起carry bag n. 手提袋；厚纸袋carry the can 代人受过；背黑锅；单独承担困难的任务28.cartoon [kɑ:'tu:n] n.漫画；动画片, 卡通片Cartoon caricatures画卡通画；卡通漫画；卡通漫完美国际；艾弗森最喜欢画卡通画cartoon serial动画序列Cartoon Show漫漫看；卡通贴图区Cartoon Heross卡通英雄Computer Cartoon计算机动画Cartoon Maker卡通画制作工具Cartoon Art数码卡通的图形设计；漫画艺术Cartoon shader卡通材质Cartoon Wars卡通大战；卡通战争animated cartoon n. 动画；卡通片cartoon network 卡通频道；卡通电视网（美国一个专门播放动画节目的有线电视频道）29.case [keis] n.事例, 实例；实情, 情况；病例, 病症, 患者；被警方调查的案件, 诉讼案；容器, 包装；手提箱case hardening表面硬化；表层硬化；表面渗碳硬化；渗碳book case书架；书壳；书柜；书橱case leather箱皮；皮革类英语；箱包革；箱革civil case民事案件case history病历；工程事例；既往历；病历袋emergency case急救盒；急诊病人；急诊病例；紧急情况Case Grammar格语法；格位语法；格文法；格变语法packing case包装件；包装；货箱；包装箱Steve Case史蒂夫·凯斯；祈思定；史蒂夫；凯斯in case conj. 万一；假使in the case of 至于，在…的情况下in case of 万一；如果发生；假设in this case 既然这样，假若这样case study 个案研究；案例研究in any case 无论如何in that case 既然那样case analysis 个案分析；格分析just in case 以防万一in some case 在某种情况下special case 特例，特殊情况in no case 决不particular case 特例；特定情况test case [律]判例案件case history n. 病历；个案史case in point 恰当的例子criminal case [法]刑事案件，刑事案in each case 在不同情况下case report 个案报告；[医]病案报告use case 使用案例；使用实例30.cash [kæʃ] n.钱, 现款vt.把支票兑换成现金cash discount[会计] 现金折扣；[会计] 现金支付折扣；现金贴现；[会计] 现金扣头cash settlement[金融] 现金结算；[金融] 非现金结算；[金融] 现汇结算；现结cash basis[会计][金融] 收付实现制；[会计][金融] 现金收付制；[会计] 现金基础；现金制Cash Account现金帐户；现金户口；现金账户；现金账Cash cycle现金循环周期；现金循环；现金周转；现金周期cash disbursement现金支出；现金付出款cash transaction现金交易cash audit现金审计；现金审核cash limit现金限额；现金支出限额；现金限制cash flow 资金流动in cash 用现金，有现款cash in 兑现；收到……货款for cash 付现；付现交易cash register 现金出纳机，收银机cash management 现金管理cash payment n. 现金付款cash in on 乘机利用；靠……赚钱net cash 现金净价；现金净额on cash [经]现金买卖pay cash 付现cash dividend 现金股利cash out 现金支出petty cash 零用现金；小额备用金free cash 自由现金；活动现金cash flow statement 现金流转表，现金流量表discounted cash 现金贴现，贴扣现金cash crop 经济作物free cash flow 自由现金流；净现金流discounted cash flow [经]净现金量；[经]现金流量贴现；[经]减少现金流通31.cassette* [kə'set, kæ-] n.盒式录音带,盒式录像带32.castle ['kɑ:sl] n.城堡, 堡垒Castle nut[机] 槽顶螺母；[机] 槽形螺母；[机] 开槽螺母；[机] 带槽螺母Magic Castle魔法の城；魔法城堡；魔法之城；魔术城堡prague castle布拉格城堡；布拉格古堡；布拉格堡；城堡区The Castle城堡；卡卡索城堡；史密森尼博物院主楼Castle Hill城堡山；堡垒山；城堡丘；凯斯尔山CARDIFF CASTLE卡迪夫城堡；加的夫城堡；卡地夫城堡；加地夫城堡Brian Castle步阮恩Ashford Castle阿什福德城堡；童话情节的至尊享受Castle Howard霍华德城堡；霍华德庄园；霍华德府邸；霍华堡windsor castle 温莎城堡（英国著名城堡）castle in the air 空中楼阁；白日梦new castle 纽卡斯尔（城市名，位于美国宾夕法尼亚州西部）33.cat [kæt] n.猫；猫科动物KISS CAT接吻猫；高创鞋业；七宝店；置地广场店cat walk猫步；天桥；走道；高架狭窄人行道fat cat大款；有钱人；权势富人；富人cat shaft猫头轴；吊锚绞辘轴Cheshire Cat柴郡猫；常露齿嘻笑的猫；笑脸猫；咧嘴猫cat block吊锚滑车；带钩滑车CAT Catalyst催化剂；触媒cat stevens凯特·史蒂文斯；凯特·斯蒂文斯；史蒂文斯；凯特史蒂芬斯persian cat波斯猫cats and dogs [美俚]价值低的股票；杂物；（下雨）猛烈地；大量地black cat 黑猫（软件名称）bell the cat 为大家的利益承担危险old cat 脾气很坏的老太婆cat and mouse 猫戏老鼠；恣意玩弄折磨（像猫对老鼠般）big cat 大型猫科动物fat cat [美俚]有钱有势的人；谋求特权wild cat 野猫；初探井，野猫井cat-and-dog life (特指夫妇)过吵闹不休的生活，像猫狗一样不和[常与动词lead 连用，有时作cat-and-dog existence，fight]等经常争吵的生活(特指感情不和的夫妇生活) 像猫狗一样不和的生活，经常争吵的生活(常与动词lead 连用，多指夫妇生活)cat eye 猫眼cheshire cat 常露齿嘻笑的猫dead cat 猛烈的攻击like a scalded cat 拼命逃走；到处乱窜copy cat 盲目的模仿者cat burglar 飞贼；身手敏捷的贼siamese cat 暹罗猫cat scan 计算机X射线轴向分层造影扫描图leopard cat 豹猫house cat 屋猫；家猫pussy cat 小猫咪；没种的家伙更多收起词组短语34.catch (caught, caught) [kætʃ] vt.接住；逮住, 捉住, 抓住；偶然撞见, 突然发觉；赶上, 追上；患病; 感染上；理解, 听懂, 听到；引起, 吸引vt. & vi.(使)被钩住, (使)被卡住n.抓, 接；捕获量, 捕获物；挂钩, 吊扣；隐情, 圈套catch at试图抓住；拼命抓；抓住；想抓住catch fire着火；烧着catch up赶上；打断…的话；追上；撵angle catch窗插销；暗窗闩catch pawl挡爪；棘爪；掣爪catch hell受惩罚；受重伤catch platform坠台door catch门扣；门闩catch pit截留井；集水沟；截水井；集古井catch oneself 发觉自己讲错而突然住嘴catch up 赶上；把…缠住catch up with 赶上，追上；逮捕；处罚catch on 理解，明白；变得流行catch the train 赶火车catch fish 抓鱼，捕鱼catch up on 赶上；得到……消息；弥补catch fire 着火catch a glimpse of 瞥见catch in 被……困住，绊住catch at 试图抓住；死命抓住；渴望获得catch hold of 抓住；拥有catch all 打捞工具；选择全部；设立预设帐号catch my breath 喘气；随着我的呼吸catch you later 待会见，回头见catch phrase 妙句；引人注意的文句catch the eye 引人注目catch a bus 赶公共汽车；赶公交车lock catch 锁扣catch a ball 接球；接住球35.cattle ['kætl] n.