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1、外文翻译原文CapitalstructureinfluencingfactoranalysisresearchMaterialSource:TheoryofOptimalCapitalStructureAuthor:R.BareaSincetheModiglianiandMiller(1958)sincetheacademicstructureofthecapitalalargenumberoftheoreticalandempiricalresearch,tryingtoidentifythepotentialimpactofcapit
2、alstructurechoicefactors.Alotofliteraturesuggeststhatthechoiceofcapitalstructurebytheassetstructure,firmsize,non-debttaxshields,growth,volatility,productuniqueness,profitabilityandotherfirmcharacteristicsfactors.Inaddition,thechoiceofcapitalstructureisalsoaffectedbyindust
3、rycharacteristics,macroeconomicandinstitutionalenvironmentfactors.HarrisandRaviv(1991)fromtheexperienceofmanyU.S.companiestosumup:"leverageratiooffixedassets,non-debttaxshields,growthandcompanysizeincreases,withthevolatility,advertisingcosts,bankruptcythepossibilityofprof
4、itabilityandproductuniquenessincreasesless."Chineselistedcompaniesduetotheparticularityofthesystem,whatfactorsdeterminethechoiceofcapitalstructure?Characteristicsofinstitutionalfactorsinfluencedhowthecompanycapitalstructurechoice?Experiencesandthingslikethattobethemodelan
5、dempiricaltest.Inrecentyears,researchersbegantoaffectthecapitalstructureoflistedcompaniesinanempiricalstudyoffactors,suchasLuZhengfei,andXinYu(1998),LishanMinandSuYun(1999),XiaozuoPingandWuShinong(2002),andachievedcertainresults,However,moststudiesareusingasimpleregressio
6、ntechniquefactorsoncapitalstructureforempiricalanalysis.TitmanandWessels(1988)pointedouttheshortcomingsofthisapproach:First,thereisnowishtomeasurethesolerepresentativeoftheproperty;Second,itisdifficulttofindandotherrelevantpropertyisnotrelatedtothemeasurementofaparticular
7、property;third,Ascanbeobservedvariableisnotperfectlyrepresentativeofitspropertiesshouldbemeasured,theyareusedintheregressionanalysiswillleadtoerrorsinvariableproblem;fourth,theagentvariablesandmeasurementerror8maybeexplainedbyvariablesrelatedtomeasurementerrorwillproducef
8、alse(Spurious)related.Inthispaper,two-stagemultipleprocedures,applicationoffactoranalysis-basedm
