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1、,The Theory and Practice of Corporate Finance: Evidence from The Field,John R. Graham, Campbell R. Harvey (1999),毛雅娟 华南农业大学经管学院,Capital Budgeting资本预算,Cost of Capital资本成本,Capital Structure资本结构,The Theory and Practice of Corporate Finance理论与实践的企业融资,Contributions,Broad scope of survey调查的范围很广 (capital b
2、udgeting, cost of capital, and capital structure资本预算编制、 成本的资本，和资本结构),A large cross-section of 4,440 firms4,440 公司大截面 (392 CFO responses),Responses conditional on firm characteristics (firm size, P/E, leverage, investment grade, pay dividends, industry, management ownership, CEO age, CEO tenure, CEO
3、MBA, regulated, target debt ratio, public corp., foreign sales, and Fortune 500 mailing),Summary Statistics (Fig.1.),Summary Statistics (Fig.1.),Summary Statistics (Fig.1.),.,Controling for different firm characteristics对于不同的公司特征控制. (Tbl.2.),Survey Questions: Capital Budgeting资本预算,How firms evaluate
4、 projects公司对项目的评估?,How frequently does your firm use the techniques when deciding which projects or acquisitions to pursue如何频繁地您的公司使用技术决定哪些项目或并购时要追求? (See Fig.2.),Capital Budgeting (Fig.2.),.,Survey Questions: Cost of Capital资本成本,How firms calculate the cost of equity如何公司计算股本的成本？?,When valuing a pro
5、ject, do you adjust either the discount rate or cash flows for the risk factors?当评估一个项目，你会调整折扣率或现金流的风险因素吗 (See Fig.4.),How frequently would your company use the discount rates when evaluating a new project in an overseas market? (The discount rate for entire company, a risk-matched discount rate for
6、 this particular project, the discount rate for the overseas market, a divisional discount rate, a different discount rate for each component cash flow)如何将您的公司频繁地使用折扣理事会，评估海外市场的一个新项目时？（为整个公司，为此特定项目的风险相匹配的贴现率，为海外市场，一个分区的折扣率，为组件的每个现金流的不同的费率折扣折扣率折扣率）,Does your firm estimate the cost of equity capital?
7、If yes, how do you determine your firms cost of equity capital?您的公司不会估计股权资本成本的吗？如果是的话，如何确定贵公司的股权资本成本的？ (See Fig.3.),Controling for different firm characteristics.对于不同的公司特征控制 (Tbl.3-5.),Cost of Capital (Fig.3.),Cost of Capital (Fig.4.),.,Main Survey Questions: Capital Structure,How firms make debt/eq
8、uity financing choice公司如何使债务 / 股本融资的选择?,Has your firm seriously considered issuing common stock? If yes, what factors affect your firms decisions贵公司认真考虑发行普通股票吗？如果是的话，哪些因素会影响您的公司决定? (See Fig.7.),What factors affect how you choose the appropriate amount of debt for the firm哪些因素会影响你如何为公司选择适当的债务数额? (See
9、 Fig.5-6.),All the survey responses are controlled for different firm characteristics所有调查答复得到都控制，不同公司的特征. (Tbl.6-11.),Has your firm seriously considered issuing convertible debt? If yes, what factors affect your firms decisions贵公司认真考虑发行可转换债务吗？如果是的话，哪些因素会影响您的公司决定? (See Fig.8.),What factors affect the
10、 firms choice between short- and long-term debt哪些因素会影响公司的选择之间短-和长期债务?,Capital Structure (Fig.5.),Capital Structure (Fig.6.),Capital Structure (Fig.7.),Capital Structure (Fig.8.),Explanations of Capital Structure Choice资本结构选择的签名,Trade-off Theory交易理论,Risk Management风险管理,Other Factors (Debt, Common Sto
11、ck, Convertible Debt and Foreign Debt)其他因素 （债务、 普通股票、 可转换债券和外国债务）,Product Market and Industry Factors产品市场和行业因素,Control Contests,Practical, Cash Management现金管理,Asymmetric Information信息不对称,Agency Costs代理成本,Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure T
12、heories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12.),Survey Evidence and Capital Structure Theories (Tbl.12
13、.),Capital Budgeting,NPV is more important now as a project evaluation method; NPV 现在作为项目 最重要的评价方法 The likelihood of using specific evaluation techniques is linked to firm size, leverage and CEO characteristics. (e.g. Small firms are significantly less likely to use NPV.)使用具体评价技术的可能性被挂钩企业的大小、 杠杆和首席执
14、行官特征。（如小公司是明显不太可能使用函数 NPV。,Cost of Capital,CAPM is also widely used资本资产定价模型使用很广泛;The likelihood of using CAPM is linked to firm characteristics (e.g. Large firms, public firms or firms with low leverage, small mgmt ownership or high foreign sales are more likely to use CAPM.);使用资本资产定价模型的可能性链接到坚定的特征
15、（如大型企业、 公共企业或与低杠杆、 小 mgmt 所有权或高外国销售公司是更有可能使用资本资产定价模型） ；More than half of the CFOs of growth firms, or firms with foreign exposure, would use the overall discount rate to evaluate a project;更多帮助比增长的首席财务官的公司或与外国接触的公司会使用整体折扣率来评估一个项目。CFOs pay very little attention to risk factors based on momentum and b
16、ook-to-market value首席财务官很少关注基于势头和图书市场价值的风险因素,Capital Structure资本构成。,Financial flexibility and credit ratings are the most important debt policy factors;财务灵活性和信用评级是最重要的债务政策因素EPS dilution and recent stock price appreciation are the most important factors influencing equity issuance;EPS 稀释和近期股票价格升值是最重要的因素影响股票发行 ；Moderate support for the trade-off theory and target their debt ratio is found;发现他们的债务比例适度支持贸易理论和目标 ；The importance of equity undervaluation and financial flexibility are generally consistent with the pecking-order view;股票低估和财务灵活性的重要性通常是一致的与啄顺序表或视图。Others in Tbl.12.,
