资本结构和债务结构外文翻译

资本结构和债务结构外文翻译

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时间:2019-07-09

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1、本科毕业论文(设计)外文翻译原文:CapitalStructureandDebtStructureInthisstudy,weprovideanumberofnewinsightsintocapitalstructuredecisionsbyrecognizingthatfirmssimultaneouslyusedifferenttypes,sources,andprioritiesofdebt.Theseinsightsarebasedonanoveldatasetthatrecordsthetype,s

2、ource,andpriorityofeverybalancesheetdebtinstrumentforalargesampleofratedpublicfirms.Thedataarecollecteddirectlyfromfinancialfootnotesinfirms’annual10-Kfilingsandsupplementedwithinformationonpricingandcovenantsfromthreeoriginationbaseddatasets:ReutersLPC’sDe

3、alscan,Mergent’sFixedIncomeSecuritiesDatabase,andThomson’sSDCPlatinum.Toourknowledge,thisdatasetisoneofthemostcomprehensivesourcesofinformationonthedebtstructureofasampleofpublicfirms:Itcontainsthedetailedcompositionofthestockofcorporatedebtonthebalanceshee

4、t,whichgoesfarbeyondwhatisavailablefromorigination-baseddatasetsalone.Webeginbyshowingtheimportanceofrecognizingdebtheterogeneityincapitalstructurestudies.Weclassifydebtintobankdebt,straightbonddebt,convertiblebonddebt,programdebt(suchascommercialpaper),mor

5、tgagedebt,andallotherdebt.Foralmost70%offirm-yearobservationsinoursample,balancesheetdebtcomprisessignificantamountsofatleasttwoofthesetypes.Evenmorestrikingisthefactthat25%oftheobservationsinoursampleexperiencenosignificantone-yearchangeintheirtotaldebtbut

6、significantlyadjusttheunderlyingcompositionoftheirdebt.Studiesthattreatcorporatedebtasuniformhaveignoredthisheterogeneity,presumablyintheinterestofbuildingmoretractabletheorymodelsorduetoapreviouslackofdata.Inthissection,wemotivateourempiricalanalysisofther

7、elationbetweendebtstructureandcreditqualitybyexamininghypothesesfromthetheoreticalliteratureondebtcompositionandpriority.Thefirstgroupoftheorieshypothesizesthatfirmsshouldmovefrombankdebttonon-bankdebtascreditqualityimproves(Diamond,1991;ChemmamurandFulghie

8、ri,1994;BootandThakor,1997;BoltonandFreixas,2000).TheseminalarticleisDiamond’s(1991b)modelofreputationacquisition.Inhismodel,firmsgraduatefrombankdebttoarm’slengthdebtbyestablishingareputationforhighea

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