(总称)牛, 牲口cattle farmer牧场工人cattle trailer运畜拖车kittle cattle任性的人cattle grazing牛放牧；牲畜草场图片korean cattle朝鲜牛cattle wagon家畜用小车；家畜车replacement cattle后备牛Cattle washes牲畜用洗涤剂fattening cattle育肥牛beef cattle 菜牛dairy cattle 奶牛；乳畜cattle hide 牛皮cattle breeding 牛饲养；畜牧cattle farm 养牛场，奶牛场black cattle 菜牛；肉牛；黑奴；供食肉类的牲口herds of cattle n. 牧群36.cause [kɔ:z] n.原因, 起因；缘故, 理由；事业, 原则, 目标vt.成为…的原因; 导致；引起, 促使, 使发生immediate cause[法] 近因；直接原因proximate cause近因；最近原因；直接原因；最近因common cause共同原因；共同事业；普通原因；共同使命Cause Trouble出纰漏；肇祸；召祸；肇乱accident cause事故原因probable cause合理根据；相当理由；袭警重案之警探终结者；颇能成立的原因primary cause主要原因；根本原因；主因；素因main cause主因；或我们成佛的主要原因natural cause自然原因cause of 起因；属…原因cause for …的原因in the cause of 为了cause of death 死因root cause 根本原因common cause 共同事业；共同目标协会；偶然原因；普通原因cause and effect 因果关系；原因与结果cause analysis 原因分析；成因分析internal cause 内因；内在原因cause of disease 病因cause trouble 肇事good cause n. 正当理由cause damage to 对…造成损坏，带来损害immediate cause 直接原因failure cause 故障原因external cause 外因just cause 正义事业；正当理由without cause 无故；毫无原因show cause 说出理由probable cause 可能的原因；合理的根据37.cautious ['kɔ:ʃəs] adj.小心的, 谨慎的cautious shift谨慎偏移；而有时导致谨慎的移转；重的移转cautious rash谨慎的cautious style谨慎型cautious adj小心的；谨慎的Cautious Manner谨慎态度Unhelpful Cautious无益谨慎Not Cautious失慎cautious optimism审慎乐观Cautious Verification小心求证cautious about 谨慎于…be cautious of 留心…；谨防…38.cave [keiv] n.洞穴vt. & vi.(使)塌陷; 倒塌vi.屈服The Cave洞穴；山洞；异底洞；洞穴探险队sea cave[地质] 海蚀洞；[地质] 海〔蚀；海〔蚀〕穴；[地质] 海蚀穴Legend Cave神秘的洞窟；传说的洞窟cave deposit洞穴堆积；洞穴沉积；洞穴沈积；洞穴沉cave ices洞穴冰effluent cave出水洞solution cave溶蚀性孔洞limestone cave灰岩洞；石灰石洞；石灰岩洞；溶洞Cave Dwelling硐；窑洞cave in 塌落；认输karst cave 岩溶洞cave dwelling 窑洞limestone cave 灰岩洞，石灰岩洞reed flute cave 芦笛岩rock cave 岩洞39.ceiling ['si:liŋ] n.天花板, 顶棚；最高限度, 上限；高度, 上升限度; 云幕高度ceiling price最高价；顶价；[物价] 最高限价；最高price ceiling[物价] 最高限价；[物价] 价格上限；[物价] 最高价；限制价格louvered ceiling方格天花板Ceiling light天花灯；吸顶灯；吊灯；顶灯false ceiling假天花板；假平顶；假顶棚；假天华板ceiling board舱顶板；天花板；隔音纸板；矿棉板caisson ceiling藻井；澡井顶棚ceiling panelheating顶棚辐射采暖coffered ceiling方格天花板glass ceiling 玻璃天花板；玻璃顶棚ceiling lamp 吊灯；顶灯；天花灯suspended ceiling 吊车，吊顶；垂吊式天花板ceiling fan 吊（式）风扇；天花风扇ceiling board 天花板，盖板；舱内衬板hit the ceiling 勃然大怒ceiling height 室内净高；楼底高度；上升限度ceiling light 舱顶灯；吊灯；天棚灯；[气象]测云幂光price ceiling 最高价，价格上限ceiling price 最高限价ceiling panel 顶棚镶板；平顶镶板；舱底板格40.celebrate ['selibreit] vt. & vi.庆祝vt.颂扬, 赞美, 歌颂Celebrate Life热爱生命Holiday Celebrate节日庆典celebrate v庆祝；过生日celebrate mass主持弥撒Celebrate Festival庆祝节日Celebrate Darwinism庆祝达尔文学说celebrate Halleween庆祝万圣节celebrate Halloween庆祝万圣节Celebrate You恭喜你；祝贺你celebrate with 庆祝celebrate christmas 庆祝圣诞41.cent [sent] n.分, 一分钱的硬币CENT Center中心shear cent剪心cent store小杂货店；九十九分贩卖店Cent Centrifugal离心的calDannynouncedrned cent百分之Cent rance分兰斯Sion Cent希安•森特Midnight Cent半夜时分cent percent每百元若干分red cent 一便士，一分钱42.centigrade ['sentiɡreid] n.摄氏C centigrade摄氏；摄氏度数degree centigrade百分度；摄氏度数；摄氏温度；摄氏温度度数centigrade temperature摄氏温度centigrade degree摄氏温度；摄氏度；摄氏度数centigrade system百分度制degrees Centigrade摄氏度Talk Centigrade用摄氏CENT Centigrade百分度centigrade scale摄氏温度；摄氏温标；百分温标；摄氏表degree centigrade 摄氏温度；百分度43.centimeter r/ er 英[ˈsentimi:tər] 美[ˈsɛntəˈmitɚ] .厘米abcoulomb centimeter[电磁] 电磁库厘米square centimeter平方厘米11 Centimeter十一公分centimeter ruler释义厘米标度发生器Inverse Centimeter波数cubic centimeter立方厘米；立方公分；毫升；释义立方厘米Dyne Centimeter尔格；因公分gram centimeter克厘米air centimeter空气公分square centimeter n. 平方厘米，平方公分cubic centimeter 立方厘米44.central ['sentrəl] adj.