论文代写价格-资本结构的选择和与投资相关的决策。为了使公司的价值最大化，财务经理主要负责两个角色和职责:资本结构的选择和与投资相关的决策。Watson and Head(2010)认为，一个组织获得投资机会的能力受到资本结构的影响，而资本结构对一个组织来说至关重要。可以给出一个例子，债务为组织提供了更多的灵活性，这是基于获取投资机会的财务，因为通常债务可以在更短的时间内增加，比盈利积累或股权融资(Bhamra et al.， 2010)。债务还可使本组织通过利用现有的税务盾牌，使税后收入最大化。
In order to maximize the value of the firm, financial managers take care of two primary roles and responsibilities: choices of capital structure and investment related decisions. According to Watson and Head (2010), an organization’s ability to secure opportunities of investment is impacted by the capital structure which is majorly crucial for an organization. An example can be given for this, debt provides an organization with more agility that is financial based in acquiring opportunities of investment, as usually the debt can be increased in lesser time than either earning accumulation or equity finance (Bhamra et al., 2010). Debt may enable the organization as well to maximize post tax earnings through exploitation of tax shields that are available. It is argued by the Myers (2001) that no debt theory or equity choice exists universally and no reason is present to expect the same.
There is still no model developed for the dynamic capital structure, as earlier mentioned that could acquire the choice of capital structure. The purpose of this literature review is to establish capital structure determinants taking into consideration evidence from UK based non-finance organizations prior to, throughout and after the crisis of global finances from the period of 2007 to 2008.
There are 4 essential parts of this literature review. These parts are inclusive of first elaborating on what are capital structure and the literature review surrounding it, capital structure determinants, prior research related to UK organizations and prior research related to finance crisis.
It is indicated by the results that ratio of leverage for the organizations in United Kingdom on an average increase from before crisis (2006-07) to the period of crisis (2008-09), but the crisis decrease (2008-09) to the period of after crisis (2010-11) (Campello et al., 2010). However, the ratios of leverage from before the level of crisis to the level of post crisis are not considerably different from each category. It suggests that the organizations’ leverage ratios in post crisis returned to the levels that were similar, as it were present in the period of before the crisis with interim adjustment which is the period of crisis.
It was found in the study that for the French organizations, there is no supporting evidence that suggests any considerable change in the ratios of leverage from prior to the crisis and starting from crisis to the period of after crisis. In addition, organizations leverage ratios with conservative structure of pre-crisis capital throughout the three nations maximize considerably within the period of crisis due to levels of debt being higher (Bartiloro and Iasio, 2012). On the contrary, organizations’ leverage ratios with pre-crisis structure of capital that is aggressive decreases from the prior to after crisis duration (Chirinko et al., 2000). In the meanwhile, there was a steady decrease in ratio of leverage from prior crisis and after crisis duration for the organizations based in UK due to the steady and considerable changes in both equity and debt, the major change within the ratio for leverage for French and German organizations takes place in the period of post crisis and primarily due to the increment in the equity levels.
The results of the panel data regression also suggest that the period of crisis had a critical impact on the ratios of leverage of both subsamples conservative as well as aggressive. These findings are consistent with those provided by Graham and Harvey (2001) among several other researchers (Choe et al., 1993). Lastly, the results indicate the capital structure changes can be linked to the use of long term and short term debt actively throughout and after the period of crisis.
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