THEORIES OF CAPITAL STRUCTURE THE TRADITIONAL THEORY (THE PECKING-ORDER THEORY) (OFF-BALANCE SHEET FINANCING) iii

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2 .. i

3 .... ii

4 : THEORIES OF CAPITAL STRUCTURE THE TRADITIONAL THEORY (M & M) (THE PECKING-ORDER THEORY) : (OFF-BALANCE SHEET FINANCING) iii

5 (1) (2) iv

6 - :

7 ( ) 32. ( ) (UNCTAD, )

8 ( ). ( ) : (Market-Based System) ( ) (Bank-Based System). - : (The Capital Structure) -. (Allen, 1993 & Singh, 1995 : ) : 3

9 - (M & M) (Pecking-Order. (Myers) Theory) : (1 :. (2... (Dividend Policy) :. 4

10

11 : (1)..96/12/

12 (1) 1997/8/

13 -2 : 1-2 (The Capital Structure). (Equity Financing) : (Common (Debt Financing) (Retained Earnings) Stocks). (Reserves) Corporate (Long Term Bank Loans) ( Hybrids). (Bonds). ( Convertibles). : (Basic Capital Structure). (Simple Capital Structure). (Complex Capital Strucutre). : : : (IRR) 8

14 . (WACC) (Capital Budgeting)... :. " ". Theories of Capital Structure 2-2 ( Durand, 1952) (Modiglliani F. & Miller M.) (Modiglliani & Miller, 1952; 1963) Myer (Pecking-Order Theory)

15 The Traditional Theory ( Financial Leverage). (M & M) :

16 (Tax Shelter)... (Agency Costs) (Bankruptcy Costs) (Brigham & Gapenski, 1996). (Miller) (Jensen & Meckling) (Barnea et al.,.(efficiency Costs) 1981) (Altman, 1984) (WACC). 11

17 (Jensen, 1986).. (Free Cash Flow Theory)... : ( Bernanke, 1989) (Order Theory-The Pecking) (Myers, 1984) (Donaldson) :.( )

18 .... (Ross, (Asymetric Information 1977) (Miller & Rock, 1985; Myer & Majluf, 1984).Signaling Theory) ( ) ( ).. ).. ( (Signal) (Overvalued).. :4-2-2 ( Aquish & Mulins, 1986; Mikkelson & Partch, 1986; Pinegar & Lease, 1986; Janjigian, 13

19 1987) :.. ( ) (Janjigian, 1987; Kim, 1990). ( ). ( Travlos, 1987). ( ) ( ) ( ). 14

20 : :. 3-2 (Bank-Based System).... (Market-Based System)..(2). ).(Borio, 1990; Allen, 1993; and OECD, 1992; : ) (Singh, 1995 & Fry,

21 (OECD) :...(3) ( / ). %45 %

22 (2 ) 77.3% %87 %0.3 %5.2 %24.8 %9.5 - %53.5 %0 20.3% %189 %8.9 % %39.2 %16.8 % ( ) 1992 ) ( %6.8 %17.7 Sources: Maccarinelli, 1993, Table 12.1, p. 303; Report of German Stock Exchanges 1992; and Kester (1993a), Table 4, p. 33.

23 (3) * %81 %63 %61 %56 %52 %45 Source: OECD, Financial Statistics, 1989 / * Kester, / (1986) %89 %73.. (Curran, 1990) ( / ) (Compustat.%49 %34 Industrial Data, 1995).(4) 18

24 (4) %38.7 %37.7 ( ) %22.1 %1.5 ( ) %100 Source: Compustat Industrial Data, 1995 %75 Economic Report of the President, 1989 ; Fedral Reserve ( Bulletin, 1992) (5) (5) : 19

25 49.2% 45% 77.2% 48.9% 35% 72.5% 27.5% 11.5% 11.4% 27% 35.1% 7.8% 14.8% 11.6% - 13% 6.5% (10.5%) ( ) %8.5 %2 11.4% 11.1% 23.5% 30.2% Source: Board of Governors of the Federal Reserve System, Division of Research and Statistics, Flow of Account, Various Issues %65..%70 (Mayers)

