资本结构决定因素—以中国企业为案例外文翻译完整打印

《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