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ID:462856
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时间:2017-08-05
《加纳上市公司资本结构对盈利能力的实证研究[外文翻译]》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、外文翻译Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhanaMaterialSource:TheJournalofRiskFinanceVol.6No.5,2005Author:JoshuaAborIntroductionThecapitalstructuredecisioniscrucialforanybusinessorganization.Thedecisionisimportantbecauseoftheneedtomaximizereturnstovariousor
2、ganizationalconstituencies,andalsobecauseoftheimpactsuchadecisionhasonafirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureofafirmisactuallyamixofdifferentsecurities.Ingeneral,afirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamountofdebtorverylittledebt.Itcanar
3、rangeleasefinancing,usewarrants,issueconvertiblebonds,signforwardcontractsortradebondswaps.Itcanissuedozensofdistinctsecuritiesincountlesscombinations;however,itattemptstofindtheparticularcombinationthatmaximizesitsoverallmarketvalue.Anumberoftheorieshavebeenadvancedinexplainingthecapitalstructu
4、reoffirms.Despitethetheoreticalappealofcapitalstructure,researchersinfinancialmanagementhavenotfoundtheoptimalcapitalstructure.Thebestthatacademicsandpractitionershavebeenabletoachieveareprescriptionsthatsatisfyshort-termgoals.Forexample,thelackofaconsensusaboutwhatwouldqualifyasoptimalcapitalst
5、ructurehasnecessitatedtheneedforthisresearch.Abetterunderstandingoftheissuesathandrequiresalookattheconceptofcapitalstructureanditseffectonfirmprofitability.ThispaperexaminestherelationshipbetweencapitalstructureandprofitabilityofcompanieslistedontheGhanaStockExchangeduringtheperiod1998-2002.The
6、effectofcapitalstructureontheprofitabilityoflistedfirmsinGhanaisascientificareathathasnotyetbeenexploredinGhanaianfinanceliterature.Thepaperisorganizedasfollows.Thefollowingsectiongivesareviewoftheextantliteratureonthesubject.Thenextsectiondescribesthedataandjustifiesthechoiceofthevariablesusedi
7、ntheanalysis.Themodelusedintheanalysisisthenestimated.Thesubsequentsectionpresentsanddiscussestheresultsoftheempiricalanalysis.Finally,thelastsectionsummarizesthefindingsoftheresearchandalsoconcludesthediscussion.Literatureo
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