测试啄食理论【外文翻译】

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1、本科毕业论文外文翻译外文题目：TestingThePecking-OrderTheory出处：TheChineseEconomy.Vol作者：倪金兰和俞苗苗原文：TestingthePecking-OrderTheoryAbstract:Thepecking-ordertheoryofcapitalstructure,whichpredictsthatfirmspreferinternaltoexternalfinance,isoneofthemostinfluentialtheoriesofcorporateleverage.Thisarticleexam

2、ineswhetherthefinancialstructureofChina’slistedcompaniesfollowsapeckingorderfromdebttoequity.Usingtheentirecross-sectionsampleofChina’slistedcompaniesin2004,theauthorsfindnoevidencethatChina’slistedcompaniesfollowapeckingorderwhentheyneedfundstofinanceinvestmentprojects.Furthersubg

3、roupanalysesindicatethatbigcompaniesfollowapeckingorderandsmallandmediumcompaniesdonot.TheseresultssuggestthattheChinesecapitalmarketisstillunderdevelopment.However,thelargecompaniesfacearelativelylooserfinancingenvironmentthanthesmallones.Howshouldfirmsfinancetheirinvestmentprojec

4、ts?Twocompetingtheoriesoffertheoptimalcapitalstructureforthisfinancingdecision:thetraditional(static)trade-offtheoryandthepecking-ordertheory.Theformersuggeststhatavalue-maximizingfirmwillpursueanoptimaldebt-to-valueratiobyatradeoffofthecostoffinancialdistress.Marsh(1982)andTaggart

5、(1977)providedevidencethatfirmsadjusttowardatargetdebt-to-valueratio.However,Myers(1984)arguedthatthepoorfitnessoftheeconometricmodelanddramaticallydifferentactualdebtratiosacrosssimilarfirmsmakethestatictradeofftheoryplausible.MyersandMajluf(1984)proposedthesecondframework,thepeck

6、ing-ordertheorybasedonasymmetricinformation;managershavemoreinsideinformationthaninvestorsandactinfavorofoldshareholders.Theirtheorysuggeststhatthereisnooptimalratio,andfirmspreferdebttoequityifexternalfinancingisrequired.Shyam-SunderandMyers(1999)furtherdevelopedanempiricalmodelth

7、atfinancialdeficitshouldhaveadollar-for-dollarimpactonfirmleverageifthepeckingorderisfollowed.Thatis,aone-dollarincreaseinfinancialdeficitleadstoaone-dollarincreaseinafirm’sleverage.Using157firmsfromCompustatdatathatstartedatyear1981andsurvivedthrough1981–89,theyfoundstrongevidence

8、tosupportthepecking-orderp