资本结构的决定因素研究：基于土耳其房屋租赁公司[文献翻译]

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1、外文题目：Determinantsofcapitalstructure:evidencefromTurkishlodgingcompanies出处：InternationalJournalofContemporaryHospitalityManagement作者：ErdincKaradeniz,SerkanYilmazKandir,MehmetBalcilarandYildirimBeyazitOnal原文Determinantsofcapitalstructure:evidencefromTurkishlodgin

2、gcompaniesByErdincKaradeniz,SerkanYilmazKandir,MehmetBalcilarandYildirimBeyazitOnalIntroductionCapitalstructurereferstothecompositionofafirm’sliabilitiesandowners’equity.Capitalstructuredecisionsarerelatedtothemagnitudesofliabilitiesandowners’equity.Capitalstru

3、cturedecisionsareoneofthethreefinancingdecisions–investment,financing,anddividenddecisions–financemanagershavetomake(VanHorneandWachowicz,1995).Capitalstructureofafirmdeterminestheweightedaveragecostofcapital(WACC).WACCistheminimumrateofreturnrequiredonafirm’si

4、nvestmentsandusedasthediscountrateindeterminingthevalueofafirm.Afirmcancreatevalueforitsshareholdersaslongasearningsexceedthecostsofinvestments(Damodaran,2000).Anumberoftheoreticalandempiricalstudiesinvestigatedtheoptimalcapitalstructureofafirm.Thesestudiespoin

5、tedouttheimportanceoftherelationshipsamongcapitalstructure,costofcapital,capitalbudgetingdecisions,andfirmvalue.Lodgingcompaniesarecapitalintensive,astheyrequirehugecapitalatbothinvestmentandoperatingstages.Sinceassetsoflodgingcompaniesmostlyconsistoffixedasset

6、sshareoflong-termdebtandowners’equitybecomesratherhigh.Furthermore,becauseofthestructureoftheindustry,lodgingcompaniesarehighlysensitivetosystematicrisks.Therefore,lodgingcompaniesfacehighoperatingand11financialrisks(AndrewandSchmidgall,1993).Allthesemakeitimpo

7、rtanttodeterminethecompositionofcapitalstructureandthefactorsaffectingleveragedecisionsanddebtratio.Thetrade-offandpeckingordertheoriesTherelationshipbetweencapitalstructuredecisionsandfirmvaluehasbeenextensivelyinvestigatedinthepastfewdecades.Overtheyears,alte

8、rnativecapitalstructuretheorieshavebeendevelopedinordertodeterminethefactorsthataffectcapitalstructuredecisions.ModiglianiandMiller(1958)isamilestoneamongcapitalstructurestu