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在现实中,我们通常不以极高债务水平的资本结构来评价公司。20世纪80年代开始的大量债务重组和收购,如KKR对RJR的收购,导致其负债率从80%上升到90%,表明很多经理人正在密切关注债务融资的优点。然而,即使面临杠杆收购的风险,我们仍不能用100%债务融资的资本结构来评估企业,因此,在确定最优资本结构时,还要考虑其他因素。财务危机成本与代理成本就是两个重要因素。本文将介绍财务危机成本及代理成本存在时资本结构对公司市价的影响。
In reality, we do not usually evaluate the company with a very high level of debt capital structure. The massive debt restructuring and acquisitions that began in the 1980s, such as KKR’s takeover of RJR, led to an increase in its debt ratio from 80% to 90%, indicating that many managers are closely monitoring the merits of debt financing. However, even in the face of the risk of leveraged buyouts, we still can not evaluate the firm with a capital structure of 100% debt financing. Therefore, other factors need to be considered in determining the optimal capital structure. Financial crisis costs and agency costs are two important factors. This article will introduce the impact of capital structure on the company’s market price in the presence of financial crisis costs and agency costs.