RESEARCHREPORT2004.4.800911122345123311245689914161618192426281200120012000,30000,400001120032192PrivateEquityVentureCapitalIPO3CapitalStructureModiglianiMillerMMMM41D/AD/A*ABV1A*B*V1**51Myers19772Jensen1986MyersMyers1977assetsinplacegrowthopportunitiesMyers1977HovakimianOplerTiman20016BarclayMorllecSmith2001Bradley1984SmithWatts1992BarclaySmith1995Goyal2001Oper19991974-1994Telser19667Titman1984MaksimovcandTitman1991OplerandTiman1994Phillips1995KovenockPhillips1995Chevalier1995a1995bKovernockPhillips1997Zingales1999198040458951050Zingales88RajanZingales(1995)(G-7)Demirgul-Kunt&Maksimoric(2001)HuangSong200320019200220032iiiiiiiiiiINDUSTRYTAXCGFCROEMCGROWTHSIZEDebTεβββββββββ+∗+∗+∗+∗+∗+∗+∗+∗+=876543210210iDebTiSIZEiGROWTHiMCiROEiFCiCGiTAXiINDUSTRY0βiβiε1SIZE3RajanZingales(1995)HuangSong2003200220032GROWTH3TitmanWessels198811MyersWald1999Myers1977Bradley1984SmithWatts1992BarclaySmith1995Goyal20013MCMaksimovcandTitman1991OplerandTiman1994Phillips121995KovenockPhillips19954FC+Prowse1990Homaifair1994Bathala19945ROEMyersMajluf1984peckingorderTitmanWessels1988FarrarTucker19996CG13MyersMajluf1984Prowse1990Mackie1990SmithWatts1992GrierZychowicz19947TAXBarton1989Prowse19908INDUSTRY14101iSIZE4iGROWTH35iMCiFCiROEiCGiTAXiINDUSTRY20016250004tTassetiLogSIZE10=Tasset5∑=−−×−×=3111%100/3/1ttttiTassetTassetTassetGROWTH6200120012001152199922003200179363671521361999199920032003233654.62%47.10%7.51%40.08%34.39%5.58%3.17821999360.69560.18190.54620.110178360.69540.07300.47100.123737360.33220.00000.07510.093811368.81548.05788.44410.189660367.2987-0.66350.95041.327511360.90420.13340.35060.170765362.33590.01100.35240.579172360.45450.05890.19830.091574360.90310.24540.59020.130880360.70110.00100.18150.154529361078231632003360.84890.08850.40080.163774360.84890.08680.34490.162912360.30680.00000.05580.071020369.35958.45538.94540.189557361.1823-0.32810.20450.290964360.92050.07030.29640.171085361.73860.01290.38380.357533360.1209-0.52380.02190.101360360.74870.11730.52460.139265360.35220.00100.12160.09040936102199920030.00%10.00%20.00%30.00%40.00%50.00%60.00%1999200345419992R0.4756847.56%F30.2)27,8(0416.305.0=F95%172R0.41882R0.4544F95%20032R0.7042870.42%F26.3)27,8(0366.801.0=F99%2R0.79862R0.261695%F419990.24970.18750.06142.511.600.71-0.0103-0.01040.0001-0.62-0.530.00-0.1943-0.22310.0293-1.71-1.660.30-0.0453-0.0353-0.0100-1.61-1.06-0.410.14700.3033-0.15710.761.33-0.94-0.0118-0.42380.4128-0.08-2.463.260.0040-0.03000.03350.03-0.220.330.0073-0.01690.02440.22-0.430.86-1.5128-0.8234-0.6833-1.85-0.85-0.96R0.47560.41880.4544F3.06142.43242.81141890%T90%95%99%5200390%T90%95%99%4599%95%90%0.37470.4280-0.05392.904.04-0.610.11850.1676-0.04911.612.77-0.97-0.1987-0.32700.1286-1.61-3.221.520.0265-0.00770.03420.55-0.191.03-1.2710-1.35850.0876-5.88-7.660.590.1990-0.00170.20051.46-0.012.140.23200.16310.06871.130.970.49-0.0381-0.0171-0.0211-0.99-0.54-0.80-3.0125-3.40060.3934-2.66-3.660.51R0.70420.79860.2616F8.036613.38571.19591999%90%90%99%90%111999120032221321211202231212124112251122926112292378A24B280%25126231AndreiShleifer,RobertW.Vishny,ASurveyofCorporateGovernance,JournalofFinance,1997,Vol.52,Page737-783.2EugeneF.FamaandKennethR.French,“TheCorporateCostofCapitalandtheReturnonCorporateInvestment”,1998,“TheCostofcapital,CorporationfinanceandtheTheoryofInvestment”theAmericanEconomicReview1958,Vol.48,pp261-275.4JohnR.Graham,andCampbellR.Harvey,“TheTheoryandPracticeofCorporateFinance:EvidencefromtheField”JournalofFinancialEconomics,2001,Vol.60,187-243.5LaurenceBooth,VaroujAivazian,AsliDemirguo-Kunt,andVojislavMaksimovic,“CapitalStructureinDevelopingCountries”,TheJournalofFinance,February2001,Vol.56,pp87-130.6Marsh,P.1982,“Thechoicebetweenequityanddebt:anempiricalstudy”.JournalofFinance37,121-144.277MichaelC.JensenandWilliamH.Meckling“TheoryoftheFirm:ManagerialBehavior,AgencyCostandOwnershipStructure”JournalofFinancialEconomics,October1976,Vol.3,No.4,pp305-360.8MichaelC.Jensen,“AgencyCostsofFreeCashFlow,CorporateFinance,andTakeovers”,AmericanEconomicsReview,May1986,Vol.76,No.2,pp.323-329.9MiltonHarris,ArturRaviv,“theTheoryofCapitalStructure”,theJournalofFinance,Vol46,March1991,pp297-355.10Myers,S.C.,1977“Determinantsofcorporateborrowing”,JournalofFinanceEconomic.5,147-175.11Myers,S.C.,Majluf,N.S.1984“Corporatefinancingandinvestmentdecisionsandwhenfirmshaveinformation,investorsdon`thave”,JournalofFinanceEconomic13,77-107.12NevinsD.Baxter,Leverage,RiskofRuinAndTheCostofCapital,theJournalofFinance,Vol.22,Sep.1967,pp395-403.13RaghuramG.Rajan,LuigiZingles,“WhatDoWeKnowAboutCapitalStructure?SomeEvidenceFromInternationalData”,TheJournalofFinance,December1995,Vol.50,pp1421-1460.14SamuelG.H.HuangandFrankM.Song,“TheDeterminantsofCapitalStructure:EvidencefromChina”,Workingpaper,TheUniversityofHongKong,2003.15StephenC.Meyers,“CapitalStructurePuzzle”,NBERWorkingPaper,No.3931984.16Titman,S.andWessels.1988.“Thedeterminantofcapitalstructurechoice”.JournalofFinance.43,1-1917VidhanK.Goyala,KennethLehnb,StankoRacicb,“Growthoppo