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ID:342548
大小:62.00 KB
页数:10页
时间:2017-07-25
《资本结构决定因素—以中国企业为案例【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、本科毕业论文(设计)外文翻译原文:TheDeterminantsofCapitalStructure:EvidencefromChineseListedCompaniesOneearlyextensionwastoallowfortheincidenceoftaxationandfinancialdistress.Sincethelate1970s,therehavebeentwonewstrandsofresearchwhichoriginatemorefromthetheoryofthefirm:the‘peckingorder’theoryandthe‘trade-off’theory.T
2、hepeckingordertheoryarguesthatfirmshaveapreferenceofissuingfinancinginstrumentsduetoadverseselectionproblems(MyersandMajluf,1984).Thetheorysuggeststhatthefinancialmanagertendstouseinternalcapitalasthefirstchoice,thenissuedebt,andequitywillonlybeconsideredasthelastresortasissuanceofequitycanbeperceived
3、bythemarketasasignalofapoorfuturefortheinvestment.Incontrast,thetrade-offtheoryemphasizesthatanoptimalcapitalstructurecanbeachievedbythetrade-offofthevariousbenefitsofdebtandequity.2.1.ThepeckingordertheoryThepeckingordertheoryisbasedontheinformationasymmetriesbetweenthefirm’smanagersandtheoutsideinve
4、stors.Ross(1977)wasthefirsttoaddressthefunctionofdebtasasignallingmechanismwhenthereareinformationasymmetriesbetweenthefirm’smanagementanditsinvestors.Hearguedthatmanagementhasbetterknowledgeofthefirmthantheinvestors,andthatmanagementwilltrytoavoiddebtwhenthefirmisperformingpoorlyforfearthatanydebtdef
5、aultduetopoorcashflowwillresultintheirjobloss.Theinformationasymmetrymayalsoexplainwhyexistinginvestorsmaynotfavornewequityfinancing,asnewinvestorsmayrequirehigherreturnstocompensatefortherisksoftheirinvestmentthusdilutingthereturnstoexistinginvestors.MyersandMajluf(1984)laterdevelopedtheirso-called
6、peckingordertheoryoffinancing:i.e.thatcapitalstructurewillbedrivenbyfirms’desiretofinancenewinvestmentspreferablythroughtheuseofinternalfunds,thenwithlow-riskdebt,andwithnewequityonlyasalastresort.Intheirtheory,thereisnooptimalcapitalstructurethatmaximizesthefirmvalue.Thefinancialmanagersissuedebtorequ
7、itypurelyaccordingtothecostsofcapital.Subsequentempiricalstudiesprovidemixedevidence.HelwegeandLiang(1996)foundnoempiricalevidenceforsuchapeckingorder.Boothetal.(2001)foundevidencesupportingthetheoryintheir10-cou
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