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1、本科毕业论文（设计）外文翻译原文：FinancingPreferencesofSpanishFirms:EvidenceonthePeckingOrderTheoryThispaperanalysessomeoftheempiricalimplicationsofthepeckingordertheoryintheSpanishmarketusingapaneldataanalysisof1,566firmsover1994–2000.Theresultsshowthatthepeckingordertheor
2、yholdsformostsubsamplesanalyzed,particularlyforthesmallandmedium-sizedenterprisesandforthehigh-growthandhighlyleveragedcompanies.Itisalsoshownthatboththemoreandthelessleveragedfirmstendtoconvergetowardsmorebalancedcapitalstructures.Finally,weobservethatfirms
3、financetheirfundsflowdeficitswithlongtermdebt.AprimecontributiononinformationasymmetryincapitalstructuretheoryistheMyersandMajluf(1984)model.MyersandMajlufobservethattheempiricalevidenceisnotconsistentwithafinancialpolicythatisdeterminedbyatrade-offoftheadva
4、ntagesanddisadvantagesofmarketimperfections,mainlytaxes,costsoffinancialdistress,andagencycosts.Rather,companies’financialpoliciesseemtobebetterexplainedbythebehaviourdescribedbyDonaldson(1961).Heestablishesahierarchydescribedbycompanypreferenceforinternalfu
5、ndsoverexternalfunds;inthecaseofexternalfunds,acompanyprefersdebtfirst,thenhybridinstrumentslikeconvertiblebonds,andfinallyequityissues.Thishierarchy,broadlycharacterizedaspeckingordertheory,indicatesthatcompaniesdonotmakefinancingdecisionswiththeaimofachiev
6、ingoptimalleverage.Althoughtheytendtobetakenasthesamething,thepeckingordertheoryandtheMyersandMajluf(1984)modelarenotstrictlyspeakingthesame.Thepeckingordertheoryismerelyadescriptionofcompanies’financingpolicy,whiletheMyersandMajlufworkrepresentsthefirstmode
7、lthatattemptstodescribethisbehaviourfromatheoreticalpointofview,basedonthepresenceofinformationasymmetry.Moreover,theMyersandMajluf(1984)modelassumeslistedcompaniesandmarketswhereequityisissuedthroughfirmcommitments,suchastheAmericanmarket,notformarketswhere
8、thepredominantflotationmethodisrightsofferings,suchasSpainandmostothercountries.TheaimofthispaperistoprovideevidenceonthepeckingordertheoryintheSpanishmarket.Theanalysistakestwodirections.First,
