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1、本科毕业论文（设计）外文翻译原文：ProfitMarginAndCapitalStructure:AnEmpiricalRelationshipThisstudyconstitutesanattempttoinvestigatetherelationshipbetweendebt-toequityratioandfirm’sprofitability,takingintoconsiderationtheleveloffirms’investmentandthedegreeofmarketpower.Thestudyusespaneldataf
2、orvariousindustries,coveringtheperiod1995-96.Themainconclusionsofourstudyare:a)firmswhichprefertofinancetheirinvestmentactivitiesthroughself-financearemoreprofitablethanfirmswhichfinanceinvestmentthroughborrowedcapital;b)firmsprefercompetingwitheachotherthancooperating;c)fi
3、rmsusetheirinvestmentinfixedassetsasastrategicvariabletoaffectprofitability.1.IntroductionThestructure-conduct-performanceparadigmhasplayedaveryimportantroleinstudyingthedeterminantsoffirms'performance(Bain,1956).Mostempiricalstudiesonthatareaconcentratedontheexplanationofp
4、erformanceacrossindustriesbyregressingprofitabilityonstructuralandconductvariablesattheindustrylevel(CollinsandPreston,1969).Industryleveldatawereusedmainlybecausetheyareeasilyavailable.Asthedefinitionofindustryisnotsatisfactory,therehasbeenashiftofemphasisfromindustrytofir
5、mfortheanalysisofthestructure-performancerelationship(Shepherd,1972).Nowadays,thestructure-conduct-performancerelationshipistestedbythepaneldatamethodbecauseitsresultstakeintoconsiderationstructuralchangeaswellascyclicalfluctuations(Domowitzet.al.,1986).Fewstudieshaveusedfi
6、nancialindicesasindependentvariables(HallandWeiss1967,Gale1972,Hurdle1974,Oustapassidis1998),inordertoexplaindifferencesinfirms'profitmargins.MostofthestudieshaveconcentratedonissuessuchasR&Dpolicies,advertising,economiesofscale,e.t.c.,toexplaindifferencesinprice-costmargin
7、s(Clarke1984,Connollyet.al1984,Conyonet.al.1991,Frangouli1999,Gisser1991,Martin1979,Pagou-latoset.al.1981).Financialfactorsmaybeconsideredasstrategicconductvariablesbecausetheyaffectthecostofcapitalandthusthefirm’sperformance.Tomeasuredimensionsofcapitalstructureanduncertai
8、ntytherelevantstudieshaveusedthedebt-to-equityratio,equitycapitaltototalassetsrati
