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The Study of the Impact on Capital Struction and Firm Value by Using Deravertives

Author: ChenZuo
Tutor: HuaRenHai
School: Nanjing University of Finance and Economics
Course: Finance
Keywords: derivative tools capital structure firm value risk management
CLC: F276.6;F224
Type: Master's thesis
Year: 2011
Downloads: 57
Quote: 0
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Abstract


With economic integration of the world, enterprises make more and tight contacts with others .thus the risks they faced become more and more complex and had a fast infection, such as currency risk, commodity risk, etc. Derivatives not only can be used in avoiding the risks from the economical system, but also be used in the general practice of an enterprise’s risk management in order to improving the capital structure and increasing the valve of the firm. All kinds of derivatives, include commodity futures, currency futures and options and so on, had a quick increasing in amount year by year in the last 20 years.In this background, this paper researched the theories and demonstrations about the influences of capital structure and the value for enterprises which use derives for hedging. Firstly we introduce the theory about the relationship between hedging and the improving of the firm’s financial figures at the basis of relaxing the assuming of MM theory. Then we compare the current situation between abroad and at home. On this basis,we demonstrate the possible paths by which the using of derivative influence on the capital structure and firm valve.Then, we demonstrate our topic from three aspects. We compare whether there is great difference between hedgers and non- hedgers in capital structure and firm value. Considering the mutual impaction between the capital structure and firm valve, we use a simultaneous equations estimate the result again. We find there is a plus effect between firm value and derivatives using, and a minus effect between capital structure and derivatives using.At the end, the article state some policy suggestions based on the result of demonstrate, such as encouraging our country enterprises to participate in the hedging activity, derivatives development and foster professional etc.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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