The Theory and Practice of Corporate Finance.ppt
《The Theory and Practice of Corporate Finance.ppt》由会员分享,可在线阅读,更多相关《The Theory and Practice of Corporate Finance.ppt(27页珍藏版)》请在得力文库 - 分享文档赚钱的网站上搜索。
1、,The Theory and Practice of Corporate Finance: Evidence from The Field,John R. Graham, Campbell R. Harvey (1999),毛雅娟 华南农业大学经管学院,Capital Budgeting,Cost of Capital,Capital Structure,The Theory and Practice of Corporate Finance,Contributions,Broad scope of survey (capital budgeting, cost of capital, an
2、d capital structure),A large cross-section of 4,440 firms (392 CFO responses),Responses conditional on firm characteristics (firm size, P/E, leverage, investment grade, pay dividends, industry, management ownership, CEO age, CEO tenure, CEO MBA, regulated, target debt ratio, public corp., foreign sa
3、les, and Fortune 500 mailing),Summary Statistics (Fig.1.),Summary Statistics (Fig.1.),Summary Statistics (Fig.1.),.,Controling for different firm characteristics. (Tbl.2.),Survey Questions: Capital Budgeting,How firms evaluate projects?,How frequently does your firm use the techniques when deciding
4、which projects or acquisitions to pursue? (See Fig.2.),Capital Budgeting (Fig.2.),.,Survey Questions: Cost of Capital,How firms calculate the cost of equity?,When valuing a project, do you adjust either the discount rate or cash flows for the risk factors? (See Fig.4.),How frequently would your comp
5、any use the discount rates when evaluating a new project in an overseas market? (The discount rate for entire company, a risk-matched discount rate for this particular project, the discount rate for the overseas market, a divisional discount rate, a different discount rate for each component cash fl
6、ow),Does your firm estimate the cost of equity capital? If yes, how do you determine your firms cost of equity capital? (See Fig.3.),Controling for different firm characteristics. (Tbl.3-5.),Cost of Capital (Fig.3.),Cost of Capital (Fig.4.),.,Main Survey Questions: Capital Structure,How firms make d
7、ebt/equity financing choice?,Has your firm seriously considered issuing common stock? If yes, what factors affect your firms decisions? (See Fig.7.),What factors affect how you choose the appropriate amount of debt for the firm? (See Fig.5-6.),All the survey responses are controlled for different fi
8、rm characteristics. (Tbl.6-11.),Has your firm seriously considered issuing convertible debt? If yes, what factors affect your firms decisions? (See Fig.8.),What factors affect the firms choice between short- and long-term debt?,Capital Structure (Fig.5.),Capital Structure (Fig.6.),Capital Structure
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- TheTheoryandPracticeofCorporateFinance
限制150内