来自利比亚的资本结构决定性因素证据[外文翻译]

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1、外文翻译DeterminantsofCapitalStructureEvidencefromLibyaMaterialSource:ResearchPaperSeriesAuthor:FakherBuferna,KenbataBangassaandLynnHodgkinsonThispaperprovidesfurtherevidenceofthecapitalstructuretheoriespertainingtoadevelopingcountryandexaminestheimpactofthelackofase

2、condarycapitalmarketbyanalysingacapitalstructurequestionwithreferencetotheLibyanbusinessenvironment.Theresultsofcross-sectionalOLSregressionshowthatboththestatictrade-offtheoryandtheagencycosttheoryarepertinenttheoriestotheLibyancompanies’capitalstructurewhereast

3、herewaslittleevidencetosupporttheasymmetricinformationtheory.Thelackofasecondarymarketmayhaveanimpactonagencycosts,asshareholderswhoareunabletooffloadtheirsharesmightexertpressureonmanagementtoactintheirbestinterests.IntroductionFollowingonfromthepioneeringworkof

4、ModiglianiandMiller(1958)oncapitalstructure,threeconflictingtheoriesofcapitalstructurehavebeendeveloped.Theyarenamely:statictrade-off,peckingorder,andagencycosttheories.Thestatictrade-offtheoryofcapitalstructure(alsoreferredtoasthetaxbasedtheory)statesthatoptimal

5、capitalstructureisobtainedwherethenettaxadvantageofdebtfinancingbalancesleveragerelatedcostssuchasfinancialdistressandbankruptcy,holdingfirm’sassetsandinvestmentdecisionsconstant(e.g.,Baxter,1967andAltman1984,2002).Inviewofthistheory,issuingequitymeansmovingawayf

6、romtheoptimumandshouldthereforebeconsideredbadnews.AccordingtoMyers(1984),firmsadoptingthistheorycouldberegardedassettingatargetdebt-to-valueratiowithagradualattempttoachieveit.Myers(1984),however,suggeststhatmanagerswillbereluctanttoissueequityiftheyfeelitisunde

7、rvaluedinthemarket.Theconsequenceisthatinvestorsperceiveequityissuestoonlyoccurifequityiseitherfairlypricedoroverpriced.Asaresultinvestorstendtoreactnegativelytoanequityissueandmanagementarereluctanttoissueequity.Peckingordertheory(alsoreferredtoastheinformationa

8、symmetrytheory)proposedbyMyersstatesthatfirmsprefertofinancenewinvestment,firstinternallywithretainedearnings,thenwithdebt,andfinallywithanissueofnewequity.Mye