中心的, 中央的, 形成中心的；最重要的, 主要的, 首要的；有全部权力或控制力的central heating暖气；中央供暖；[建] 集中采暖；中央暖气Central Station中央车站；中心站；中央火车站；中央站Central Committee中央委员会；央委员会；中心委员会Central America中美洲；中部美洲；中美洲号；巴拿马Central angle圆心角；中心角central force中心力；有心力；连心力Comedy Central喜剧中心；美国喜剧中心频道；喜剧频道；喜剧中心频道central office电话总机；总局；中心局；中央局Rosario Central罗萨里奥中央；奥中央；罗萨里奥中央队central committee 中央委员会central bank [经]中央银行central government n. 中央政府central nervous system 中枢神经系统central part 中心部位；中央控制元件central asia 中亚；亚洲中部central city 大城市的中心区；闹市区central point 中心点central area 中心区；市中心区central heating 中央暖气系统；集中采暖central control 中央控制；集中控制central america 中美洲（位于墨西哥与南美洲之间）；中美洲各国central business district 商业中心区central park 中央公园（位于美国纽约）central region 中心区european central bank 欧洲中央银行central axis 中心轴；中央轴central station 总站；中心电站central place n. 中心地带central authority 中央集权45.centre / er ['sentə] n.中心点, 中心, 中央；使人感兴趣的集中点；中枢；活动集中的地方；政治上的中间立场或中间党派vt. & vi.置于中央；集中Information centre信息中心；游客中心；问讯处；咨询中心Data centre数据中心；数据中心服务；中心服务；资料中心centre mark中点；场中点Training centre培训中心；训练中心；培训锻炼中心commercial centre商业中心；商场control centre调度中心；主脑；控制中心；集中控制室Centre Pompidou蓬皮杜中心；庞毕度中心；蓬皮杜艺术中心；庞毕度艺术中心call centre呼叫中心；电话中心；电话服务中心；客户服务专员LOGISTICS CENTRE物流中心in the centre of 在…的中心centre of gravity 重心；惯性中心research centre 研究中心business centre 商务中心；商业中心shopping centre 购物中心service centre 服务中心；维修基地training centre 训练中心；教导所centre on 集中在…上exhibition centre 展览中心sports centre 体育运动中心，运动场town centre 市中心；镇上的主要商业区control centre 控制中心；配电站resource centre 资源中心；资料中心commercial centre 商业中心distribution centre 分销中心，配电中心education centre n. 教育中心medical centre 医疗中心logistics centre 物流中心centre forward 中锋；中锋区域data centre 数据中心；资料中心46.century ['sentʃuri] n.100年, 一世纪；100分47.ceremony ['seriməni] n.典礼, 仪式；礼节, 礼仪Opening Ceremony开幕式；开业典礼；开学典礼；开幕仪式breaking ceremony动土礼；破土动工仪式；破土典礼welcome ceremony欢迎仪式Handover Ceremony交接仪式graduation ceremony毕业典礼；毕业仪式inaugural ceremony就职演说；通车典礼；就职典礼；开幕式out ceremony平顶仪式dubbing ceremony骑士授予礼；颠末骑士给以礼；骑士给以礼shooting ceremony开镜礼opening ceremony 开学典礼；开幕式；开幕仪式；开幕典礼wedding ceremony n. 结婚典礼signing ceremony 签字仪式；签约仪式closing ceremony 闭幕典礼graduation ceremony n. 毕业典礼award ceremony 颁奖仪式，颁奖典礼tea ceremony 茶道marriage ceremony 结婚仪式，结婚典礼inauguration ceremony 就职典礼launching ceremony 下水仪式；下水典礼solemn ceremony 隆重的典礼stand on ceremony 讲究客套；拘于礼节foundation stone laying ceremony 奠基仪式；奠基礼completion ceremony 竣工式，竣工仪式48.certain ['sə:tn] adj.无疑, 肯定；某, 某些make certain弄确实；查明；弄明白；确信certain knowledge准确的知识a certain某一；一定的certain areas某些地区certain）确信的certain a确信的；某一Period certain固定期间Certain Dreams某些梦想Certain Mornings某些清晨a certain extent 一定程度上a certain degree 到某种程度for certain 肯定地；确凿地certain level 某一水平a certain amount of 一定数量的certain of 有把握，确信certain effect 一定的效果；确定效应make certain 弄清楚；弄确实certain areas 某些地区to be certain 肯定under certain circumstance adv. 在某种情况下make certain of 把…了解清楚；弄明白certain event 必然事件；全事象49.chain [tʃein] n.链, 锁链；一系列的事物；连锁店或旅馆；束缚vt.用铁链锁住；束缚chain conveyor[机] 链条式输送机；[机] 链条输送机；[机] 链式输送机；电溜子Chain drive链传动；[机] 链条传动；[机] 链传动机构；[机] 链驱动chain debts三角债；三角学债Value Chain价值链；价值炼；企业价值链；价值连锁Chain Lightning连锁闪电；连环闪电；链状闪电；闪电链anchor chain锚链；船舶链side chain侧链；旁链；支链；边链Food chain食物链chain bracelet手链；链式手镯supply chain 供应链；供给链；供需链supply chain management 供应连锁管理value chain 价值链industrial chain 产业链；工业链锁chain reaction 连锁反应；链式反应food chain 食物链markov chain n. [统]马尔可夫链chain store 连锁商店polymerase chain reaction 聚合酶链反应in chains 在囚禁中；上着镣铐side chain 侧链；侧锁long chain 长链key chain 钥匙扣；钥匙链chain link 链连chain length [化]链长production chain 生产链；流水线cold chain （新鲜食品的）低温运输系统retail chain 连锁店；零售联营chain wheel 链轮；滑轮chain transfer 链转移；链传递50.chair [tʃɛə] n.椅子；大学教授职位；主持会议的主席(的席位或职位) vt.主持；把胜利者高高抬起wicker chair藤椅；柳条椅；细藤椅rocking chair摇椅；[家具] 摇摆椅；红棕色；安乐椅easy chair安乐椅；轻便椅；[家具] 安泰椅；简便椅bar chair酒吧椅；吧台吧椅；吧椅；钢筋座rail chair轨座；轨底chair conformation椅型构象；椅式构象；半椅型构象Banqueting chair宴会椅；宴席椅chair form椅型；椅式；椅式构象；椅形Deck Chair折叠帆布长椅；躺椅；轻便折叠躺椅；甲板椅office chair n. 