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1、本科毕业论文（设计）外文翻译原文：TheDeterminantsofCapitalStructureChoiceI.DeterminantsofCapitalStructureInthissection,wepresentabriefdiscussionoftheattributesthatdifferenttheoriesofcapitalstructuresuggestmayaffectthefirm'sdebt-equitychoice.Theseattributesaredenotedassetstructure,non-d
2、ebttaxshields,growth,uniqueness,industryclassification,size,earningsvolatility,andprofitability.Theattributes,theirrelationtotheoptimalcapitalstructurechoice,andtheirobservableindicatorsarediscussedbelow.A.CollateralValueofAssetsMostcapitalstructuretheoriesarguethatthe
3、typeofassetsownedbyafirminsomewayaffectsitscapitalstructurechoice.Scottsuggeststhat,bysellingsecureddebt,firmsincreasethevalueoftheirequitybyexpropriatingwealthfromtheirexistingunsecuredcreditors.ArgumentsputforthbyMyersandMajlufalsosuggestthatfirmsmayfinditadvantageou
4、stosellsecureddebt.Theirmodeldemonstratesthattheremaybecostsassociatedwithissuingsecuritiesaboutwhichthefirm'smanagershavebetterinformationthanoutsideshareholders.Issuingdebtsecuredbypropertywithknownvaluesavoidsthesecosts.Forthisreason,firmswithassetsthatcanbeusedasco
5、llateralmaybeexpectedtoissuemoredebttotakeadvantageofthisopportunity.WorkbyGalaiandMasulis,JensenandMeckling,andMyerssuggeststhatstockholdersofleveragedfirmshaveanincentivetoinvestyettoexpropriatewealthfromthefirm'sbondholders.Thisincentivemayalsoinduceapositiverelatio
6、nbetweendebtratiosandthecapacityoffirmstocollateralizetheirdebt.Ifthedebtcanbecollateralized,theborrowerisrestrictedtousethefundsforaspecifiedproject.Sincenosuchguaranteecanbeusedforprojectsthatcannotbecollateralized,creditorsmayrequiremorefavorableterms,whichinturnmay
7、leadsuchfirmstouseequityratherthandebtfinancing.Thetendencyofmanagerstoconsumemorethantheoptimallevelofperquisitesmayproducetheoppositerelationbetweencollateralizedcapitalanddebtlevels.GrossmanandHartsuggestthathigherdebtlevelsdiminishthistendencybecauseoftheincreasedt
8、hreatofbankruptcy.Managersofhighlyleveredfirmswillalsobelessabletoconsumeexcessiveperquisitessincebondholders(orbanke
