利益相关者与资本结构决策

Stakeholders and Capital Structure Decision

传统权衡理论中的破产成本主要考虑的是,由重组或清算所带来的法律成本和管理成本之类的直接破产成本,以及由股东和债权人之间的矛盾而引起的在企业财务危机期间发生的间接破产成本。现代权衡理论基于利益相关者的考虑拓展了以前的间接破产成本内涵,主要是考虑了企业财务危机或破产清算给其他利益相关者带来的危害。这不但使企业的资本结构决策渗入了更多的战略因素,而且可以解释现实中许多企业的看似保守的融资行为。

Traditional tradeoff theory considers that the bankruptcy costs include the direct bankruptcy costs relate to legal process and management involved in reorganization or liquidation and the indirect bankruptcy costs which arise in the period of financial distress because of the conflict between equity holders and debt holders of the firms. Morden tadeoff theory based on the stakeholder theory extends the contents of previous indirect bankruptcy costs. It considers that the indirect bankruptcy costs should still incude the damages which relate to the other stakeholders and are caused by the firm's financial distress or bankruptcy or liqudation. The capital structure decision based on the stakeholder theory not only more displays the firm's strategic insight but also can explain many firms' financial behavior which looks like to be conservative in real world.