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1、本科毕业论文（设计）外文翻译原文：CapitalStructureandDebtStructureInthisstudy,weprovideanumberofnewinsightsintocapitalstructuredecisionsbyrecognizingthatfirmssimultaneouslyusedifferenttypes,sources,andprioritiesofdebt.Theseinsightsarebasedonanoveldatasetthatrecordsthetype,s
2、ource,andpriorityofeverybalancesheetdebtinstrumentforalargesampleofratedpublicfirms.Thedataarecollecteddirectlyfromfinancialfootnotesinfirms’annual10-Kfilingsandsupplementedwithinformationonpricingandcovenantsfromthreeoriginationbaseddatasets:ReutersLPC’sDe
3、alscan,Mergent’sFixedIncomeSecuritiesDatabase,andThomson’sSDCPlatinum.Toourknowledge,thisdatasetisoneofthemostcomprehensivesourcesofinformationonthedebtstructureofasampleofpublicfirms:Itcontainsthedetailedcompositionofthestockofcorporatedebtonthebalanceshee
4、t,whichgoesfarbeyondwhatisavailablefromorigination-baseddatasetsalone.Webeginbyshowingtheimportanceofrecognizingdebtheterogeneityincapitalstructurestudies.Weclassifydebtintobankdebt,straightbonddebt,convertiblebonddebt,programdebt(suchascommercialpaper),mor
5、tgagedebt,andallotherdebt.Foralmost70%offirm-yearobservationsinoursample,balancesheetdebtcomprisessignificantamountsofatleasttwoofthesetypes.Evenmorestrikingisthefactthat25%oftheobservationsinoursampleexperiencenosignificantone-yearchangeintheirtotaldebtbut
6、significantlyadjusttheunderlyingcompositionoftheirdebt.Studiesthattreatcorporatedebtasuniformhaveignoredthisheterogeneity,presumablyintheinterestofbuildingmoretractabletheorymodelsorduetoapreviouslackofdata.Inthissection,wemotivateourempiricalanalysisofther
7、elationbetweendebtstructureandcreditqualitybyexamininghypothesesfromthetheoreticalliteratureondebtcompositionandpriority.Thefirstgroupoftheorieshypothesizesthatfirmsshouldmovefrombankdebttonon-bankdebtascreditqualityimproves(Diamond,1991;ChemmamurandFulghie
8、ri,1994;BootandThakor,1997;BoltonandFreixas,2000).TheseminalarticleisDiamond’s(1991b)modelofreputationacquisition.Inhismodel,firmsgraduatefrombankdebttoarm’slengthdebtbyestablishingareputationforhighea
