资本结构的影响：对加纳上市公司盈利的实证分析-毕业论文外文翻译

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1、温州大学商学院本科毕业论文原文题目：资本结构的影响：对加纳上市公司盈利的实证分析作者：约舒亚.艾博原文出处:金融风险2005年第5期.资本结构的影响：对加纳上市公司盈利的实证分析原文Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhanaselectionMaterialSource:TheJournalofRiskFinanceVol.6No.5,2005Author:JoshuaAborAbstractPurpose?Thispaperseekstoinves

2、tigatetherelationshipbetweencapitalstructureandprofitabilityoflistedfirmsontheGhanaStockExchangeGSEduringafive-yearperiod.Design/methodology/approach?RegressionanalysisisusedintheestimationoffunctionsrelatingthereturnonequityROEwithmeasuresofcapitalstructure.Findings?Theresultsrevealasig

3、nificantlypositiverelationbetweentheratioofshort-termdebttototalassetsandROE.However,anegativerelationshipbetweentheratiooflong-termdebttototalassetsandROEwasfound.Withregardtotherelationshipbetweentotaldebtandreturnrates,theresultsshowasignificantlypositiveassociationbetweentheratioofto

4、taldebttototalassetsandreturnonequity.Originality/value?Theresearchsuggeststhatprofitablefirmsdependmoreondebtastheirmainfinancingoption.IntheGhanaiancase,ahighproportion85percentofthedebtisrepresentedinshort-termdebt.KeywordsCapitalstructure,Profit,Gearing,GhanaIntroductionThecapitalstr

5、ucturedecisioniscrucialforanybusinessorganization.The10温州大学商学院本科毕业论文decisionisimportantbecauseoftheneedtoimizereturnstovariousorganizationalconstituencies,andalsobecauseoftheimpactsuchadecisionhasonafirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureofafirmisactuallyamix

6、ofdifferentsecurities.Ingeneral,afirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamountofdebtorverylittledebt.Itcanarrangeleasefinancing,usewarrants,issueconvertiblebonds,signforwardcontractsortradebondswaps.Itcanissuedozensofdistinctsecuritiesincountlesscombinations;h

7、owever,itattemptstofindtheparticularcombinationthatimizesitsoverallmarketvalue.Anumberoftheorieshavebeenadvancedinexplainingthecapitalstructureoffirms.Despitethetheoreticalappealofcapitalstructure,researchersinfinancialmanagementhavenotfoundtheoptimalcapitalstructure.Theb