코스피200(KOSPI200) 기업 사업별 자본구조결정요인과 목표자본구조로의 조정속도 추정 (Determinants of Target Capital Structure and Adjustment speed : Evidence from KOSPI200 listed firms by industry)
*찬*
다운로드
장바구니
목차
1. Introduction2. Methodology
3. Data
4. Empirical Test Results
5. Summary and Conclusions
6. Reference
본문내용
A variety of capital structure theory could be representatively divided into trade-off theory, pecking order theory, and market timing theory.Firstly, the pioneers of the trade-off theory are Modigliani and Miller (1963), who analyzed capital structure decisions in a model with taxes. The trade-off theory implies firms identify their optimal leverage by weighing the costs and benefits of an additional debt. That is, the companies increase debt levels until the marginal benefits of debt equals the marginal cost of debts. And, this point is optimal capital structure which maximizes firm value. For reference, benefit of additional debt is that firm can profit more from debt tax shields, which will increase its value. On the other hand, costs of additional debt are higher probability of financial distress and agency conflicts between stockholders and bondholders (Fama and French, 2002).
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