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1、本科毕业论文(设计)外文翻译原文:FinancingPreferencesofSpanishFirms:EvidenceonthePeckingOrderTheoryThispaperanalysessomeoftheempiricalimplicationsofthepeckingordertheoryintheSpanishmarketusingapaneldataanalysisof1,566firmsover1994–2000.Theresultsshowthatthepeckingordertheoryholdsform
2、ostsubsamplesanalyzed,particularlyforthesmallandmedium-sizedenterprisesandforthehigh-growthandhighlyleveragedcompanies.Itisalsoshownthatboththemoreandthelessleveragedfirmstendtoconvergetowardsmorebalancedcapitalstructures.Finally,weobservethatfirmsfinancetheirfundsflo
3、wdeficitswithlongtermdebt.AprimecontributiononinformationasymmetryincapitalstructuretheoryistheMyersandMajluf(1984)model.MyersandMajlufobservethattheempiricalevidenceisnotconsistentwithafinancialpolicythatisdeterminedbyatrade-offoftheadvantagesanddisadvantagesofmarket
4、imperfections,mainlytaxes,costsoffinancialdistress,andagencycosts.Rather,companies’financialpoliciesseemtobebetterexplainedbythebehaviourdescribedbyDonaldson(1961).Heestablishesahierarchydescribedbycompanypreferenceforinternalfundsoverexternalfunds;inthecaseofexternal
5、funds,acompanyprefersdebtfirst,thenhybridinstrumentslikeconvertiblebonds,andfinallyequityissues.Thishierarchy,broadlycharacterizedaspeckingordertheory,indicatesthatcompaniesdonotmakefinancingdecisionswiththeaimofachievingoptimalleverage.Althoughtheytendtobetakenasthes
6、amething,thepeckingordertheoryandtheMyersandMajluf(1984)modelarenotstrictlyspeakingthesame.Thepeckingordertheoryismerelyadescriptionofcompanies’financingpolicy,whiletheMyersandMajlufworkrepresentsthefirstmodelthatattemptstodescribethisbehaviourfromatheoreticalpointofv
7、iew,basedonthepresenceofinformationasymmetry.Moreover,theMyersandMajluf(1984)modelassumeslistedcompaniesandmarketswhereequityisissuedthroughfirmcommitments,suchastheAmericanmarket,notformarketswherethepredominantflotationmethodisrightsofferings,suchasSpainandmostother
8、countries.TheaimofthispaperistoprovideevidenceonthepeckingordertheoryintheSpanishmarket.Theanalysistakestwodirections.First,