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1、外文文献翻译译文一、外文原文原文：TheDeterminantsofCapitalStructureChoiceThebasicapproachtakeninpreviousempiricalworkhasbeentoestimateregressionequationswithproxiesfortheunobservabletheoreticalattributes.Thisapproachhasanumberofproblems.First,theremaybenouniquerepresentationoftheattributeswewishtomeasure.Thereareo
2、ftenmanypossibleproxiesforaparticularattribute,andresearchers,lackingtheoreticalguidelines,maybetemptedtoselectthosevariablesthatworkbestintermsofstatisticalgoodness-of-fitcriteria,therebybiasingtheirinterpretationofthesignificancelevelsoftheirtests.Second,itisoftendifficulttofindmeasuresofparticu
3、larattributesthatareunrelatedtootherattributesthatareofinterest.Thus,selectedproxyvariablesmaybemeasuringtheeffectsofseveraldifferentattributes.Third,sincetheobservedvariablesareimperfectrepresentationsoftheattributestheyaresupposedtomeasure,theiruseinregressionanalysisintroducesanerrors-in-variab
4、leproblem.Finally,measurementerrorsintheproxyvariablesmaybecorrelatedwithmeasurementerrorsinthedependentvariables,creatingspuriouscorrelationsevenwhentheunobservedattributebeingmeasuredisunrelatedtothedependentvariable.Thisstudyextendsempiricalworkoncapitalstructuretheoryinthreeways.First,itextend
5、stherangeoftheoreticaldeterminantsofcapitalstructurebyexaminingsomerecentlydevelopedtheoriesthathavenot,asyet,beenanalyzedempirically.Second,sincesomeofthesetheorieshavedifferentempiricalimplicationswithregardtodifferenttypesofdebtinstruments,weanalyzeseparatemeasuresofshort-term,long-term,andconv
6、ertibledebtratherthananaggregatemeasureoftotaldebt.Third,atechniqueisusedthatexplicitlyrecognizesandmitigatesthemeasurementproblemsdiscussedabove.Thistechnique,whichisanextensionofthefactor-analyticapproachtomeasuringunobservedorlatentvariables,isknownaslinearstructuralmodeling.Verybriefly,thismet
7、hodassumesthat,althoughtherelevantattributesarenotdirectlyobservable,wecanobserveanumberofindicatorvariablesthatarelinearfunctionsofoneormoreattributesandarandomerrorterm.Thereis,inthisspecification,adirectanalog
