资本结构的影响：对加纳上市公司盈利的实证分析外文文献翻译

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1、毕业设计(论文)外文翻译外文题目：Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhana译文题目：资本结构的影响：对加纳上市公司盈利的实证分析文献出处:〈〈JournalofRiskFinance〉〉，2005,6(November):438-445外文作者：JoshuaAbor外文文献:Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirms

2、inGhanaAbstractPurpose—ThispaperseekstoinvestigatetherelationshipbetweencapitalstructureandprofitabilityoflistedfirmsontheGhanaStockExchange(GSE)duringafive-yearperiod.Design/methodology/approach-Regressionanalysisisusedintheestimationoffunctionsrelatingthereturnonequity(ROE

3、)withmeasuresofcapitalstructure.Findings-Theresultsrevealasignificantlypositiverelationbetweentheratioofshort-termdebttototalassetsandROE.However,anegativerelationshipbetweentheratiooflong-termdebttototalassetsandROEwasfound.Withregardtotherelationshipbetweentotaldebtandretu

4、rnrates,theresultsshowasignificantlypositiveassociationbetweentheratiooftotaldebttototalassetsandreturnonequity.Originality/valuc-Theresearchsuggeststhatprofitablefirmsdependmoreondebtastheirmainfinancingoption.IntheGhanaiancase，ahighproportion(85percent)ofthedebtisrepresent

5、edinshort-termdebt.KeywordsCapitalstructure，Profit,Gearing，GhanaIntroductionThecapitalstructuredecisioniscrucialforanybusinessorganization.Thedecisionisimportantbecauseoftheneedtomaximizereturnstovariousorganizationalconstituencies，andalsobecauseoftheimpactsuchadecisionhason

6、afirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureofafirmisactuallyamixofdifferentsecurities.Ingeneral，afirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamountofdebtorverylittledebt.Itcanarrangeleasefinancing，usewarrants,issueconvertibleb

7、onds，signforwardcontractsortradebondswaps.Itcanissuedozensofdistinctsecuritiesincountlesscombinations;however，itattemptstofindtheparticularcombinationthatmaximizesitsoverallmarketvalue.Anumberoftheorieshavebeenadvancedinexplainingthecapitalstructureoffirms.Despitethetheoreti

8、calappealofcapitalstructure，researchersinfinancialmanagementhavenotfoundthe