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Bus/Financial - Economics / Ökonometrie | | English term or phrase: market debt ratio | Aus einem wissenschaftlichen Artikel zum Thema Zielverhalten bei unternehmerischen Finanzierungsentscheidungen (s. http://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.2009....
Under the assumption that the valuation consequences of departures from the actual financing choice are [4]not of first-order importance, it is straightforward to adjust the stock returns [5]when the financing mix changes.
However, our results would be less convincing if we were to rely on a ***market debt ratio*** based on these adjusted returns.
Therefore, we work in terms of the book debt ratio. |
| | | German translation:Verschuldungsgrad zu Marktwerten | Explanation:
auch: "Marktwert-Verschuldungsgrad"
im Gegensatz zu "Verschuldungsgrad zu Buchwerten" bzw. "Buchwert-Verschuldungsgrad" (book debt ratio)
Aus "Finanzwirtschaft für Fortgeschrittene" by Edwin O. Fischer, S. 151ff.
"Verschuldungsgrad zu Buchwerten = Buchwert des Fremdkapitals / Buchwert des Gesamtkapitals
Verschuldungsgrad zu Marktwerten = Marktwert des Fremdkapitals / (Marktwert des Fremkapitals + Marktwert des Eigenkapitals)"
Ob das die einzig richtige Berechnungsart ist, sei dahingestellt. Es gibt wodhl auch hier Varianten.
http://books.google.com/books?id=VOaojIl8CGwC&pg=PA151&lpg=P...
Und in Englisch:
"Debt Ratio (Book Value)
=> Book value of debt/ (Book value of debt + Book value of equity)
This is the accountant's estimate of the proportion of the book capital in a firm that comes from debt.
It is a poor measure of the true financial leverage in a firm, since book value of equity can not only differ significantly from the market value of equity, but can also be negative. It is, however, often the more common used measure and target for financial leverage at firms that want to maintain a particular debt ratio.
Debt Ratio (Market Value)
=> Market value of debt/ (Market value of debt + Market value of equity)
This is the proportion of the total market capital of the firm that comes from debt.
The market value debt ratio, with debt defined to include both interest bearing debt and leases, will never be less than 0% or higher than 100%. Since a signfiicant portion or all debt at most firms is non-traded, analysts often use book value of debt as a proxy for market value. While this is a resonable approximation for most firms, it will break down for firms whose default risk has changed significantly since the debt issue. For these firms, it makes sense to convert the book debt into market debt by treating the aggregate debt like a coupon bond, with the interest payments as coupons and discounting back to today using the pre-tax cost of debt as the discount rate."
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/definitio...
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| Selected response from:
  Uta Kappler
Local time: 01:47
| Grading comment Danke nochmal.
4 KudoZ points were awarded for this answer |
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| Discussion entries: 0 |
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Automatic update in 00:
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1 hr confidence:   peer agreement (net): +3 | market debt ratio v. book debt ratio Verschuldungsgrad zu Marktwerten
Explanation:
auch: "Marktwert-Verschuldungsgrad"
im Gegensatz zu "Verschuldungsgrad zu Buchwerten" bzw. "Buchwert-Verschuldungsgrad" (book debt ratio)
Aus "Finanzwirtschaft für Fortgeschrittene" by Edwin O. Fischer, S. 151ff.
"Verschuldungsgrad zu Buchwerten = Buchwert des Fremdkapitals / Buchwert des Gesamtkapitals
Verschuldungsgrad zu Marktwerten = Marktwert des Fremdkapitals / (Marktwert des Fremkapitals + Marktwert des Eigenkapitals)"
Ob das die einzig richtige Berechnungsart ist, sei dahingestellt. Es gibt wodhl auch hier Varianten.
http://books.google.com/books?id=VOaojIl8CGwC&pg=PA151&lpg=P...
Und in Englisch:
"Debt Ratio (Book Value)
=> Book value of debt/ (Book value of debt + Book value of equity)
This is the accountant's estimate of the proportion of the book capital in a firm that comes from debt.
It is a poor measure of the true financial leverage in a firm, since book value of equity can not only differ significantly from the market value of equity, but can also be negative. It is, however, often the more common used measure and target for financial leverage at firms that want to maintain a particular debt ratio.
Debt Ratio (Market Value)
=> Market value of debt/ (Market value of debt + Market value of equity)
This is the proportion of the total market capital of the firm that comes from debt.
The market value debt ratio, with debt defined to include both interest bearing debt and leases, will never be less than 0% or higher than 100%. Since a signfiicant portion or all debt at most firms is non-traded, analysts often use book value of debt as a proxy for market value. While this is a resonable approximation for most firms, it will break down for firms whose default risk has changed significantly since the debt issue. For these firms, it makes sense to convert the book debt into market debt by treating the aggregate debt like a coupon bond, with the interest payments as coupons and discounting back to today using the pre-tax cost of debt as the discount rate."
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/definitio...
| Uta Kappler
Local time: 01:47
Native speaker of:  German
PRO pts in category: 8
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