財(cái)務(wù)柔性的價(jià)值[外文翻譯]

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：TheValueofFinancialFlexibilityWedevelopamodelthatendogenizesdynamicfinancinginvestmentcashretentionpayoutpoliciesindertoanalyzetheeffectoffinancialflexibilityonfirmvalue.Weshowthatthevalueoffinancingf

2、lexibilitydependsonthecostsofexternalfinancingthelevelofcpatepersonaltaxratesthatdeterminetheeffectivecostofholdingcashthefirm’sgrowthpotentialmaturitythereversibilityofcapital.Throughsimulationswedemonstratethatfirmsfac

3、ingfinancingfrictionsshouldsimultaneouslybrowlendweexaminethenatureofdynamicdebtliquiditypoliciesthevalueassociatedwithcpateliquidity.RecentsurveysofAmericanEuropeanCFOssuggestthatthemostimptantdriveroffirms’capitalstruc

4、turedecisionsisthedesiretoattainpreservefinancialflexibility.Financialflexibilityrepresentstheabilityofafirmtoaccessrestructureitsfinancingatalowcost.Financiallyflexiblefirmsareabletoavoidfinancialdistressinthefaceofnega

5、tiveshockstowhenprofitableopptunitiesarise.Whileafirm’sfinancialflexibilitydependsonexternalfinancingcoststhatmayreflectfirmacteristicssuchassizeitisalsoaresultofstrategicdecisionsmadebythefirmrelatedtocapitalstructureli

6、quidityinvestment.Inthispaperweexplehowfirmsshouldoptimallymanagetheirfinancialflexibilityinthefaceofvarioustransactioncoststaxesinturnexaminethevalueoffinancialflexibilityunderdifferentconditions.Weparticularlyfocusonth

7、estrategicmanagementofcpateliquidityitsrelationshipwiththefirm’sfinancinginvestmentpolicies.Apervasiveperhapspuzzlingaspectofcpatefinancialpolicyisthatmostfirmsthatemploydebtfinancingsimultaneouslyholdcashbalances.Whilee

8、quivalentbrowinglendingpositionsoffseteachotherfromataxperspectivetheremaybeotherreasonsWeshowthatthepresenceofdebtissuancecostsleadsfirmstoretaincashevenwhilehavingdebtoutsting.Intimesoflowprofitabilitywhenthefirmwishes

9、todecreaseitsdebtpositiontoavoidtriggeringfinancialdistresscoststhefirmshouldincreaseitscashbalanceratherthanpayingdowndebt.Sincethefirmmaylaterwishtoresteitsdebttoahigherleveltotakeadvantageofinteresttaxshieldsitwillbeb

10、etteroffpayingoutcashtoshareholdersatthattimeratherthanissuingnewdebtincurringissuancecosts.Theimplicationofthisinsightisthatdifferentcombinationsofcashdebtthatproducethesamedebtlevelmayleadtosignificantlydifferentfirmva

11、lueswhichweillustratethroughsimulations.Wealsoexaminethemarginalbenefitofcashwhichreflectstherelativebenefitofavoidingissuancefinancialdistresscostsversusthetaxdisadvantageofcashbeingheldbythefirmratherthanbyinvestswhoar

12、esubjecttolowertaxrates.Weillustratehowthistradeoffresultsinaninterisolutionftheoptimalliquidityofthefirm.Wequantifythevalueoffinancialflexibilitybycomparingfirmvalueswithwithoutsecurityissuancecostsshowhowthevalueoffina

13、ncialflexibilitydependsontaxesgrowthopptunitiesprofitabilityreversibilityofcapital.Costlyexternalfinancinghasarelativelysmallnegativeimpactonthevalueofamaturefirmthatcontinuestocontractexpitscapacityinresponsetoproductiv

14、ityshocksbutcanusuallyfinanceitsinvestmentinternally.Allowingthefirmtomanageitscashbalancecansignificantlyalleviatetheimpactofexternalfinancingcoststhoughthisdependscriticallyonthesizeofthetaxdisadvantageassociatedwithca

15、shholdings.Theeffectoffinancialflexibilityonfirmvaluecanbequitelargehoweverwhenthereissignificantopptunityfgrowthontheupsidewhenthefirmisperfmingpolyonthedownside.Highvolatilityinthefirm’sprofitabilitythusmagnifiestheval

16、ueoffinancialflexibility.Wealsofindthatfirmswithmeflexiblecapitalcanpartiallycompensatefcostlyexternalfinancingindicatingthatinvestmentfinancialflexibilityaresubstitutestosomeextent.Finallywesimulatealargecrosssectionoff