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1、本科毕业论文（设计）外文翻译原文：Capitalstructure,dividendpolicy,andmultinational:Theoryversusempiricalevidence3.1.FactorsinfluencingcapitalstructureanddividendpolicyItisimportanttoexaminethefactorsthatimpactcapitalstructureanddividendpolicysothatappropriatecontrolvariablesc
2、anbeincludedintheexaminationoftheimpactofmultinationaloncapitalstructureanddividendpolicy.Thelistofthesecontrolvariablesmustbebasedonextanttheoriesandempiricalevidencerelatedtocapitalstructureanddividendpolicy.Theoriesintheseareasgenerallystartwiththewellknow
3、nresultspresentedinModiglianiandMiller(1958)notethatinanefficientmarketsworldwithnotaxesorbankruptcycosts,thevalueofafirmisinvarianttoitscapitalstructure.Thistheoryhassincebeenmodifiedandextendedsothatcapitalstructuredoesmattertoincludenotonlytheimpactoftaxes
4、andbankruptcycosts,butalsotherealworldcostsrelatedtoagencyproblems,asymmetricinformation,moralhazard,andotherfrictionsanddeviationsfromperfectmarkets.3.1.1.OperatingleverageandotherinfluencesTheoperatingleverageofafirmreflectsitsbusinessrisk.Firmswithhigherop
5、eratingleveragefacehigherbankruptcyprobabilitiesandshouldhavelowerfinancialleverage.However,higheroperatingleverageisgenerallyassociatedwithhigherlevelsoffixedtangibleassets—indeedtheproportionofsuchassetsiswidelyusedintheliteratureasameasureofoperatinglevera
6、ge.Afirm'sleveloffixedassetsshouldbeassociatedpositivelywithleverageashighlevelsofsuchassetscanbeusedascollateralforloans(Friend&Lang,1988;Long&Malitz,1985).Jensen,Solberg,andZorn(1992)provideempiricalsupportforthepositiveimpactonleverageofassetsavailableforc
7、ollateral.Thenon-debttaxshieldvariableisalsoimportantasfirmswithhighlevelsofnon-debttaxshieldsareexpectedtohavelowerdebtlevels(Kim&Sorensen,1986).Duetoinstitutionalpractices,herdingamongmanagers,bankers,andfinanciers,andtheirinfluenceoffirmrisk,capitalstructu
8、reanddividendpolicycanalsobeexpectedtovarywithfirmsizeandindustryclassification.3.1.2.Trade-offtheoriesInthetrade-offtheory,capitalstructuredecisionsoffirmsdependonbenefitsandcostsofusing
