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留学文书:公司组织资本结构理论

这可以被认为是将加权平均资本成本(WACC)和筹资成本降到最低的唯一选择。这将使组织能够提高公司的业绩以及公司的价值。许多研究人员发现,大多数组织实际上并没有达到最优的资本结构,而组织的高层管理者使用理论模型来计算最优的资本结构。

这种担忧背后的原因通常是,组织的绩效与组织内雇佣的管理人员的薪酬无关。管理者的偏好是包括各种各样的便利和奢侈,而不是与股东分享组织的利润(Daskalakis et al., 2008)。因此,股东面临的首要问题是确保管理者工作背后的目标是组织价值的最大化和资源浪费的最小化。股东必须不断寻找解决委托代理问题的方法。


留学文书 :公司组织资本结构理论

在第一个发展起来的代理理论中,Berle and Means(1932)认为,由于股权的减少,大组织的控制权和所有权之间的差距增大。这种情况特别为管理者提供了这样的选择,即他们追求的是自己的利益,而不是增加股东的回报(DeAngelo et al., 1980)。只有所有者公司的股东和最高管理层的责任应该是确保股东的利益得到满足(Bancel和Mittoo, 2004)。

因此,最高管理者的职责是使股东的回报随着现金流和利润数字的最大化而增加。然而,Jensen和Meckling(1976)解释说,组织的管理者并不总是为了增加股东的回报而经营组织。这些解释导致了代理理论的发展,委托代理问题被认为是组织绩效的主要决定因素。


留学文书 :公司组织资本结构理论

This can be considered the only option to minimize the weighted average cost of capital (WACC) and the costs of financing. This will enable the organization to increase the corporate performance as well as the value of the firm. It is found by many researchers that most organizations do not actually attain the optimal capital structure, while the top management of organization using theoretical models to calculate the structure of capital which is optimal.
The cause behind this concern in general is that the organization’s performance is not associated with the compensation of the employed managers within the organization. Preferences of the managers are to involve all kind of amenities and luxury instead of sharing the profits of the organization with the shareholders (Daskalakis et al., 2008). Hence, the primary issue faced by the shareholders is to ensure that objective behind the work of manager is maximization of the organization’s value and to minimize resource wastage. Shareholders constantly have to find a solution to face the problem of principal-agent.


留学文书 :公司组织资本结构理论

In the firstly developed theory of agency, Berle and Means (1932) argued that gap is increased between the large organization’s control and ownership due to equity being decreased. This situation in particular offers such option to the managers that instead of increasing shareholders’ returns, their own interest is pursued (DeAngelo et al., 1980). Only owner’s company shareholders and the top management’s responsibility should be to make sure that interests of the shareholders are being met (Bancel and Mittoo, 2004).
Therefore, the top managers’ duty is to operate the organization in such manner that shareholder’s returns are increased with maximized cash flows and profit figures. However, it is explained by Jensen and Meckling (1976) that the organization’s managers not always operate it to increase the shareholder’s returns. These explanations resulted in development of the agency theory and the problem of principal-agent was signified as the primary determining factor of the organization’s performance.