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1、我们如何看待资本结构？一一来自国际数据的证据外文翻译外文翻译WhatDoWeKnowaboutCapitalStrueture??SomeEvideneefromInternationalData.MaterialSource:////0>.Author:RaghuramG.RajanLuigiZingalesAbstractWeinvestigatethedeterminantsofcapitalstructurechoicebyanalyzingthefinancingdecisionsofpublicfirmsinthemajorindustrializedcountrie
2、s.Atanaggregatelevel,firmleverageisfairlysimilaracrosstheG~7countries.Wefindthatfactorsidentifiedbypreviousstudiesascorrelatedinthecross-sectionwithfirmleverageintheU.S.,aresimilarlycorrelatedinothercountriesaswell.However,adeeperexaminationoftheU.S.andforeigncvidcnccsuggeststhatthetheoretica
3、lunderpinningsoftheobservedcorrelationsarestilllargelyunresolved.BothauthorsareattheGraduateSchoolofBusinessattheUniversityofChicago.RajanthankstheCenterfor*ResearchonSecuritiesPriceswhileZingalesthankstheGraduatcSchoolofBusinessforfunding.ThisprojectwasalsomadepossiblewithagrantfromtheCenter
4、forInternationalBusinessResearchattheUniversityofChicago.WethankPatriciaO'Brien,DouglasDiamond,EugeneFama,JenniferFrancis,SteveKaplan,AnilKashyap,MertonMiller,JamesSewardandRobertVishnyforhelpfuldiscussions,andparticipantsinworkshopsattheUniversityofChicagoFinance&JuniorFacultyLunchGroup,HEC-
5、UniversityofMontrQal,IndianaUniversity,UniversityofMaryland,N.B.//・merInstitute,theStockholmSchoolofEconomicsandthe1994WFAmeetingsforcomments.WeareindebtedtoEduardoGonzalesforexcellentresearchassistanee,andAndrewAlfordforinvaluablehelpingettingusacquaintedwithGlobalVantageanddetailedcommentso
6、nanearlierdraft.ThispaperincorporatespartofaC.R.S.P.workingpaperentitled"NotesonInternationalCapitalStructure/zThirtysevenyearsandhundredsofpapersafterModiglianiandMiller'ssemirmlwork,whatdowereal1yknowaboutcorporatecapitaistructurechoice?TheoryhasclearlymadesomeprogressonthesubjecWenowunders
7、tandthemostimportantdeparturesfromtheModiglianiandMillerassumptionsthatmakecapiteilstrueturcrelevanttoafirm，svalue.However,verylittleisknownabouttheempiricalrelevanceofthedifferenttheories.Empiricalworkhasunearthedsomestylizedfactsoncapitalst
