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1、外文翻译原文TheDeterminantsofCapitalStructureChoiceMaterialSource:http://www.pinggu.org/bbs/thread-83698-1-1.htmlAuthor:SheridanTitmanandRobertoWesselsI.DeterminantsofCapitalStructureInthissection,wepresentabriefdiscussionoftheattributesthatdifferenttheories
2、ofcapitalstructuresuggestmayaffectthefirm'sdebt-equitychoice.Theseattributesaredenotedassetstructure,non-debttaxshields,growth,uniqueness,industryclassification,size,earningsvolatility,andprofitability.Theattributes,theirrelationtotheoptimalcapitalstru
3、cturechoice,andtheirobservableindicatorsarediscussedbelow.A.CollateralValueofAssetsMostcapitalstructuretheoriesarguethatthetypeofassetsownedbyafirminsomewayaffectsitscapitalstructurechoice.Scott[33]suggeststhat,bysellingsecureddebt,firmsincreasethevalu
4、eoftheirequitybyexpropriatingwealthfromtheirexistingunsecuredcreditors.3ArgumentsputforthbyMyersandMajluf[28]alsosuggestthatfirmsmayfinditadvantageoustosellsecureddebt.Theirmodeldemonstratesthattheremaybecostsassociatedwithissuingsecuritiesaboutwhichth
5、efirm'smanagershavebetterinformationthanoutsideshareholders.Issuingdebtsecuredbypropertywithknownvaluesavoidsthesecosts.Forthisreason,firmswithassetsthatcanbeusedascollateralmaybeexpectedtoissuemoredebttotakeadvantageofthisopportunity.WorkbyGalaiandMas
6、ulis[16],JensenandMeckling[20],andMyers[26]Suggeststhatstockholdersofleveragedfirmshaveanincentivetoinvestsuboptimallytoexpropriatewealthfromthefirm'sbondholders.ThisincentivemayalsoinduceapositiverelationbetweendebtratiosandthecapacityoffirmstoCollate
7、ralizetheirdebt.Ifthedebtcanbecollateralized,theborrowerisrestrictedtousethefundsforaspecifiedproject.Sincenosuchguaranteecanbeusedforprojectsthatcannotbecollateralized,creditorsmayrequiremorefavorableterms,whichinturnmayleadsuchfirmstouseequityrathert
8、handebtfinancing.8Thetendencyofmanagerstoconsumemorethantheoptimallevelofperquisitesmayproducetheoppositerelationbetweencollateralizablecapitalanddebtlevels.GrossmanandHart[18]suggestthathigherdebtlevelsdiminishthistendencybecauseofthei