办公椅in the chair 处在主席地位；担任主席rocking chair 摇椅，安乐椅massage chair 按摩椅dining chair 餐椅swivel chair n. 转椅wheel chair n. 轮椅sedan chair 轿子high chair n. （小孩吃饭时坐的）高脚椅子electric chair 死刑电椅；电刑folding chair 折叠椅，可摺椅take the chair 主持会议，开会；作主席dental chair 牙科手术椅bar chair 酒吧椅；钢筋座easy chair n. 安乐椅lounge chair 睡椅，沙发床deck chair 折叠式躺椅；折叠帆布躺椅beanbag chair 豆袋椅（以小球粒填充）；变形椅（内储空气似枕头）take a chair 请坐；就座chair cover 椅套51.chairman ['tʃɛəmən] n.(主持会议的)主席；委员长, 董事长The Chairman董事长；董事长乐团；大班楼Honorary Chairman名誉董事长；名誉主席；荣誉主席retiring chairman卸任主席outgoing chairman卸任主席Chairman Alan主席格林斯潘Chairman Ca开幕派对暨张诗浩interim chairman临时主席chairman chairperson系主任Chairman Award获得总裁奖vice chairman 副主席；副会长board chairman n. 董事长chairman of the board n. 董事长；董事局主席deputy chairman 副主席；副董事长executive chairman 执行主席；执行总裁honorary chairman 名誉主席chairman mao memorial hall 毛主席纪念堂department chairman 系主任acting chairman 代理主席更多收起词组短语52.chalk [tʃɔ:k] n.制造白色或彩色粉笔的白垩；粉笔vt.用粉笔写、画、作记号chalk test粉末渗透探伤法；白垩试验；垩粉水密试验；油粉浸渗试验chalk stripe深地细白条子布；白条纹blue chalk蓝粉笔chalk talk注入式教学法技术战术讲解；实战论坛；实战论谈；注入式教学法camphorated chalk樟脑化白垩nitro chalk硝酸钙铵SIDEWALK CHALK标记粉笔；人行道粉笔图片Niobrara Chalk尼奥布拉拉白垩层Chalk soil白垩土chalk it up v. 记帐；宣布french chalk n. 滑石粉chalk up 记下；取得；归咎于a piece of chalk 一支粉笔know chalk from cheese 有判断力[通常用于否定句]white chalk 白粉笔53.challenge ['tʃælindʒ] n.挑战, 邀请比赛；怀疑, 质问；艰巨的任务vt.挑战；质疑；考验The Challenge挑战；谁与争锋；格斗挑战赛；放手一搏Rallisport Challenge越野挑战赛；微软拉力挑战赛；拉力挑战赛；拉力锦标赛challenge inspections质疑监察；质疑视查；质疑监查Great Challenge或者极限挑战；巨大挑战Ferrari Challenge法拉利挑战赛；挑战法拉利Beyond Challenge无可非难；无以伦比；无与伦比challenge to对…的挑战Bike Challenge摩托车挑战；障碍机车秀University Challenge大学挑战赛；大学挑战；大学对抗赛；挑衅赛meet the challenge 迎接挑战；满足要求rise to the challenge 接受挑战，奋起应付挑战take up the challenge 应战challenge cup 挑战杯；优胜杯；奖杯54.challenging [ˈtʃæləndʒɪŋ] adj. 富有挑战性的;需要充分发挥能力的;困难而有趣的,具有刺激性的Challenging role挑战性角色Challenging CEOs维京集团的音乐航程；青春饭Challenging Times具有挑战性时代Challenging Problems挑战难题Challenging Journalist挑战记者Very Challenging很有挑战性Challenging Twist挑战性旋转This Challenging这一具有挑战性Challenging Qualifying挑战与检验meet the challenge 迎接挑战；满足要求rise to the challenge 接受挑战，奋起应付挑战take up the challenge 应战challenge cup 挑战杯；优胜杯；奖杯55.chance [tʃɑ:ns] n.机会; 时机；某事发生的可能性；无任何可见到的或可了解的原因而发生的情况; 碰运气。
第10章资本成本与资本结构
公司理财 Corporate Finance
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资
(一)单项资本成本
本
成 本
(二)综合资本成本
分
类 (三)边际资本成本
1.权益资本成本 2.债务资本成本
优先股成本 普通股成本 留存利润成本 银行借款成本 债务成本
第10章 资本成本与资本结构 Chapter 10 Cost of Capital and Capital Structure
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第3章 资本成本与资本结构 Chapter 3 Cost of Capital and Capital Structure
边际资本成本
内 部 收 益 率
资 本 成 本
最优资本预算
资本加权边际成本
项目内部收益率 筹资与投资规模
公司理财 Corporate Finance
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第10章 资本成本与资本结构 Chapter 10 Cost of Capital and Capital Structure
大于75000
资本成本 6% 7%
8% 10% 12% 14% 15%
16%
公司理财 Corporate Finance
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第10章 资本成本与资本结构 Chapter 10 Cost of Capital and Capital Structure
边际资本成本计算过程
•第三步 确定筹资总额
筹资总额 =
权益资本成本（CAPM方法）
Ke
Kf
(Km
Kf
) i
Ke=权益资本成本 Km=市场收益率
Kf =无风险利率 i=贝塔系数
公司理财 Corporate Finance
1
资产结构知识点总结归纳
资产结构知识点总结归纳一、资产结构概念及特点资产结构是公司资产的内部组织和构成关系的表现，反映了公司各种资产在总资产中的比重和结构状况。
资产结构的变化对公司的经营活动和财务状况有着重要的影响。
资产结构的特点主要包括以下几点：1. 多样性：资产结构由各种不同性质的资产构成，包括固定资产、流动资产、无形资产等。
2. 聚焦性：资产结构是针对公司具体的经营活动和行业特点而形成的，因此具有一定的聚焦性。
3. 可变性：资产结构是随着公司经营活动的变化而变化的，因为公司会不断进行资产的投资和折旧，使得资产结构发生变化。
4. 相对性：资产结构主要是相对总资产而言的，反映了各种资产在总资产中的占比情况。
二、资产结构的影响因素资产结构的形成受到多种因素的影响，包括公司规模、行业特点、经营策略、市场环境等。
以下是影响资产结构的主要因素：1. 公司规模：规模较大的公司通常具有较为复杂的资产结构，包括较多的固定资产和流动资产。
2. 行业特点：不同行业的公司由于所处行业的特点不同，会导致其资产结构存在较大的差异。
3. 经营策略：公司的经营策略也会影响其资产结构，比如一些注重技术创新的公司可能在无形资产方面投入较多。
4. 市场环境：所处市场环境的稳定性和成熟度也会对资产结构产生一定的影响，比如成熟市场对固定资产的需求可能较小，而新兴市场可能对流动资产的需求较大。
