assignment代写-投资增长与债务之间的负面关系

在本篇assignment代写-投资增长与债务之间的负面关系中,描述了以增长为基础的投资将增加与债务相关的代理成本,这将导致外部借款减少,并导致债务与增长之间的负面关系。规模较小的公司通过向外部融资机构借款来承担风险的行为会更加厌恶,因为风险不会像在大型组织中那样由几个投资机构共同承担(Graham et al., 998)。其结果是,这是反过来财政增长的内在性质与资金的产生。尽管最近的文献并没有对债务和属性之间的关系给出一致的看法,但许多研究人员仍然认为基于债务的比率和增长之间存在一种积极的联系(Baker and Wurgler, 2002)。接下来有关assignment代写-投资增长与债务之间的负面关系分析如下:

Profit making ability furthermore is related directly to the theory of pecking order that predicts a hierarchy order to financial decisions of a company. This comes first with funds generation in internal basis and then it gets issues externally through debts. The last option here comes forward with new equity issued as illustrated in the works of Myers (1984) (Balsari and Kirkulak, 2010). Therefore, this theory is not such that it can go along with the prediction made by Modigliani and Miller (1958) as under the theory of pecking order, organizations do not indulge in taking benefit of the benefits from debt tax shields, as they are of the preference to internally finance instead of externally consider the same because of high risks being faced through external costs of finances (Graham, 2005). In small organizations, moreover, the risk cannot be shared through several investment makers and managers will have much aversive behaviour towards taking risk by money being borrowed from external financing units (Bradley, Jarell and Kim, 1984). The obtained results through most of the researchers within the field of SMEs have consistency and this shows a relationship of negative nature between debt ratio and profit ratio.

On the other hand, growth has a reference to indicators which measure the investment growth. This leads towards considerable profits being made. These types of indicators represent a good technique for investment makers, shareholding groups and credit investors to evaluate the health of a company. With regard to such attribute, previous studies have a controversial nature and there are not any consensus within the relationship present between debt and growth (Bowman, 1980). This relationship is positive as higher growth result as higher growth in turn results in signalling to creditors that organization is not going into default and that they have the ability of recognizing it through providing a favourable credit term. Jensen, (1986) and Stulz (1990), furthermore have stated that the issue to overly invest and the company growth recognition in accordance to creditors, are two factors which help grant easy credit. These are also the causes of a positive type of relationship present between debt and growth showed through previous studies of empirical nature (Graham et al., 2001). On the contrary spectrum, Hovakimian et al. (2001) have taken the assumption that growth is related negatively towards debt as organizations are of the preference to consider growth financing by retention of profit on debt. The issue is of underinvestment as the reason stated for such correlation.

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