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1、本科毕业论文(设计)外文翻译原文:TheDeterminantsofCapitalStructureChoiceThispaperanalyzestheexplanatorypowerofsomeoftherecenttheoriesofoptimalcapitalstructure.Thestudyextendsempiricalworkoncapitalstructuretheoryinthreeways.First,itexaminesamuchbroadersetofcapitalstructuretheories,manyofwhichhav
2、enotpreviouslybeenanalyzedempirically.Second,sincethetheorieshavedifferentempiricalimplicationsinregardtodifferenttypesofdebtinstruments,theauthorsanalyzemeasuresofshort-term,long-term,andconvertibledebtratherthananaggregatemeasureoftotaldebt.Third,thestudyusesafactor-analyticte
3、chniquethatmitigatesthemeasurementproblemsencounteredwhenworkingwithproxyvariables.Inrecentyears,anumberoftheorieshavebeenproposedtoexplainthevariationindebtratiosacrossfirms.Thetheoriessuggestthatfirmsselectcapitalstructuresdependingonattributesthatdeterminethevariouscostsandbe
4、nefitsassociatedwithdebtandequityfinancing.Empiricalworkinthisareahaslaggedbehindthetheoreticalresearch,perhapsbecausetherelevantfirmattributesareexpressedintermsoffairlyabstractconceptsthatarenotdirectlyobservable.Thebasicapproachtakeninpreviousempiricalworkhasbeentoestimatereg
5、ressionequationswithproxiesfortheunobservabletheoreticalattributes.Thisapproachhasanumberofproblems.First,theremaybenouniquerepresentationoftheattributeswewishtomeasure.Thereareoftenmanypossibleproxiesforaparticularattribute,andresearchers,lackingtheoreticalguidelines,maybetempt
6、edtoselectthosevariablesthatworkbestintermsofstatisticalgoodness-of-fitcriteria,therebybiasingtheirinterpretationofthesignificancelevelsoftheirtests.Second,itisoftendifficulttofindmeasuresofparticularattributesthatareunrelatedtootherattributesthatareofinterest.Thus,selectedproxy
7、variablesmaybemeasuringtheeffectsofseveraldifferentattributes.Third,sincetheobservedvariablesareimperfectrepresentationsoftheattributestheyaresupposedtomeasure,theiruseinregressionanalysisintroducesanerrors-in-variableproblem.Finally,measurementerrorsintheproxyvariablesmaybecorr
8、elatedwithmeasurementerrorsinthedependentvariab