5. 资本市场：公司的资产结构也会受到资本市场的影响，比如公司在进行融资时，会考虑到资产负债表的结构对融资成本的影响。
三、资产结构分析资产结构分析是对公司资产结构进行梳理和评估，通过分析资产结构可以了解公司的资产配置情况、融资情况以及经营活动的特点。
资产结构分析主要包括以下几个方面：1. 资产构成：资产结构分析首先需要对公司的资产构成进行详细的梳理，包括固定资产、流动资产、无形资产等各类资产的比重和变化情况。
2. 资产比例：通过对不同类别资产在总资产中的比重进行比较分析，可以了解各类资产在总资产中的重要性。
房地产投资信托的资金结构外文翻译(已处理)
房地产投资信托的资金结构外文翻译（已处理）房地产投资信托的资金结构外文翻译本科毕业论文(设计)外文翻译原文:On the Capital Structure of Real Estate Investment TrustsIn general, the received theory on capital structure can be categorized into two broad classes, one of optimization where managers trade off the costs against the benefits of debt, and the other behavioral where managerial decision making is influenced by market’s perception of managers’ superior information, and the overall condition of the market which may occasionally present windows of opportunity to sell securities at a premium Optimization of the Costs and Benefits of Debt?Tradeoff TheoryTradeoff theory posits that a target debt ratio exists which is determined by the tradeoff between the costs and benefits of debt, with the fi rm’s assets and investment plans held constant. The most significant benefit of debt financing is the interest tax shield. Mandatory interest payment also reduces free cash flow which mitigates the agency conflict between security-holders and managers. Since profitable firms have higher income to shield, and greater free cash flow,theory predicts higher leverage for profitable firms, and the opposite for firms with investment opportunities that are perceived to be risky. The cost of financial distress is the major detriment of debt. Factors that mitigate bankruptcy risk include firm’s access to fixed assets as collateral, and greater profit potential. For example, high low-growth firms that are more sensitive to fluctuations in business outlook and are therefore more vulnerable due to the costs of financial distress, choose lower higher leverage ratio. Smith and Watts 1992 and Barclay, Morella, and Smith 2003 report evidence consistent with this notion. Titman and Wessel 1988 find that debt ratio is negativelyrelated to the ‘uniqueness’ of a firm’s line of business, and Rajan and Zingales 1995 find that firm size is positively correlated with leverage and profitability is negatively correlated with leverage in all countries except Germany.Under tradeoff theory, deviations from target capital structure are only temporary. Firms make financing choices to rebalance debt ratio to the long-term optimum which implies that no systematic relation exits between leverage and investment opportunities BehavioralTheories?Pecking Order and Market TimingDeveloped by Myers 1984 and Myers and Majluf 1984, the pecking order model argues that managers have privileged information about firm value that investors do 84 Z. Feng et al. not have. Because managers can exploit this advantage to sell equity when it is overvalued, new shareholders avoid or discount equity, which implies that only inferiorfirms have the incentive to sell equity. The adverse selection cost is the main motivation for issuing the safest security first. As such, firms use retained earnings, debt and equity, in that order. Hence, high growth firms that need more external capital are predicted to have high leverage ratio. A dynamic version of pecking order theory, in contrast, predicts that, holding profitability constant, firms with investment opportunities keep payout low to conserve funds, and preserve debt capacity so as not to be forced into selling equity in the future. Shy am-Sunder and Myers 1999 find that over the period 1971?1989, pecking order