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1、本科毕业论文(设计)外文翻译Optimizingthecapitalstructure:FindingtherightbalancebetweendebtandequityJustover50yearsagoMillerandModigliani(1958)showedthatunderacertainsetofconditions—namelyperfectcapitalmarketswithnotaxesandagencyconflicts—afirm’scapitalstructureisirrelevanttoitsvaluation.Theirresultsarecontrover
2、sialandhaveraisedalargenumberofquestionsfromacademicsandpractitioners.Thisarticlesummarizesthemainissuesunderlyingthechoicebyfirmsofanappropriatecapitalstructure,takingintoaccounttheirspecificfundamentalsaswellasmacroeconomicfactors.Itpresentsthebenefitsandcostsofborrowing,describeshowtoassessthese
3、toarriveatthebasictrade-offbetweendebtandequity,andexaminesconditionsunderwhichdebtbecomesirrelevant.TypesofFinancingTherearethreefinancingmethodsthatcompaniescanuse:debt,equity,andhybridsecurities.Thiscategorizationisbasedonthemaincharacteristicsofthesecurities.DebtFinancingDebtfinancingrangesfrom
4、simplebankdebttocommercialpaperandcorporatebonds.Itisacontractualarrangementbetweenacompanyandaninvestor,wherebythecompanypaysapredeterminedclaim(orinterest)thatisnotafunctionofitsoperatingperformance,butwhichistreatedinaccountingstandardsasanexpensefortaxpurposesandisthereforetax-deductible.Thedeb
5、thasafixedlifeandhasapriorityclaimoncashflowsinbothoperatingperiodsandbankruptcy.Thisisbecauseinterestispaidbeforetheclaimstoequityholders,and,ifthecompanydefaultsoninterestpayments,itwillbedeclaredbankrupt,itsassetswillbesold,andtheamountowedtodebtholderswillbepaidbeforeanypaymentsaremadetoequityh
6、olders.EquityFinancingEquityfinancingincludesowners’equity,venturecapital(equitycapitalprovidedtoaprivatefirminexchangeforashareownershipofthefirm),commonequity,andwarrants(therighttobuyashareofstockinacompanyatafixedpriceduringthelifeofthewarrant).Unlikedebt,itispermanentinthecompany,itsclaimisres
7、idualanddoesnotcreateataxadvantagefromitspaymentsasdividendsarepaidafterinterestandtax,itdoesnothavepriorityinbankruptcy,anditprovidesmanagementcontrolfortheowner.HybridSecuritiesHybridsecuritiesaresecuriti