外文翻译--加纳上市公司资本结构对盈利能力的实证研究(节选)

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1、中文3150字，2100单词，10800英文字符出处：AborJ.Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhana[J].JournalofRiskFinance,2005,6(November):438-445.外文翻译Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhanaAuthor:JoshuaAborIntrodu

2、ctionThecapitalstructuredecisioniscrucialforanybusinessorganization.Thedecisionisimportantbecauseoftheneedtomaximizereturnstovariousorganizationalconstituencies,andalsobecauseoftheimpactsuchadecisionhasonafirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureof

3、afirmisactuallyamixofdifferentsecurities.Ingeneral,afirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamountofdebtorverylittledebt.Itcanarrangeleasefinancing,usewarrants,issueconvertiblebonds,signforwardcontractsortradebondswaps.Itcanissuedozensofdistinctsec

4、uritiesincountlesscombinations;however,itattemptstofindtheparticularcombinationthatmaximizesitsoverallmarketvalue.Anumberoftheorieshavebeenadvancedinexplainingthecapitalstructureoffirms.Despitethetheoreticalappealofcapitalstructure,researchersinfinancialmanagementhavenotfoun

5、dtheoptimalcapitalstructure.Thebestthatacademicsandpractitionershavebeenabletoachieveareprescriptionsthatsatisfyshort-termgoals.Forexample,thelackofaconsensusaboutwhatwouldqualifyasoptimalcapitalstructurehasnecessitatedtheneedforthisresearch.Abetterunderstandingoftheissuesat

6、handrequiresalookattheconceptofcapitalstructureanditseffectonfirmprofitability.ThispaperexaminestherelationshipbetweencapitalstructureandprofitabilityofcompanieslistedontheGhanaStockExchangeduringtheperiod1998-2002.Theeffectofcapitalstructureontheprofitabilityoflistedfirmsin

7、GhanaisascientificareathathasnotyetbeenexploredinGhanaianfinanceliterature.Thepaperisorganizedasfollows.Thefollowingsectiongivesareviewoftheextantliteratureonthesubject.Thenextsectiondescribesthedataandjustifiesthechoiceofthevariablesusedintheanalysis.Themodelusedintheanalys

8、isisthenestimated.Thesubsequentsectionpresentsanddiscussestheresultsoftheem