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1、中文3160字1 外文翻译 原文 CapitalstructureinfluencingfactoranalysisresearchMaterialSource:TheoryofOptimalCapitalStructure Author:R.BareaSincetheModiglianiandMiller(1958)sincetheacademicstructureofthecapitalalargenumberoftheoreticalandempiricalresearch,tryingtoidentifythepotentialimpactofcapitalstr
2、ucturechoicefactors.Alotofliteraturesuggeststhatthechoiceofcapitalstructurebytheassetstructure,firmsize,non-debttaxshields,growth,volatility,productuniqueness,profitabilityandotherfirmcharacteristicsfactors.Inaddition,thechoiceofcapitalstructureisalsoaffectedbyindustrycharacteristics,macr
3、oeconomicandinstitutionalenvironmentfactors.HarrisandRaviv(1991)fromtheexperienceofmanyU.S.companiestosumup:"leverageratiooffixedassets,non-debttaxshields,growthandcompanysizeincreases,withthevolatility,advertisingcosts,bankruptcythepossibilityofprofitabilityandproductuniquenessincreasesl
4、ess."Chineselistedcompaniesduetotheparticularityofthesystem,whatfactorsdeterminethechoiceofcapitalstructure?Characteristicsofinstitutionalfactorsinfluencedhowthecompanycapitalstructurechoice?Experiencesandthingslikethattobethemodelandempiricaltest.Inrecentyears,researchersbegantoaffectthe
5、capitalstructureoflistedcompaniesinanempiricalstudyoffactors,suchasLuZhengfei,andXinYu(1998),LishanMinandSuYun(1999),XiaozuoPingandWuShinong(2002),andachievedcertainresults,However,moststudiesareusingasimpleregressiontechniquefactorsoncapitalstructureforempiricalanalysis.TitmanandWessels(
6、1988)pointedouttheshortcomingsofthisapproach:First,thereisnowishtomeasurethesolerepresentativeoftheproperty;Second,itisdifficulttofindandotherrelevantpropertyisnotrelatedtothemeasurementofaparticularproperty;third,Ascanbeobservedvariableisnotperfectlyrepresentativeofitspropertiesshouldbem
7、easured,theyareusedintheregressionanalysiswillleadtoerrorsinvariableproblem;fourth,theagentvariablesandmeasurementerror2maybeexplainedbyvariablesrelatedtomeasurementerrorwillproducefalse(Spurious)related.Inthispaper,two-stagemultipleprocedures,applicationoffactorana