theory has much greater time series explanatory power than the static tradeoff model. Similarly, Fame and French2002 find more profitable firms are less levered. However, using a panel of IPO firms, Helene and Liang 1996 find no relationship between the decision to raise external capital and the shortfall of internally generated funds. Frank and Goal 2003 conclude that over the period 1971?1988, new equity issues track financing deficit more closely than debt issues.Market Timing theory has two related implications. First, it suggests that firms issue securities when the market condition is favorable, and avoid issuing when the market is sluggish. This patternis consistent with anecdotal evidence that prior stock price movement andperception of under- or over-valuation of firms’ stock play importantroles in CFOs’ decision to raise external funds. Assuming that the ratio of market value to book value reflects investment opportunities, Baker and Wurgler2002 demonstrate that change in leverage is negatively related to previous period market-to-book ratio. Their data reveal that financing is done primarily by issuing equity, not with retained earnings. Second, current leverage is a decreasing function of‘external finance weighted-average’ of past market-to-book ratios which implies that past market valuation has a persistently negative impact on firm’s leverage ratio. Baker and Wurgler’s 2002 evidence is consistent with this notion, but contrary to both trade off and pecking order theories REIT Regulatory Environment and Capital Structure REITs are not required to pay taxes if they distribute 90% of taxable income as dividends. This nullifies two important benefits of debt. One, tax deductibility of interest payments is lost. Two, since most of the income is distributed, debt servicing is not critical in mitigating agency cost of free cash flow. Costs of financial distress further detract from the value of debt financing. Accordingly, the trade-off theory predicts that REITs should have low debt in their capital structure. But, anecdotal evidence is not consistent with this prediction. REITs carry significant amount of debt?in our sample, debt accounts for more than 50% of financing at IPO, gradually increasing to over 65% in 10 years Thepecking order theory offers some rationale for the use of debt financing?debt is preferred because shareholders discount the value ofnew equity out of suspicion that managers use privileged information to sell risky equity when it is overvalued. Based on information asymmetry between managers and shareholders, pecking order requires that managers have full discretion over the choice of funding On the Capital Structure of Real Estate Investment Trusts REITs 85 through retained earnings, debt and equity. This makes the relevance of the pecking order model somewhat questionable in the REIT context. To elaborate, high dividend payout reduces retained earnings for REITs so that funding choice is limited to debt and equity.2 Under this constraint, stock sales may be viewed with less skepticism. In addition, opinion varies on the extent of information asymmetry in the real estate sector. Some hold that with limited investment in human capital, and fewer strategic growth opportunities, REIT assets are relatively easier to value. Others contend that analysis of REIT assets requires special skills and knowledge about conditions of comparable properties, complex financing arrangements, and general and local economic trends. Han 2004 arguesthat fair market values of real estate transactions are difficult to determine because