The optimal capital structure in agricultural cooperatives under the revolving fund cycles

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题名:	The optimal capital structure in agricultural cooperatives under the revolving fund cycles
作者:	Wang, Yung-Chang
贡献者:	財金系
关键词:	cash patronage refund rate constrained-maximizing model dividend rate present value
日期:	2016
上传时间:	2016-03-16 15:05:25 (UTC+8)
摘要:	Due to the financial features specific to agricultural cooperatives, the paper constructs a constrained-maximizing model under the assumption that the financial objective of an agricultural cooperative is to maximize the present value of the patron after-tax total income on an infinite time horizon by choosing the dividend rate, the cash patronage refund rate, and the length of the revolving fund cycles. The model is solved numerically in a numerical illustration. In equilibrium, the optimal capital structure is derived for the agricultural cooperative. The effects of the changes in personal tax rates and discount rates are also explored.
關聯:	AGRICULTURAL ECONOMICS-ZEMEDELSKA EKONOMIKA 卷: 62 期: 1 頁碼: 45-50
显示于类别:	[Department of Banking & Finance ] periodical articles

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