毕业论文外文翻译-资本结构的影响对加纳上市公司盈利的实证分析

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1、温州大学商学院本科毕业论文原文题目：资本结构的影响：对加纳上市公司盈利的实证分析作者：约舒亚.艾博原文出处:金融风险2005年第5期.资本结构的影响：对加纳上市公司盈利的实证分析外文翻译原文Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhanaselectionMaterialSource:TheJournalofRiskFinanceVol.6No.5,2005Author:JoshuaAborA

2、bstractPurpose?ThispaperseekstoinvestigatetherelationshipbetweencapitalstructureandprofitabilityoflistedfirmsontheGhanaStockExchangeGSEduringafive-yearperiod.Design/methodology/approach?Regressionanalysisisusedintheestimationoffunctionsrelatingthereturnone

3、quityROEwithmeasuresofcapitalstructure.Findings?Theresultsrevealasignificantlypositiverelationbetweentheratioofshort-termdebttototalassetsandROE.However,anegativerelationshipbetweentheratiooflong-termdebttototalassetsandROEwasfound.Withregardtotherelations

4、hipbetweentotaldebtandreturnrates,theresultsshowasignificantlypositiveassociationbetweentheratiooftotaldebttototalassetsandreturnonequity.Originality/value?Theresearchsuggeststhatprofitablefirmsdependmoreondebtastheirmainfinancingoption.IntheGhanaiancase,a

5、highproportion85percentofthedebtisrepresentedinshort-termdebt.KeywordsCapitalstructure,Profit,Gearing,GhanaIntroductionThecapitalstructuredecisioniscrucialforanybusinessorganization.Thedecisionisimportantbecauseoftheneedtoimizereturnstovariousorganizationa

6、lconstituencies,andalsobecauseoftheimpactsuchadecisionhasonafirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureofafirmisactuallyamixofdifferentsecurities.Ingeneral,afirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamounto

7、fdebtorverylittledebt.Itcanarrangeleasefinancing,usewarrants,issueconvertiblebonds,signforwardcontractsortradebondswaps.Itcanissuedozensofdistinctsecuritiesincountlesscombinations;11温州大学商学院本科毕业论文however,itattemptstofindtheparticularcombinationthatimizesits

8、overallmarketvalue.Anumberoftheorieshavebeenadvancedinexplainingthecapitalstructureoffirms.Despitethetheoreticalappealofcapitalstructure,researchersinfinancialmanagementhavenotfoundtheoptimalcapitalstructure.