企業(yè)負(fù)債外文文獻(xiàn)翻譯（節(jié)選）

1、<p>　　1200單詞，6500英文字符,中文2000字</p><p>　　文獻(xiàn)出處：Majumdar, Sumit K., and Kunal Sen. "Debt in the Indian Corporate Sector: Its effects on firm strategy and performance." Strategic Management Journal

2、 23.4 (2010): 345-358</p><p>　　http://www.wenku1.com/news/82B4C0E50DC877CC.html</p><p><b>　　原文</b></p><p>　　Debt in the Indian Corporate Sector:Its effects on firm strat

3、egy and performance</p><p>　　Majumdar； Kunal</p><p><b>　　Abstract</b></p><p>　　Indian firms are heavily leveraged. Unlike in the West, where debt ratios that are more th

4、an half of nominal equity capital values are considered to be high, in India high debt to equity ratios is the norm. In this paper, we study the consequences of the important role that debt plays in the capital structure

5、 of Indian corporate firms. We study the effects of debt structure on firm's strategic behaviour, such as diversification, advertising and out-sourcing. We find that firms which rely on arm'</p><p>　

6、　Keywords: Debt, diversification, advertising, profitability, India</p><p>　　Introduction</p><p>　　We study the effects of debt structure on two aspects of firm strategy: their diversification a

7、nd advertising behaviour. We also examine whether debt structure matters in explaining firm performance in India, as measured by firm profitability. We find arm's-length debt such as debentures and fixed deposits are

8、 most likely to have a positive impact on firm diversification and advertising expenditures. Borrowing from term-lending institutions is most likely to have a dampening effect of diversific</p><p>　　The rest

9、 of the paper is in four sections. In Section 2, we describe the debt markets in India. In Section 3, we sketch out an analytical framework which we can use to understand the effects of debt structure in an economy such

10、as India. Section 4 discusses the effects of debt structure on firm diversification, advertising and profitability. Section 5 gives the conclusion.</p><p>　　The Debt Market in India</p><p>　　In

11、this section, we describe the nature of debt markets in India. We also provide a snapshot of debt structure of Indian firms, using the data-set that we have specially compiled to analyse the determinants and effects of d

12、ebt structure.</p><p>　　The Indian Debt Providers</p><p>　　Because of under-developed equity markets, the corporate debt market in India has been important. In India, firms borrow using five typ

13、es of debt instruments. These are: (1) short-term borrowings from commercial banks; (2) long-term borrowings from term-lending institutions, which we will call institutional borrowings; (3) borrowings in the form of debe

14、ntures which are corporate bonds that in some (not in all) cases are converted to shares after a specific lock-in period; (4) fixed deposits, whi</p><p>　　Debt Structure in India - Stylized Facts</p>

15、<p>　　We first begin with a description of our data-set. The findings that we have discussed in the paper have been obtained using regression analysis on a single data-set - a specially compiled firm-level data for

16、1,052 Indian firms listed on the Bombay Stock Exchange for the period 1988 to 1993 that we have collected from multiple sources. The Center for the Monitoring of the Indian Economy (CMIE) provided the initial data. The c

17、orporate borrowing data was taken from the balance sheets of individual</p><p>　　We present the stylised facts of debt structure in India. Bank borrowings are the most important source of borrowing for firms

18、 in Indian industry, at an average level of 39.7 per cent of total borrowing, followed by borrowings from other financial institutions at 29.7 per cent. Debentures and fixed deposits comprise 11.6 and 5.8 per cent of tot

19、al borrowing respectively, while other borrowing comprises 13.1 per cent of total borrowings. We also present the structure of equity ownership. The avera</p><p>　　The effects of debt structure on firm strat

20、egy and performance</p><p>　　There are many aspects of a firms' strategic behaviour. We examine two important dimensions: whether it chooses to diversify or not and how much it spends on advertising expe

21、nditures. Similarly, there are various ways that firm performance can be measured - in this paper, we look only at profitability. We begin by discussing our findings with respect to firm diversification strategies.</p

22、><p>　　Diversification</p><p>　　Several arguments exist on why managers derive private benefits from diversification. First, managers derive a certain degree of power and prestige in managing a lar

23、ger firm (Jensen, 1986; Stultz 1990). Second, managerial compensation increases with firm size. Third, diversification may reduce the risk of managers' undiversified personal portfolios (Amihud &Lev, 1981). Final

24、ly, diversification may make managers indispensable to the firm (Shleifer &Vishny, 1989).</p><p>　　Advertising</p><p>　　As is well known in the strategic management literature, advertising i

25、s a key component of inter-firm rivalry in product markets. The role of advertising as an important constituent of product market competition is well established, and advertising provides information to consumers, by bei

