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1、外文翻译原文TestingforinconsistenciesintheestimationofUKcapitalstructuredeterminantsMaterialSource:http://taylorandfrancis.Author:A.A.BevanJ.Danboltmetapress.com/link.asp?Thisarticleanalysesthedeterminantsofthecapitalstructureof1054UKcompaniesfrom1991to1997
2、,andtheextenttowhichtheinfluenceofthesedeterminantsareaffectedbytime-invariantfirm-specificheterogeneity.ComparingtheresultsofpooledOLSandfixedeffectspanelestimation,significantdifferencesintheresultsarefound.WhiletheOLSresultsaregenerallyconsistentwi
3、thpriorliterature,theresultsofourfixedeffectspanelestimationcontradictmanyofthetraditionaltheoriesofthedeterminantsofcorporatefinancialstructure.Thissuggeststhatresultsoftraditionalstudiesmaybebiasedowingtoafailuretocontrolforfirm-specifictime-invaria
4、ntheterogeneity.Theresultsofthefixedeffectspanelestimationfindlargercompaniestohavehigherlevelsofbothlong-termandshort-termdebtthandosmallerfirms,profitabilitytobenegativelycorrelatedwiththelevelofgearing,althoughprofitablefirmstendtohavemoreshort-ter
5、mbankborrowingthanlessprofitablefirms,andtangibilitytopositivelyinfluencethelevelofshort-termbankborrowing,aswellasalllong-termdebtelements.However,thelevelofgrowthopportunitiesappearstohavelittleinfluenceonthelevelofgearing,otherthanshort-termbankbor
6、rowing,whereasignificantnegativerelationshipisobserved.I.INTRODUCTIONThecorporatefinanceliteraturecontainsahostofstudiesexaminingthenature,anddeterminants,ofcorporatefinancialstructure.Whileingeneraltheliteraturehassucceededinestablishingsomestylizedf
7、actsrelatingthedebt-equitydecisiontoavarietyofindependentvariables,ithaslargelydonesousingobservationsdrawnfromasingleperiod.Thisarticleanalysescapitalstructureanditsdeterminantsforapanelof1054listedUKcompaniesoverthetimeperiodfrom1991to1997,givingato
8、talof6001firm-yearobservations.Theuseofpaneldatanotonlyimproves10samplesizerelativetosingle-periodcross-sectionalanalysis,butisalsobetterabletocaptureeffectsthaneithercross-sectionalortime-seriesdataalone(Hsiao,1986;Baltagi,1995).Theanalysisis
