房地產(chǎn)投資信托的資金結(jié)構(gòu)【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：OntheCapitalStructureofRealEstateInvestmentTrustsIngeneralthereceivedtheyoncapitalstructurecanbecategizedintotwobroadclassesoneofoptimizationwheremanagerstradeoffthecostsagainstthebenefitsofdebttheoth

2、erbehavialwheremanagerialdecisionmakingisinfluencedbymarket’sperceptionofmanagers’superiinfmationtheoverallconditionofthemarketwhichmayoccasionallypresentwindowsofopptunitytosellsecuritiesatapremium.OptimizationoftheCost

3、sBenefitsofDebt—TradeoffTheyTradeofftheypositsthatatargetdebtratioexistswhichisdeterminedbythetradeoffbetweenthecostsbenefitsofdebtwiththefirm’sassetsinvestmentplansheldconstant.Themostsignificantbenefitofdebtfinancingis

4、theinteresttaxshield.Matyinterestpaymentalsoreducesfreecashflowwhichmitigatestheagencyconflictbetweensecurityholdersmanagers.Sinceprofitablefirmshavehigherincometoshieldgreaterfreecashflowtheypredictshigherleveragefprofi

5、tablefirmstheoppositeffirmswithinvestmentopptunitiesthatareperceivedtoberisky.Thecostoffinancialdistressisthemajdetrimentofdebt.Factsthatmitigatebankruptcyriskincludefirm’saccesstofixedassetsascollateralgreaterprofitpote

6、ntial.Fexamplehigh(low)growthfirmsthataremesensitivetofluctuationsinbusinessoutlookaretherefemevulnerableduetothecostsoffinancialdistresschooselower(higher)leverageratio.SmithWatts(1992)BarclayMellaSmith(2003)reptevidenc

7、econsistentwiththisnotion.TitmanWessel(1988)findthatdebtratioisnegativelyrelatedtothe‘uniqueness’ofafirm’slineofbusinessRajanZingales(1995)findthatfirmsizeispositivelycrelatedwithleverageprofitabilityisnegativelycrelated

8、Wurgler(2002)demonstratethatchangeinleverageisnegativelyrelatedtopreviousperiodmarkettobookratio.Theirdatarevealthatfinancingisdoneprimarilybyissuingequitynotwithretainedearnings.Secondcurrentleverageisadecreasingfunctio

9、nof‘externalfinanceweightedaverage’ofpastmarkettobookratioswhichimpliesthatpastmarketvaluationhasapersistentlynegativeimpactonfirm’sleverageratio.BakerWurgler’s(2002)evidenceisconsistentwiththisnotionbutcontrarytobothtra

10、deoffpeckingdertheies.REITRegulatyEnvironmentCapitalStructureREITsarenotrequiredtopaytaxesiftheydistribute90%oftaxableincomeasdividends.Thisnullifiestwoimptantbenefitsofdebt.Onetaxdeductibilityofinterestpaymentsislost.Tw

11、osincemostoftheincomeisdistributeddebtservicingisnotcriticalinmitigatingagencycostoffreecashflow.Costsoffinancialdistressfurtherdetractfromthevalueofdebtfinancing.AccdinglythetradeofftheypredictsthatREITsshouldhavelowdeb

12、tintheircapitalstructure.Butanecdotalevidenceisnotconsistentwiththisprediction.REITscarrysignificantamountofdebt—inoursampledebtaccountsfmethan50%offinancingatIPOgraduallyincreasingtoover65%in10years.Thepeckingdertheyoff

13、erssomerationaleftheuseofdebtfinancing—debtispreferredbecauseshareholdersdiscountthevalueofnewequityoutofsuspicionthatmanagersuseprivilegedinfmationtosellriskyequitywhenitisovervalued.Basedoninfmationasymmetrybetweenmana

14、gersshareholderspeckingderrequiresthatmanagershavefulldiscretionoverthechoiceoffundingOntheCapitalStructureofRealEstateInvestmentTrusts(REITs)85throughretainedearningsdebtequity.Thismakestherelevanceofthepeckingdermodels

15、omewhatquestionableintheREITcontext.ToelabatehighdividendpayoutreducesretainedearningsfREITssothatfundingchoiceislimitedtodebtequity.2Underthisconstraintstocksalesmaybeviewedwithlessskepticism.Inadditionopinionvariesonth

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