26、ng an input in consumers' utility functions, thus increasing inter-firm rivalry and making the market more competitive.Additionally, advertising conveys information about strategic intent, to gain market share </p

27、><p>　　Performance</p><p>　　Finally, we evaluated the effects of debt structure on firm performance, measured by using return on sales, as is standard in the literature (Boardman &Vining, 1989)

28、.Previous research (Kay &Mayer, 1986) has established that accounting ratios have significant correlation with economic rates of return.</p><p>　　Conclusion</p><p>　　In this paper, we examin

29、ed the effects of debt structure on firms' strategic behaviour and performance for the Indian economy, which is one of the largest and most important economies of the world today. India has a large number of firms in

30、 the industrial sector, with a variety of ownership structures, for example state versus private ownership, foreign versus domestic ownership and firms which are members of business groups and those which are independent

31、. Debt financing is particularly importa</p><p>　　We find arm's-length debt such as debentures and fixed deposits are most likely to have a positive impact on firm diversification and advertising expendi

32、tures. Borrowing from term lending institutions is most likely to have a dampening effect of diversification and spending on advertising. Finally, reliance on fixed deposits is most likely to have a positive impact on fi

33、rm profitability.</p><p><b>　　譯文</b></p><p>　　印度公司的企業(yè)負(fù)債：對(duì)其戰(zhàn)略和經(jīng)營業(yè)績的影響</p><p><b>　　馬姆達(dá)；科奈爾</b></p><p><b>　　摘要</b></p><p>

34、　　印度公司有著大量的負(fù)債。在西方國家，債務(wù)比率超過名義股本價(jià)值的一半就被認(rèn)為是高負(fù)債率的, 與西方不同的是，在印度，高負(fù)債率是常態(tài)。在本文中，我們研究印度公司的負(fù)債結(jié)構(gòu)對(duì)企業(yè)戰(zhàn)略的重要影響及后果。公司的戰(zhàn)略行為，主要為：多元化戰(zhàn)略、營銷戰(zhàn)略和外包戰(zhàn)略。我們發(fā)現(xiàn)，相比于那些依靠短期借貸機(jī)構(gòu)貸款的公司，維持一個(gè)正常的債務(wù)水平的公司，則會(huì)有更好的業(yè)績表現(xiàn)，以及更有可能實(shí)施營銷和多元化戰(zhàn)略。我們認(rèn)為，許多貸款機(jī)構(gòu)的公有制可以解釋為什么他們一直

35、無法有效地監(jiān)控公司，而私人貸款機(jī)構(gòu)在這方面的就做的很好。</p><p><b>　　引言</b></p><p>　　我們研究債務(wù)結(jié)構(gòu)對(duì)公司戰(zhàn)略的影響，主要是兩個(gè)方面:多元化戰(zhàn)略和營銷戰(zhàn)略。我們也會(huì)分析印度債務(wù)結(jié)構(gòu)是否會(huì)影響公司的盈利能力。我們發(fā)現(xiàn)，如果公司能夠維持一個(gè)正常的債務(wù)水平，那么這類公司就可能有更好的績效表現(xiàn)，也最有可能對(duì)公司多元化和營銷戰(zhàn)略產(chǎn)生積極的影響

36、。相反，則會(huì)對(duì)公司的多元化和營銷戰(zhàn)略產(chǎn)生抑制作用。我們還發(fā)現(xiàn)，如果公司有定期存款，那么最有可能對(duì)公司盈利能力產(chǎn)生積極的影響。</p><p>　　本文剩下的幾個(gè)部分。第二部分中，我們描述了印度的債務(wù)市場。在第三部分，我們勾勒出一個(gè)分析框架，我們可以用它來了解債務(wù)結(jié)構(gòu)的影響。第四部分則討論了債務(wù)結(jié)構(gòu)對(duì)公司多元化戰(zhàn)略、營銷戰(zhàn)略和盈利能力的影響。最后，給出了結(jié)論。</p><p><b&g

37、t;　　印度的債務(wù)市場</b></p><p>　　在本節(jié)中，我們描述了印度債務(wù)市場的性質(zhì)。我們還提供一個(gè)印度公司的債務(wù)結(jié)構(gòu)分析，并且使用數(shù)據(jù)分析方法，對(duì)我們先前手機(jī)的數(shù)據(jù)進(jìn)行詳細(xì)地分析，特別是分析債務(wù)結(jié)構(gòu)的決定因素和公司日常經(jīng)營的影響。 </p><p><b>　　印度的債務(wù)提供者 </b></p><p>　　由于股票市場不發(fā)