26 (Singh & Hamid 1992, Singh 1995) : %41 (6).%16. ( ) %32 (%77).(%67) (WACC).. : (Singh, 1995) 21

27 (La Porta et al., 1997)

28 (6) (%) (%) (%) ,1 32 Source: Singh A. (1995). "Corporate Financing Patterns in Industrializing Economics" International Finance Corporation, Technical Paper No.2 Washington. 4-2 (Balance Sheet Financing-Off) " (Off-Balance Sheet Financing). 23

29 (FASB No. 13, 1976) (Sticky 1996, Samuels et al. 1995, and Smith 1992). : ( ). (Financial Slack) (Financial. Risk) : (Finance/Capital Leasing). (Quasi-Subsidiary) %

30 . (Smith, 1992) (Sale and Repurchase of Assests). (Griffiths I., 1992). -3 (Sale of Receivable with Recourse) (Take-or-Pay Contracts or (R & D) Throughput Contracts)

31 :.. 26

32 27

33 : ) 76.( %

34 %10 ( - ).% % %20.% ) : ) ( (

35 .. % /8/ %8.(7) (GDP) /2/ /6/28 800,000 ) 26, /8/30 (1/.(2/ ).. 30

36 ).( :

37 (2 ) / 1,465,000 2,055,000 10,950, , ,000 6,250,000 14,760,000 11,500,000 7,507,500 (2 ) (7) 1997/8/13 ( ) (%) ( ) 500, , ,000 1,500, ,500, ,500,000 15,000, ,250, ,000, ,000, ,000, ,000,000 1,000, , ,000,000 10,000, ,250,000 0,7 7,000,000 3,000, ,000, ,000,000 2,000, , ,000,000 3,850, ,850, ,850,000 32

38 / 66,000,000 7,800,000 18,600,000 11,060, ,660,000 5,340, , ,367,500 2,000,000 6,000,000 15,000, ,000, ,000,000 6,000,000 2,000,000. ( 33 1, (%) ,000,000 4,500,000 15,000, ,500, ,000,00 0 6,000,000 7,000, ,850,000 ( ) ,7 ( ) 140,000,000 6,000,000 15,000,000 14,000,000 14,000,000 6,000,000 14,000, ,850, /8/30 :. 7,0-1 - ) : -2 33

39 (8) %6-5 % %17 %9.(1993 ) % ) (

40 % ).(PICDAR, %25.%40 (8) 1997/8/ ( ) ( ) 165, ,725 ( ) ( ) 14 24,225 24, , , , ,39 39, /8/13 :

41 36

42 % :. -.. %

43 %20. - ( ). %10 %15 (%10-). 2-4 ( ) (9) % ( ) ( ) ( ) %22 %24 %3 5.5 ) % %51 ( %40 %8.%1. (9) 38

44 -2% -2% +3% +1% % 53% 23% 25% 23% 20% 3% 2% (10). (10) ** * 10% 41% 52% 42% 32% 24% 18% 11% 21,5% 30% 16% 2,5% (6) * (5 ) (3 ) ** 39

45 (WACC).. (Singh, 1995) : %10.. %

46 . %70. %60 ( (10) ). ( )

47 : ( ) -.%55 ( ) -.%36 -.%

48 %55 %5 %20-10 %28 %20 % (11) %63 %17.. (11) % - 37% 25% 100% 63% 17% 43

49 37% 28% 45% 54% 18% 18% 44

50 45

51 -5 : ( )... :. (Singh, 1995) :

52 ( ).. ( ) (WACC)

53 :.... ).(

54

55 . 50

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63 (2 ) - 97/9/3 97/2/18 مو شر القدس التاريخ /7/ /7/ /7/ /7/ /7/ /7/ /8/ /8/ /8/ /8/ /8/ /8/ /8/ /8/ /8/ /9/97 58

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67 ( ) : : : / : -1 ( ) /

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70 -7 ( ) %10 %0-1 %20 %10-2 %30 %20-3.%30-4 ) / -8 (.. / /

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