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    As time moved and with recent development in corporate world, more researches have examined deeper the concept of capital structure. The trade-off theory of capital structure comes at a later stage which concerned about the corporate finance choices of firms is widely discussed. Its rationale is to describe the fact that firms are usually financed with some proportion of debt and equity. It proposed a principle that a firm's target leverage is driven by taxes shield, bankruptcy costs of debt and agency conflicts. Under trade-off theory, it affirms the advantages of using debt because the firm can gain tax shield with the usage of some proportion of debt in financing the company. Tax shield comes from the interest payment as a tax deductible item, which means that the higher the interest payment on debt employed, the lower the taxes will be paid by the firm. However, as companies decide to use more debt, it will put companies in the position of financial distress due to the possibility of the firm may be default in meeting its liabilities obligations. Financial distress will include bankruptcy and non bankruptcy cost. In conclusion, the trade-off theory suggests that optimal capital structure can be attained. However, firms should take appropriate actions in balancing between the tax benefits of higher debt and the greater possibility of financial distress costs while aiming to optimize its overall value. Early empirical evidence on the trade-off theory by Bradley, Jarrel and Kim (1984) reported mixed result. However, recent studies by Givoly, Hayn, Ofer and Sarig (1992), MacKie-Mason (1990) and Trezevent (1992) provides supporting evidence on trade-off theory

    推荐答案   2011-04-21
    As time moved and with recent development in corporate world, more researches have examined deeper the concept of capital structure. The trade-off theory of capital structure comes at a later stage which concerned about the corporate finance choices of firms is widely discussed. Its rationale is to describe the fact that firms are usually financed with some proportion of debt and equity.
    随着时间的感动,与最近的发展研究企业世界,更多的概念已经检查了更深的资本结构。资本结构的平衡理论,在以后某个阶段,来关心企业融资选择的商行是被广泛讨论。其基本原理是描述了一个事实——公司通常是与一定比例的债务融资和股权。
    It proposed a principle that a firm's target leverage is driven by taxes shield, bankruptcy costs of debt and agency conflicts. Under trade-off theory, it affirms the advantages of using debt because the firm can gain tax shield with the usage of some proportion of debt in financing the company.
    它提出了一个原则,公司的目标是驱使税收杠杆、破产成本盾的负债和代理冲突。权衡理论,它肯定下使用的优越性债,因为可以使企业利得税盾与使用一定比例的债务融资的公司。
    Tax shield comes from the interest payment as a tax deductible item, which means that the higher the interest payment on debt employed, the lower the taxes will be paid by the firm
    税盾来自利息付款项目作为申请扣减税项,这意味着更高的支付利息的债务,从而减少税收的雇用的公司将会支付
    However, as companies decide to use more debt, it will put companies in the position of financial distress due to the possibility of the firm may be default in meeting its liabilities obligations.
    然而,随着公司决定要用更多的债务,这将使公司在这个位置,由于金融衰退的可能性事务所可以在履行其义务违约责任。
    Financial distress will include bankruptcy and non bankruptcy cost. In conclusion, the trade-off theory suggests that optimal capital structure can be attained.
    财务危机将包括破产和非破产成本。总之,权衡理论表明,最优资本结构以达到组织的目标。
    However, firms should take appropriate actions in balancing between the tax benefits of higher debt and the greater possibility of financial distress costs while aiming to optimize its overall value.
    然而,公司应采取适当的措施在平衡与税务效益的可能性高负债和更大的财务危机成本,同时针对优化它的总体价值。
    Early empirical evidence on the trade-off theory by Bradley, Jarrel and Kim (1984) reported mixed result. However, recent studies by Givoly, Hayn, Ofer and Sarig (1992), MacKie-Mason (1990) and Trezevent (1992) provides supporting evidence on trade-off theory

    早期的实证证据的权衡理论,布莱德利,Jarrel报道和金(1984)混合的结果。然而,最近的研究,Hayn Givoly和Sarig,曲》(1992),MacKie-Mason(1990),(1992)Trezevent权衡理论提供了支持证据
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    其他回答
    第1个回答  2011-04-21
    因为时间移动了和与在公司世界的新发展，更研究审查了更深的概念与资本结构。 交易 理论 关注企业公司财务选择广泛被谈论的资本结构以后来。 它的理论基础是描述事实企业通常提供经费以债务和产权的某一比例。 它提出了原则公司的税盾、债务的破产费用和代办处冲突驾驶目标杠杆作用。 在交易理论之下，它肯定使用债务的好处，因为企业可能获取与债务的某一比例用法的税盾在提供经费给公司的。 税盾来自利息支付作为一个可减税项目，因此意味着越高在被使用的债务的利息支付，越低税将由企业支付。 然而，公司决定使用更多债务，它在财政困厄的位置将投入公司由于企业的可能性也许是在符合它的责任义务的缺省。 财政困厄将包括破产和非破产费用。 总而言之，交易理论建议那 优选的资本结构可以被获得。 然而，企业应该采取在平衡的适当行为在更高的债务的课税受益和财政困厄费用之间的更加巨大的可能性，当打算优选它的整体价值时。 在交易理论的早实验证据由布雷得里、Jarrel和金(1984)报告了混合结果。 然而，由Givoly的最近研究、Hayn、Ofer和Sarig (1992)，麦奇泥工(1990)和Trezevent (1992)在交易理论提供附属证据 。
    第2个回答  2011-04-21
    随着时间的感动,与最近的发展研究企业世界,更多的概念已经检查了更深的资本结构。资本结构的平衡理论,在以后某个阶段,来关心企业融资选择的商行是被广泛讨论。其基本原理是描述了一个事实——公司通常是与一定比例的债务融资和股权。它提出了一个原则,公司的目标杠杆是驱使的助教

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