they often include heterogeneous, and illiquid assets. Finally, some authors i.e. Campbell, Ghosh, and Sirmans, 2001 argue that regulatory provisions restricting the sources of REIT income, and potential acquisition targets, to the realestate sector, and diffused ownership, exacerbate the information asymmetry problem. Overall, how information asymmetry affects REIT valuation and financing choice is an open question. Because of theirhigh payout requirement, REIT financing decision may not conform also to the dynamic version of the pecking order theory which states that firms reduce current leverage to avoid issuing equity when future capital needs arise Brown and Riddiough 2003 study the public offerings of equity REITs over the period 1993?1998. The authors report that maturity of REIT public debt is positively related to offer spread which is consistent with the predictions of the target debt ratio model ofCollin-Dufrense and Goldstein 2001. Corroboration for a target long-run debt ratio comes from the evidence that majority of the firms issuing debt was clustered just above the investment-grade rating. Further, a significant number of REITs that issue equity are highly leveraged and remain so subsequently. The authors conclude that REITs largely fund investment with bank lines of credit and other sources of private debt. When these sources are exhausted, REITs access the public capital market and use the issue proceeds to pay down credit lines in order to prepare for the next round of financing. Confirming the trend, Ott et al. 2005 report that REITs finance over 80% of firm-specific investment through equity and longterm debt, clearly a result of the high dividend payment. Our objective is to relate these decisions to the existing theory, REIT investment opportunities and theregulatory structure. Hypotheses The hypotheses are summarized in Table 1. Trade off theory predicts a low target debt ratio. Short term fluctuations in investment opportunities may move the capital structure away from the target, but if firms rebalance, no persistent patternbetween leverage and market-to-book would exist. The simple peckingorder theory invokes information asymmetry between shareholders and managers and predicts a positive relation between debt ratio and investment opportunities. Since REITs are limited in funding options due to high mandatory payout, however, a positive relation between leverage and market-to-book may be an artifact of the unique regulatory structure, not purely an attempt to avoid adverse selection costs. The dynamic pecking order theory implies an opposite relationship. The market timing theory which states that managers opportunistically issue equity when market valuations are high and adverse selection costs are low, implies a negative relation between market-to-book and leverage Data and Summary StatisticsOur study includes REITs that went IPO during 1991?2003 and forwhich all accounting and firm specific information required for analyses are available in the SNL database. Staring with the IPO date as a fixed starting point when managers decide on a particular capital structure, we investigate how capital structure changes over time. As noted byBaker and Wurgler 2002, the financing decision at IPO time is known tobe relatedto the market-to-book ratio.3 We collect each firm’s financialinformation, including total debt, total equity, total assets, total revenue, net income, depreciation, dividend amount, total investment in real estate, stock price, and the total number of shares outstanding. Table 2 shows the number of REITs inSNL