破产成本

财务危机成本中包含两类成本，即破产成本和代理成本。

It has two catago-ries , bankruptcy cost and agent cost .

节税收益、破产成本与最优资本结构

Tax Shield , Bankruptcy Cost and the Optimal Capital Structure

但如何权衡破产成本和代理成本是实际理财工作中最棘手的问题。

But the problem is one of the most difficult work .

美国财产保险公司的破产成本分析与启示

The Cost of Property - Casualty Insurance Company Failures in the USA

税收、破产成本和资本结构

Taxes , bankruptcy cost and capital structure

减少或隔离破产成本；

Isolated or mitigated bankruptcy cost ;

对于提高案件审理效率、降低破产成本发挥了重要作用。

It plays an important part in raising efficiency of hearing a case , and dropping bankrupt cost .

破产成本不仅包括清算成本，还包括债权人之间的协调成本。

The former not only include the latter , but also include the coordination costs among the common creditors .

其次，就债权人承担破产成本而言，增加股本意味着降低债务成本。

Second , to the extent that creditors bear the costs of failure , more equity means cheaper debt .

委托代理理论、代理成本理论和破产成本理论和优序融资理论均得到了实证的支持。

The empirical results support agent theory , agency cost theory , and bankruptcy cost theory , pecking order theory .

税收利益与破产成本视角下企业投融资决策协同关系的实物期权分析

Real Option Analysis on Coordination Relationships of Investment and Financing Decisions on the View of Tax Benefit and Bankrupt Cost

分析还表明，产险公司破产成本高昂的主要原因来自负债业务方面。

We also find that high failure cost of P & C insurance company is mainly because of liability aspect .

因此破产成本对我国上市公司偏好股权融资不会产生正的影响；

So , the bankrupt costs has no remarkably positive influence to the listed companies in China prefer to the equity financing ;

利息减免使债务融资的推动因素。然而，不断提高的债务比率可能导致更大的破产成本。

Interest deductibility provides a strong incentive for debt finance . However , increasing the proportion of debt may lead to larger bankruptcy costs .

非对称信息理论和破产成本理论对我国上市公司具有较好的解释性。

We find some evidence suggesting the importance of asymmetric information theory and agency cost theory in explaining the financing choice of our listed corporations .

对我国汽车制造业上市公司融资结构的形成具有显著影响的因素主要包括企业利润因素、企业成长因素、股利分配因素、股权结构因素、偿债能力因素和破产成本因素。

The factors which impact the financing structure are the profit , the growth , the dividend , the equity-structure , the repayment-ability and the bankruptcy-cost .

虽然其后的理论发展引入了公司所得税、破产成本和个人所得税等因素，但仍然没有超越新古典理论的范畴。

Although incorporating elements like the corporate income tax , bankruptcy costs and individual income tax , further theory development has failed to breakthrough the new classical theory .

因此，企业应保持最佳资金结构，在节税利益和负债资金比例上升而带来的财务危机成本与破产成本之间寻找平衡点。

Therefore , the enterprises should make effort to hold best capital structure , make balance between the tax avoidance and bankrupt cost bring about , from the financing crisis .

本文的主要内容如下：第一，在实物期权方法下分析了投融资决策因税收利益与破产成本产生的互动关系。

The contents are listed below : ( 1 ) It analyses the interrelations of investment and financing decisions theoretically , in the respective of tax benefit and bankruptcy cost .

我们发现企业的经营风险和破产成本可能对杠杆率有正面影响，而股息支付率则与杠杆率负相关。

We found that operation risks and bankrupt costs of enterprises could have positive impacts on leverage ratio , while pay-out ratio of dividends may have negative impact on leverage ratio .

在批发和零售贸易业中，破产成本与负债率显著正相关，私人收益水平与负债率显著负相关。

In the retail trade industry , the relation between the bankrupt costs and debt rate is remarkably positive ; the relation between the private benefits and debt rate is remarkably negative .

现代资本结构理论的主要缺陷是无法很好的解释许多企业在税收利益很大、破产成本很小的情况下，仍然保持很低的负债水平。

The major flaw of modern capital structure theory is that it cannot explain very well many enterprises remain low debt levels when tax benefits is large and bankruptcy costs is small .

从战略角度看，寡头企业的资本结构与其所处的产品市场有直接联系：寡头企业的产品市场决策通过“有限责任效应”和破产成本影响企业的资本结构决策。

In the strategic sight , the capital structure of an oligopoly has important linkage with the products market and is restricted by " the limited liability effect " and the bankruptcy costs .

破产成本论认为，经理人受到的破产威胁可以促进他合理安排投资。

From the view of the bankruptcy cost theory , the threaten of bankruptcy faced by handlers would encourage them to arrange investment reasonably , which may restrict the action of inefficient investment .

经济增长对金融创新的影响机制有三种理论模型，门槛效应、资本积累以及破产成本等的存在，使经济增长成为金融创新的内在动力。

There are three theoretical models that economic growth affects financial innovation , namely , threshold effect , capital accumulation and bankrupt 's cost , which make economic growth become internal motivation of financial innovation .

建立了中国上市公司的行业资本结构模型，在税收和破产成本条件下证明了中国上市公司存在最优行业资本结构，并由模型分析得到可供检验的几项结论。

This paper modeled the industry capital structure in Chinese listed companies . It was showed that there existed the optimal industry capital structure in Chinese listed companies under conditions of tax and failure cost .

根据现代资本结构理论，公司事实上存在着资本结构的合理区间，该区间取决于税收、破产成本、代理成本等多方面因素的权衡结果。

According to modern Capital Structure Theory , there is a reasonable range for Capital Structure in a company , which is decided by the compromise of tax , cost of bankruptcy and dealership , etc.

运用未定权益定价和随机计算方法，导出了一个包含破产成本的风险债务估值公式，该公式能说明投资策略、股利策略对风险债务价值的影响。

By applying contingent claims pricing and stochastic calculus methods , the paper derives a risky debt value formula , this formula can illustrate the effect of investment policy and dividend policy on risky debt value .

现代资本结构理论虽然逻辑严密，但主要是研究税收和破产成本等公司外部因素对资本结构和公司价值的影响。

Although modern capital structure theory has a strict logic , its primary research subject is the impacts on capital structure and corporate value caused by firm 's external factors as tax and bankrupt cost , etc.

在社会管理者方面，政府行为要考虑企业发行债券之后，可能出现的破产成本由谁承担，这决定了政府行为模式选择。

As the social management , the government action must consider , that who should bear the possible bankrupt costs after the issue of corporate bond , and thus result in the choice of the government action .