融資偏好的西班牙企業(yè)優(yōu)序論證據(jù)【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：FinancingPreferencesofSpanishFirms:EvidenceonthePeckingderTheyThispaperanalysessomeoftheempiricalimplicationsofthepeckingdertheyintheSpanishmarketusingapaneldataanalysisof1566firmsover1994–2000.Theres

2、ultsshowthatthepeckingdertheyholdsfmostsubsamplesanalyzedparticularlyfthesmallmediumsizedenterprisesfthehighgrowthhighlyleveragedcompanies.Itisalsoshownthatboththemethelessleveragedfirmstendtoconvergetowardsmebalancedcap

3、italstructures.Finallyweobservethatfirmsfinancetheirfundsflowdeficitswithlongtermdebt.AprimecontributiononinfmationasymmetryincapitalstructuretheyistheMyersMajluf(1984)model.MyersMajlufobservethattheempiricalevidenceisno

4、tconsistentwithafinancialpolicythatisdeterminedbyatradeoffoftheadvantagesdisadvantagesofmarketimperfectionsmainlytaxescostsoffinancialdistressagencycosts.Rathercompanies’financialpoliciesseemtobebetterexplainedbythebehav

5、iourdescribedbyDonaldson(1961).Heestablishesahierarchydescribedbycompanypreferencefinternalfundsoverexternalfundsinthecaseofexternalfundsacompanyprefersdebtfirstthenhybridinstrumentslikeconvertiblebondsfinallyequityissue

6、s.Thishierarchybroadlyacterizedaspeckingdertheyindicatesthatcompaniesdonotmakefinancingdecisionswiththeaimofachievingoptimalleverage.AlthoughtheytendtobetakenasthesamethingthepeckingdertheytheMyersMajluf(1984)modelarenot

7、strictlyspeakingthesame.Thepeckingdertheyismerelyadeionofcompanies’financingpolicywhiletheMyersMajlufwkrepresentsthefirstmodelthatattemptstodescribethisbehaviourlowdebtratiostendtoconvergetowardsmemoderatedebtratios.Esti

8、mationoftheflowoffundsdeficitequationshowsthatfunddeficitsaremetbytheuseoflongtermdebt.Thepeckingdertheydescribesahierarchyincompanies’financialpolicyasfollows:(1)Firmsprefertofinancetheirinvestmentswithfundsinternallyge

9、neratednamelyretainedearningsdepreciationexpenses(2)firmsbasethedividendpayoutratiosonthefutureinvestmentopptunitysettheirexpectedcashflows(3)payoutratiostendtobestickyintheshttermsoinsomeyearsinternallygeneratedflowswil

10、lbeenoughffinancingcompanyneedsinsomeyearsnot(4)fundsobtainedinyearsoffinancialsurplusesafterpaymentofdividendsfinancingaredirectedtofinanceshttermfinancialinvestmentstoreducedebt.Whenthereisafinancialdeficitfirmswillsee

11、kexternalfinance:firstdebtthenhybridsecuritieslikeconvertiblebondsfinallyequityissues.ToexplainthisbehaviourMyersMajluf(1984)constructamodelofinfmationasymmetryassumingthatfirmmanagersactonbehalfofcurrentshareholders.Ifc

12、ompanieshaveenoughfinancialslacktheywillcarryoutallinvestmentsthathaveapositivepresentvalue.Ifexternalfundsareneededtofinancenewinvestmentsthemarketwillinterpretequityissuesasevidencethatcompanysharesareovervaluedthusiss

13、ueannouncementwillhaveanegativeimpactontheshareprice.ThusMyersMajluf(1984)arguethatifthecompanydoesnothaveenoughfundstofinancenewinvestmentsitwillissueequityonlywhenthereareveryprofitableinvestmentsthatcanneitherbepostpo

14、nednfinancedthroughdebtwhenmanagersbelievethatthestockisovervaluedenoughthatshareholderswillbedisposedtotoleratethemarketpenalty.Theinfmationasymmetrymaycausecurrentshareholderstorenouncepositivepresentvalueinvestmentpro

15、jectsindertoavoidainsharepriceduetotheissueofequitytherebycreatinganunderinvestmentproblem.Toavoidtheseresultsitseemsreasonablethatcompanieswillimplementfinancingpoliciesthatallowthemthecapacitytofinanceinvestmentsavoide