应收账款融资和信息不对称【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：AccountsReceivableFinancingandInformationAsymmetryAbstract：Thisstudyinvestigatestheeffectofinformationasymmetrybetweenmanagersandoutsidersontheuseofaccountsreceivableinfinancingthefirm’soperations.Theinformationimpoundedinreceivablespertainstothefirm’scustomersratherthanthefirmandt

2、hereforediffersfromtheinformationembeddedinotherassets.Theuniqueinformationcontentofaccountsreceivablemakesitalikelycandidatetouseasafinancingtoolforhighlyinformationasymmetricfirms.ConsistentwiththePeckingOrderTheory,Ifindthatthelikelihoodofusingaccountsreceivablefinancingincreaseswiththefirm’sinf

3、ormationasymmetry.Ialsofindthattheinnatecomponentofthefirm’searningsqualitymeasureismoreinfluentialthanthediscretionarycomponentinexplainingtheuseofARfinancing.Keywords:Informationasymmetry,capitalstructure,asset-backedfinancing,receivables.1.IntroductionAccountsreceivable(hereafter,AR)areopenaccou

4、ntsowedtothefirmbytradecustomers.Theyarepartofthefirm’sworkingcapitalandconstitute14percentof2005USindustrialfirms’totalassets,makingthemoneofthelargestassetgroupsonindustrialfirms’balancesheet.ARserveasatoolforfirmstoextendcredittotheirbusinesspartnersandareofteninstrumentalinfacilitatingsaleofgoo

5、ds.Fromacreditorstandpoint,theinformationcharacteristicsassociatedwithARdifferfromotherfirm’sassets.Whiletheinformationonfirm’sotherassetsisrelatedtothefirm’sperformance,theinformationonthefirm’sARandtheirvaluedependsonotherfirms’performance,i.e.thecustomers.Furthermore,ARsharemanyattributesoffinan

6、cialassets,includingtheirreparabilityandrelativeliquidity.TheseattributesofAR,aswellasthediversificationeffectofmultiplecustomerscomprisingthereceivableaccountonthebalancesheet,makethisassetdifferentandpotentiallylowerinitsinformationasymmetrythantherestofthefirm’sassets.ThePeckingOrderTheory(Myers

7、,1984andMyersandMajluf,1984)predictsthatfirmscharacterizedbyasymmetricinformationwilltendtousetheleastinformationsensitivefinancingoptionsavailabletothembeforeturningtootheroptionswhichmaybemispricedbythema