外文翻译_加纳上市公司资本结构对盈利能力的实证研究(节选).doc

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1、.中文3150字，2100单词，10800英文字符出处：AborJ.Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhana[J].JournalofRiskFinance,2005,6(November):438-445.外文翻译Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhanaAuthor:Joshua

2、AborIntroductionThecapitalstructuredecisioniscrucialforanybusinessorganization.Thedecisionisimportantbecauseoftheneedtomaximizereturnstovariousorganizationalconstituencies,andalsobecauseoftheimpactsuchadecisionhasonafirm’sabilitytodealwithitscompetitiveenvironment.

3、Thecapitalstructureofafirmisactuallyamixofdifferentsecurities.Ingeneral,afirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamountofdebtorverylittledebt.Itcanarrangeleasefinancing,usewarrants,issueconvertiblebonds,signforwardcontractsortradebondswap

4、s.Itcanissuedozensofdistinctsecuritiesincountlesscombinations;however,itattemptstofindtheparticularcombinationthatmaximizesitsoverallmarketvalue.Anumberoftheorieshavebeenadvancedinexplainingthecapitalstructureoffirms.Despitethetheoreticalappealofcapitalstructure,re

5、searchersinfinancialmanagementhavenotfoundtheoptimalcapitalstructure.Thebestthatacademicsandpractitionershavebeenabletoachieveareprescriptionsthatsatisfyshort-termgoals.Forexample,thelackofaconsensusaboutwhatwouldqualifyasoptimalcapitalstructurehasnecessitatedthene

6、edforthisresearch.Abetterunderstandingoftheissuesathandrequiresalookattheconceptofcapitalstructureanditseffectonfirmprofitability.ThispaperexaminestherelationshipbetweencapitalstructureandprofitabilityofcompanieslistedontheGhanaStockExchangeduringtheperiod1998-2002

7、.TheeffectofcapitalstructureontheprofitabilityoflistedfirmsinGhanaisascientificareathathasnotyetbeen....exploredinGhanaianfinanceliterature.Thepaperisorganizedasfollows.Thefollowingsectiongivesareviewoftheextantliteratureonthesubject.Thenextsectiondescribesthedataa

8、ndjustifiesthechoiceofthevariablesusedintheanalysis.Themodelusedintheanalysisisthenestimated.Thesubsequentsectionpresentsanddiscussestheresultsof