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ID:342619
大小:47.00 KB
页数:11页
时间:2017-07-25
《应收账款融资和信息不对称【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、本科毕业论文(设计)外文翻译原文:AccountsReceivableFinancingandInformationAsymmetryAbstract:Thisstudyinvestigatestheeffectofinformationasymmetrybetweenmanagersandoutsidersontheuseofaccountsreceivableinfinancingthefirm’soperations.Theinformationimpoundedinreceivablespertainstothefirm’scustomersratherthanthefirmandt
2、hereforediffersfromtheinformationembeddedinotherassets.Theuniqueinformationcontentofaccountsreceivablemakesitalikelycandidatetouseasafinancingtoolforhighlyinformationasymmetricfirms.ConsistentwiththePeckingOrderTheory,Ifindthatthelikelihoodofusingaccountsreceivablefinancingincreaseswiththefirm’sinf
3、ormationasymmetry.Ialsofindthattheinnatecomponentofthefirm’searningsqualitymeasureismoreinfluentialthanthediscretionarycomponentinexplainingtheuseofARfinancing.Keywords:Informationasymmetry,capitalstructure,asset-backedfinancing,receivables.1.IntroductionAccountsreceivable(hereafter,AR)areopenaccou
4、ntsowedtothefirmbytradecustomers.Theyarepartofthefirm’sworkingcapitalandconstitute14percentof2005USindustrialfirms’totalassets,makingthemoneofthelargestassetgroupsonindustrialfirms’balancesheet.ARserveasatoolforfirmstoextendcredittotheirbusinesspartnersandareofteninstrumentalinfacilitatingsaleofgoo
5、ds.Fromacreditorstandpoint,theinformationcharacteristicsassociatedwithARdifferfromotherfirm’sassets.Whiletheinformationonfirm’sotherassetsisrelatedtothefirm’sperformance,theinformationonthefirm’sARandtheirvaluedependsonotherfirms’performance,i.e.thecustomers.Furthermore,ARsharemanyattributesoffinan
6、cialassets,includingtheirreparabilityandrelativeliquidity.TheseattributesofAR,aswellasthediversificationeffectofmultiplecustomerscomprisingthereceivableaccountonthebalancesheet,makethisassetdifferentandpotentiallylowerinitsinformationasymmetrythantherestofthefirm’sassets.ThePeckingOrderTheory(Myers
7、,1984andMyersandMajluf,1984)predictsthatfirmscharacterizedbyasymmetricinformationwilltendtousetheleastinformationsensitivefinancingoptionsavailabletothembeforeturningtootheroptionswhichmaybemispricedbythema
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