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ID:14427887
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时间:2018-07-28
《资本结构决定因素—以中国企业为案例外文翻译完整打印》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、资本结构决定因素—以中国企业为案例外文翻译完整打印本科毕业论文(设计)外文翻译原文:TheDeterminantsofCapitalStructurerEvidencefromChineseListedCompanies Oneearlyextensionwastoallowfortheincidenceoftaxationandfinancialdistress.Sincethelate1970s,therehavebeentwonewstrandsofresearchwhichoriginatemorefromthetheoryofthefirm:the"peckingorder,
2、theoryandthe‘trade-off’theory.ThepeckingordertheoryarguesthatfirmshaveapreferenceofissuingfinancinginstrumentsduetoadverseselectionproblemsMyersandMajluf,1984.Thetheorysuggeststhatthefinancialmanagertendstouseinternalcapitalasthefirstchoice,thenissuedebt,andequitywillonlybeconsideredasthelastresor
3、tasissuanceofequitycanbeperceivedbythemarketasasignalofapoorfuturefortheinvestment.Incontrast,thetrade-offtheoryemphasizesthatanoptimalcapitalstructurecanbeachievedbythetrade-offofthevariousbenefitsofdebtandequity. Thepeckingordertheory Thepeckingordertheoryisbasedontheinformationasymmetriesbe
4、tweenthefirm’smanagersandtheoutsideinvestors.Ross1977wasthefirsttoaddressthefunctionofdebtasasignallingmechanismwhenthereareinformationasymmetriesbetweenthefirm’smanagementanditsinvestors.Hearguedthatmanagementhasbetterknowledgeofthefirmthantheinvestors,andthatmanagementwilltrytoavoiddebtwhenthefi
5、rmisperformingpoorlyforfearthatanydebtdefaultduetopoorcashfloww川resultintheirjobloss.Theinformationasymmetrymayalsoexplainwhyexistinginvestorsmaynotfavornewequityfinancing,asnewinvestorsmayrequirehigherreturnstocompensatefortherisksoftheirinvestmentthusdilutingthereturnstoexistinginvestors.Myersan
6、dMajluf1984laterdevelopedtheirso-calledpeckingordertheoryoffinancing:i.e.thatcapitalstructurewillbedrivenbyfirms’desiretofinancenewinvestmentspreferablythroughtheuseofinternalfunds,thenwithlow-riskdebt,andwithnewequityonlyasalastresort.Intheirtheory,thereisnooptimalcapitalstructurethatimizesthefir
7、mvalue.Thefinancialmanagersissuedebtorequitypurelyaccordingtothecostsofcapital.Subsequentempiricalstudiesprovidemixedevidence.HelwegeandLiang1996foundnoempiricalevidenceforsuchapeckingorder.Boothetal.2001foundevi
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