资本结构的变化与公司价值:西方研究综述

Change in Ownership Structure and Corporate Value:A Review of Western Research

西方对发行股票、发行债券和债-股互换等资本结构变化事件与公司价值之间的关系进行了广泛而深入的研究,尽管对不同资本结构变化事件引起的股价反应有不尽相同的理论解释,但几乎都与公司负债率变化引起的税收效应、财富转移效应和信息效应有关。负债率是连接各类资本结构变化事件与公司价值变化的中间变量。一个似乎可以称之为规律和结论的是:负债率降低的资本结构变化事件向市场传递了对公司价值不利的信息;预期内的负债率增加事件引起公司股价上升,预期外的外部融资宣告,不管是通过债券还是通过股票融资,都将引起公司股价下降。

Extensive and profound research has been conducted into the relationship between events of change in capital structure, such as stock issuance, bond issuance and debt - equity swap, and corporate value in the West. Despite of differing theoretical interpretations of the effect on stock price of different events, virtually all of them are related to the taxation effect, wealth diversion effect and information effect of change in debt - equity ratio, which is the intermediate variable linking the events and corporate value. An alleged law or conclusion is ： events that decrease debt - equity ratio send unfavorable information on corporate value to the market; events that are expected to increase debt - equity ratio result in a rise in stock price, and non - expected announcements of external financing - either bond issuance or stock issuance - lead to a fall in stock price.