企业资本结构的决定因素【外文翻译】

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1、外文翻译原文ThedeterminantsofcorporatecapitalstructureMaterialSource:http://springer.lib.tsinghua.edu.cn/content/978-3-7908-1581-8/#section=435455&page=1&locus=0Author:EmilioColomboandLucaStancaFollowingthedescriptiveanalysisoffinancialratiosinthepreviouschapter,thischapte

2、rinvestigatesthedeterminantsofcorporatecapitalstructureand,inparticular,bankdebt.Thisanalysisalsoaimsatrevealingtheexistenceofconstraintsonfirms'choices,thusprovidinginformationonthedegreeofimperfectionsthatcharacterisecreditandfinancialmarketsinHungary.Itshouldbenot

3、ed,however,thatouranalysisdoesnotrepresentadirectatestforthepresenceoffinancialmarketimperfections.Itisratheranempiricalinvestigationoffirms'capitalstructurethatcanindirectlyrevealthepresenceofsuchimperfections.Theempiricalliteratureoncapitalstructurechoiceisvast,mai

4、nlyreferringtoindustrialisedcountries(seee.g.TitmanandWessels(1988)andRajanandZingales(1995)),butalsotoEasternEuropeaneconomies:Cornellietal.(1998)forHungaryandPoland,Revoltella(1998)fortheCzechRepublic,andCarareandPerotti(1997)forRomania.Nevertheless,whileinalltheab

5、ovementionedworkstheanalysisisconductedoncross-sectiondata,Weanalysepaneldataspanningover10yearsofthetransitionprocess.Thepanelstructureofthedatasetandthesizeofboththesectionalandtimedimensionscanconsiderablyimproveourunderstandingofthedeterminantsoffirms'capitalstru

6、ctureintransitioneconomies.Thechapterisorganisedasfollows:Sec.5.2introducesthetheoreticalframework.Sec.5.3describesthedatasetandprovidessomedescriptivestatistics,Sec.5.4discussesthemethodology,Sec.5.5presentstheresults.ThetheoryAsemphasisedinchapter2,theanalysisofcor

7、poratecapitalstructureassumesrelevancemainlyinthepresenceoffinancialmarketimperfections.Itisbecauseof6suchimperfectionsthatdifferentfinancingmethodsbecomeimperfectsubstitutesanddeterminetheexistenceofanoptimalcapitalstructure.Wehavealsoarguedthattherearetwogoodreason

8、swhytheseimperfectionsarelikelytobeparticularlysevereinEasternEurope.Thefirstisthatintheplannedsystem，banksdidnotcarryoutmonitoring