database that went IPO between1991?2003, and number of REITs in the final sample by IPO year and calendar year. Most of the REITs have accounting and financinginformation 1 year prior to the year of interest, and hence are includedin the analysis to investigate the short term impact of market-to-bookon leverage ratio. However, missing values reduce the sample size whenwe test the long-term relationship between market-to-book and leverage ratios. This limits the scope and interpretation of our results somewhat.As shown in panel A of Table 2, the number of REITs in the sample is only four in 1992. The IPO activity picks up between 1994 and 1996 when the sample size jumps to 83 and then stabilizes at 108 in 2003. Thatmost firms survived during the entire period under study is apparent in the low attrition reported in panel B By the tenth year after IPO, as many as 30 of the original 33 REITs remained in the sample. However, as evident in column 2, availability of data is very limited for young IPO firms during the early years of the study. For example, only 68 of the eligible 107 firms have data in the first year after IPO. The proportionis much higher as the firms mature.The measurement of key variables follows standard definitions. Book debt is total assets minus book equity. Book equity is defined as total assets less total liabilities and preferred stock plus deferred taxesand convertible debt. Book leverage is calculated as the ratio of book debt to total assets D/A. Market equity is the product of number ofshares outstanding and the stock price. Market leverage is book debt divided by total assets minus book equity plus market equity. Previousstudies have employed both measures of leverage ratio. Myers 1977, however, notes that market values incorporate the value of the call option on the firm’s future ‘growth opportunities.’ Debt issued against these values can distort future real investment decisions. Indeed, anecdotal evidence suggests that in practice, managers tend to calculate debt ratios using book values.4 Additionally, we investigate the impact of investment opportunities on leverage ratios. Titman and Wessels 1988 and Fama and French 2002 suggest that a negative relationship between market leverage and investment opportunities may simply be a manifestation of better investment producing higher market values, rather than the workings of trade-off and pecking order models. Nevertheless, we use market leverage where appropriate to make our results comparable to extant evidence.Source: Zhilan Feng, Chinmoy Ghosh, C. F. Sirmans, 2007. “On the capital structure of real estate investment”. Journal of Real EstateFinance and Economics, vol.34, no.1, pp.81?105译文:房地产投资信托的资金结构一般来说,已知的资金结构理论可以分为两大类,一种是管理人员权衡债务利润和成本的优化,另一种是一些受管理者人对于市场的信息优势所影响的决策行为,以及利用偶然的机会出售证券而获得溢价等市场的整体状况。
资产结构的名词解释(一)
资产结构的名词解释(一)资产结构资产结构指的是企业或个人所拥有的各种资产的构成和比例关系。
资产是指企业或个人拥有的具有经济价值的资源，它可以分为固定资产、流动资产和无形资产等不同类型。
1. 固定资产固定资产是指企业拥有并持有供生产、开发、经营的长期资产，通常具有高价值和长期使用寿命。
常见的固定资产包括土地、建筑物、厂房、机器设备等。
例如，一家工厂拥有价值500万的厂房和设备以及价值100万的土地，那么这些固定资产的总价值为600万。
2. 流动资产流动资产是指企业用于日常经营活动的资产，通常具有较短的使用寿命。
流动资产能够快速转化为现金，用于支付短期债务和满足日常运营需求。
常见的流动资产包括库存、应收账款、现金等。
举个例子，一家零售店拥有价值100万的库存商品，价值50万的应收账款以及30万的现金，那么这些流动资产的总价值为180万。
3. 无形资产无形资产是指企业不具有实物形态但具有经济价值的资产，例如专利权、商标权、版权等。
无形资产通常是企业的独特资源和竞争优势，能够为企业创造收益。
举个例子，在一家科技公司中，拥有了一项独特的技术专利，该专利具有价值200万，并且可以在未来几年内为公司带来持续的技术授权费用收入。
4. 资产结构分析对于企业或个人来说，资产结构的分析可以帮助了解资产的构成和比例，从而评估财务风险和经营状况。
通过分析不同类型资产的比例变化，可以判断企业的资金运作能力、盈利能力和发展潜力。
总结以上内容：•资产结构包括固定资产、流动资产和无形资产等不同类型。
•固定资产是企业持有的用于长期生产和经营的资产。
•流动资产是企业用于日常经营活动的资产，它能够迅速转化为现金。
•无形资产是企业不具有实物形态的具有经济价值的资产。
•资产结构分析能够帮助评估企业的财务风险和经营状况。