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ID:350857
大小:51.50 KB
页数:11页
时间:2017-07-26
《债务融资和财务柔性[文献翻译]》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:DebtFinancialandFinancialFlexibilityFirmsthatintentionallyincreaseleveragethroughsubstantialdebtissuancesdosoprimarilyasaresponsetooperatingneedsratherthanadesiretomakealargeequitypayout.Subsequentdebtreductionsareneitherrapid,northeresultofpro-activeattemptstor
2、ebalancethefirm’scapitalstructuretowardsalong-runtarget.Instead,theevolutionofthefirm’sleverageratiodependsprimarilyonwhetherornotthefirmproducesafinancialsurplus.Infact,firmsthatgeneratesubsequentdeficitstendtocoverthesedeficitspredominantlywithmoredebteventhoughtheyexhibitleve
3、rageratiosthatarewellaboveestimatedtargetlevels.Whilemanyofourfindingsaredifficulttoreconcilewithtraditionalcapitalstructuremodels,theyarebroadlyconsistentwithacapitalstructuretheoryinwhichfinancialflexibility,intheformofunuseddebtcapacity,playsanimportantroleincapitalstructurec
4、hoices.Thesearchforanempiricallyviablecapitalstructuretheoryhasconfoundedfinancialeconomistsfordecades.Standardtrade-offmodelsofcapitalstructurehavebeencriticizedonthegroundsthattheydoapoorjobofexplainingobserveddebtratios.Forexample,trade-offmodelshavedifficultyexplainingwhyfir
5、mstendtoissuestockafterexogenousdecreasesinleverage(i.e.stockpricerun-ups),whyleverageratiosarenegativelyrelatedtoprofitability,andwhyfirmsseemtoforegopotentiallylargeinteresttaxshields.Thesemodelsappeartodoasimilarlypoorjobofexplainingcapitalstructuredynamics.Althoughmanyrecent
6、studiesreportevidenceconsistentwithactiverebalancingofcapitalstructurestowardsatargetleveragelevel,therelativelyslowspeedofadjustmentinthisprocessimpliessubstantialadjustmentcosts.However,IlievandWelch’s(2009)findingthattheaveragenon-stock-returncausedchangeinleverageisabout9%pe
7、ryearsuggeststhattheslowspeedsofadjustmentdocumentedintheliteraturearenotabyproductofthecostsofissuingdebtandequity.Largeadjustmentcostsarealsodifficulttorationalizeinthefaceofpervasiveunusedlinesofcredit(Sufi2009),accesstothecommercialpapermarket(Kahl,Shivdasani&Wang2008),andlo
8、w-cost(non-SEO)methodsofissuingequity(FamaandFr
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