資本結(jié)構(gòu)選擇的決定因素[外文翻譯]

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：TheDeterminantsofCapitalStructureChoiceThispaperanalyzestheexplanatypowerofsomeoftherecenttheiesofoptimalcapitalstructure.Thestudyextendsempiricalwkoncapitalstructuretheyinthreeways.Firstitexaminesamu

2、chbroadersetofcapitalstructuretheiesmanyofwhichhavenotpreviouslybeenanalyzedempirically.Secondsincethetheieshavedifferentempiricalimplicationsinregardtodifferenttypesofdebtinstrumentstheauthsanalyzemeasuresofshttermlongt

3、ermconvertibledebtratherthananaggregatemeasureoftotaldebt.Thirdthestudyusesafactanalytictechniquethatmitigatesthemeasurementproblemsencounteredwhenwkingwithproxyvariables.Inrecentyearsanumberoftheieshavebeenproposedtoexp

4、lainthevariationindebtratiosacrossfirms.Thetheiessuggestthatfirmscapitalstructuresdependingonattributesthatdeterminethevariouscostsbenefitsassociatedwithdebtequityfinancing.Empiricalwkinthisareahaslaggedbehindthetheetica

5、lresearchperhapsbecausetherelevantfirmattributesareexpressedintermsoffairlyabstractconceptsthatarenotdirectlyobservable.Thebasicapproachtakeninpreviousempiricalwkhasbeentoestimateregressionequationswithproxiesftheunobser

6、vabletheeticalattributes.Thisapproachhasanumberofproblems.Firsttheremaybenouniquerepresentationoftheattributeswewishtomeasure.Thereareoftenmanypossibleproxiesfaparticularattributeresearcherslackingtheeticalguidelinesmayb

7、etemptedtothosevariablesthatwkbestintermsofstatisticalgoodnessoffitcriteriatherebybiasingtheirinterpretationofthesignificancelevelsoftheirtests.Seconditisoftendifficulttofindmeasuresofparticularattributesthatareunrelated

8、tootherattributesthatareofinterest.Thusedproxyvariablesmaybemeasuringtheeffectsofseveraldifferentattributes.Thirdsincetheobservedvariablesareimperfectrepresentationsoftheattributestheyaresupposedtomeasuretheiruseinregres

9、sionindustryclassificationsizeearningsvolatilityprofitability.Theattributestheirrelationtotheoptimalcapitalstructurechoicetheirobservableindicatsarediscussedbelow.Sixmeasuresoffinancialleverageareusedinthisstudy.Theyarel

10、ongtermshttermconvertibledebtdividedbymarketbybookvaluesofequity.Althoughthesevariablescouldhavebeencombinedtoextractacommon“debtratio“attributewhichcouldinturnberegressedagainsttheindependentattributesthereisgoodreasonf

11、notdoingthis.Someofthetheiesofcapitalstructurehavedifferentimplicationsfthedifferenttypesofdebtfthereasonsdiscussedbelowthepredictedcoefficientsinthestructuralmodelmaydifferaccdingtowhetherdebtratiosaremeasuredintermsofb

12、ookmarketvalues.Meovermeasurementerrsinthedependentvariablesaresubsumedinthedisturbancetermdonotbiastheregressioncoefficients.Datalimitationsfceustomeasuredebtintermsofbookvaluesratherthanmarketvalues.Itwouldperhapshaveb

13、eenbetterifmarketvaluedatawereavailablefdebt.HoweverBowmandemonstratedthatthecrosssectionalcrelationbetweenthebookvaluemarketvalueofdebtisverylargesothemisspecificationduetousingbookvaluemeasuresisprobablyfairlysmall.Fur

14、thermewehavenoreasontosuspectthatthecrosssectionaldifferencesbetweenmarketvaluesbookvaluesofdebtshouldbecrelatedwithanyofthedeterminantsofcapitalstructuresuggestedbytheysonoobviousbiaswillresultbecauseofthismisspecificat

15、ion.Thevariablesdiscussedintheprevioussectionswereanalyzedoverthe1974through1982timeperiod.ThesourceofallthedataexceptfthequitratesistheAnnualCompustatIndustrialFiles.ThequitratedataarefromtheU.S.DepartmentofLabBureauofL

16、abStatistics“EmploymentEarnings“publication.Thesedataareavailableonlyatthefourdigit(SICcode)industrylevelfmanufacturingfirms.Fromthetotalsamplewedalltheobservationsthatdidnothaveacompleterecdonthevariablesincludedinouran

17、alysis.Furthermesincemanyoftheindicatvariablesarescaledbytotalassetsaverageoperatingincomewewerefcedtoasmallnumberofobservationsthatincludednegativevaluesfoneofthesevariables.Theserequirementsmaybiasoursampletowardrelati