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财务管理,财务管理制度,财务管理专业,公司财务管理制度,财务管理学方面的资料。
TXT版96本文以一个专题的的形式系统的阐述了企业在运营中应该如何控制本身的资本结构,这样既可以在一定程度上降低资本的融资成本,又可以避免一味的降低资本成本而导致巨大的财务风险。它还分析了产品市场与资本结构的关系,不同的行业要求不同的资本结构,这也是有一定的联系的,对企业的运营有指导作用!是一本英文原版书籍!!TOPIC6:CAPITALSTRUCTUREANDTHEMARKETFORCORPORATECONTROL1.Introduction2.ThefreeriderproblemInaclassicalpaper,GrossmanandHart(BellJ.,1980),showthatthereisafundamentalproblemwithtakeovers.Ifeachoftheexistingshareholdersholdsasmallamountofsharesthennotakeoverwillevertakeplace.GrossmanandHartrefertothisasthe"free-rider"problem.Tounderstandthenatureofthefreeriderproblem,considerafirmwhosecurrentvalueisX.Ifwenormalizethenumberofoutstandingsharesto1,Xalsorepresentsthemarketvalueofeachoutstandingshare.Nowsupposethataridercomesalongandwantstotakeoverthefirm.Iftheriderissuccessfulandbuysenoughshares(saymorethanhalfoftheoutstandingshares),hegainscontroloverthefirmandcanenhanceitsvaluebyR,sothevalueofthefirmbecomesX R.Inordertobuyshares,theriderneedstomakeatenderoffertothecurrentshareholdersthatspecifiesapricethattheywouldgetforeachsharetheytender.Forsimplicity,supposethattheofferisconditionalonbeingsuccessful:thatistheraiderwillbuysharesatthespecifiedpriceprovidedthatenoughsharesaretenderedtoensurethathecantakeoverthefirm.Otherwisetheraiderbuysnosharesandpaysnothing.ObviouslythepricethattheraideroffersshouldbeatleastXotherwisenoshareholderwillevertenderhisshares.SupposethenthatthepriceisX PwherePisthepremiumoneachshareaboveitscurrentvalue.HowbigshouldPbeinordertoinduceshareholderstotendertheirshares?Toanswerthisquestion,consideranindividualshareholderwhoholdsafractionαofthefirm’s2equity.Iftheshareholderdoesnottenderhisshares,hisexpectedpayoffiswhereγ1istheprobabilitythatthetakeoversucceedsgiventhattheshareholderdidnottenderhisshares.
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