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1、本科毕业论文（设计）外文翻译原文：CapitalStructure,PayoutPolicy,andFinancialFlexibilityFinancialflexibilityisthesinglemostimportantdeterminantofcapitalstructureaccordingtoCFOs(see,e.g.,GrahamandHarvey(2001)),yettheonlyprominenttheorytorecognizeitsvalue---MyersandMajluf’s
2、(1984)peckingordermodel---hasseriousempiricalshortcomings.Infact,FamaandFrench(2005)concludethatthepeckingorderis“dead”asastand-alonetheoryofcapitalstructurebecauseofitsinabilitytoexplainwhyequityissuesarecommonplace,andarenotexclusivelythefinancingvehic
3、leoflastresort.Extanttrade-offtheoriesofcapitalstructurefarenobetterempirically,sincetheyfailtoexplain(i)whyfirmsdonot“leverup”afterlargestockpriceincreases,(ii)whymanyprofitablefirmsmaintainlowdebt,thusforegointeresttaxshieldsavailableatlittledistressri
4、sk,and(iii)whyleveragerebalancingisdifficulttodetectand,whendetected,whyitoccurswithadelaythatisnotplausiblyexplainedbyadjustmentcosts.Theempiricalcorporatefinanceliteraturewhich,asFamaandFrench(2005,pp.580-581)note,inrecentyearshaslargelyfocusedonrunnin
5、ga“horserace”betweenthepeckingorderandtrade-offtheories,isnowleftwithnoempiricallyviabletheoryofcapitalstructure.Thispaperarguesthatfinancialflexibilityisthecriticalmissinglinkforanempiricallyviabletheory,butthatthepeckingorderfailstodeliverthattheorybec
6、auseitsnumerousrestrictiveassumptionsnarrowitsfocussufficientlytoprecludeameaningfulanalysisoftheimpactoffinancialflexibilityoncorporatefinancialpolicies.Specifically,thepeckingordertheoryfallsshortbecauseit(i)focusesona“one-shot”financingdecision,thusit
7、rulesouttheinter-temporaltrade-offsthatarecentraltofirms’debtcapacityutilizationdecisions,(ii)assumesthatasymmetricinformationallowsself-interestedmanagerialbehavioratsecurityissuance,butatnoothertime,thusitignoresthefactthatasymmetricinformationalsoenge
8、ndersagencycosts,i.e.,itallowsmanagerstobenefitthemselvesatoutsidestockholders’expensebyover-retainingcorporateresources,(iii)assumesawayanyeffectofcorporatetaxesonoptimalcashbalancesanddebtlevels,whichislikelytobenon-triv