38、達(dá)，在印度，企業(yè)債券市場一直是很重要的。在印度，公司借款一般使用五種債務(wù)工具，它們是: (1)從商業(yè)銀行獲得的短期借款；(2) 從短期借貸機(jī)構(gòu)獲得的長期借款，我們稱之為公共借款機(jī)構(gòu); (3) 債券、公司債券形式的借款的，在某些(不是全部)的情況下，經(jīng)過特定的鎖定期后轉(zhuǎn)換為股票; (4)固定存款，在給定的時(shí)間內(nèi)獲得的存款收益率; (5) 剩余類別稱為“其他借貸”，包括貿(mào) 易信貸和國內(nèi)市場的其他基金。 </p><p&g

39、t;　　印度公司的債務(wù)結(jié)構(gòu) </p><p>　　我們首先開始描述我們的數(shù)據(jù)分析。本文的研究結(jié)果，我們已經(jīng)討論過，使用回歸分析法進(jìn)行分析，我們獲得一個(gè)在孟買證券交易所1988年到1993年上市期間，專門編制的1052家印度公司的數(shù)據(jù)，數(shù)據(jù)收集源于多個(gè)渠道。印度的經(jīng)濟(jì)監(jiān)測中心(CMIE)為我們提供了初始數(shù)據(jù)。企業(yè)借貸數(shù)據(jù)則來自于各個(gè)公司的資產(chǎn)負(fù)債表。公司的所有權(quán)和細(xì)節(jié)等方面的信息從孟買證券交易所，政府司法機(jī)構(gòu)等處收

40、集而來。 </p><p>　　印度目前的債務(wù)結(jié)構(gòu)中，銀行借款是最重要的來源，占到借款總額的39.7%；緊隨其后的是從其他金融機(jī)構(gòu)的借款，為29.7%。債券和固定存款分別占總借款的5.8%和11.6；而其他借款占借款總額的13.1%。我們還分析了股權(quán)結(jié)構(gòu)，私營企業(yè)的平均持有股份為26%，而政府和外國人持有的股份分別為17歲和11%。股票所有權(quán)的集中，在印度不是一個(gè)普遍的現(xiàn)象——董事平均9%，排名前50的股東平均6

41、%。 </p><p>　　債務(wù)結(jié)構(gòu)對(duì)公司戰(zhàn)略和績效的影響 </p><p>　　債務(wù)結(jié)構(gòu)對(duì)企業(yè)的戰(zhàn)略行為的影響有很多方面。我們主要重點(diǎn)研究了兩個(gè)方面: 公司是否實(shí)施多元化戰(zhàn)略，以及花多少錢在廣告營銷 支出上。同樣，有多種方法可以評(píng)估公司的業(yè)績，在本文中，我們只看盈利能力。我們首先討論對(duì)公司多元化戰(zhàn)略的影響。 </p><p><b>　　多元化戰(zhàn)略 &l

42、t;/b></p><p>　　關(guān)于為什么管理者的利益來自于多元化，存在幾個(gè)爭論。首先, 在管理一家大公司時(shí)，管理者得到一定程度的權(quán)力和威望 (詹森,1986;斯塔爾茨1986)。第二，管理薪酬隨公司規(guī)模不同而不同。第三，多元化戰(zhàn)略可能降低經(jīng)理人千篇一律的個(gè)人投資組合的風(fēng)險(xiǎn)(列弗,1981)。最后，多樣化戰(zhàn)略可能使管理者成為公司不可或缺的資源 (施萊費(fèi)爾,1989)。 </p><p&g

43、t;<b>　　廣告營銷戰(zhàn)略 </b></p><p>　　眾所周知，戰(zhàn)略管理理論認(rèn)為，廣告是企業(yè)在產(chǎn)品市場競爭的一個(gè)關(guān)鍵組成部分。廣告營銷是一個(gè)重要的組成部分，以贏得產(chǎn)品的市場競爭優(yōu)勢，為消費(fèi)者提供信息，從而增加公司間的競爭，使市場更具競爭力。此外，廣告?zhèn)鬟_(dá)的戰(zhàn)略意圖信息，可以為企業(yè)帶來更多的市場份額和更大的客戶群。 </p><p><b>　　經(jīng)營業(yè)績

44、 </b></p><p>　　最后，我們評(píng)估債務(wù)結(jié)構(gòu)對(duì)公司經(jīng)營業(yè)績的影響，主要是通過銷售利潤率來衡量 (博德曼和瓦伊寧，1989)。先前的研究(凱梅爾,1986)，建立了會(huì)計(jì)比率與經(jīng)濟(jì)回報(bào)率的顯著相關(guān)關(guān)系。 </p><p><b>　　結(jié)論 </b></p><p>　　在本文中,我們研究了債務(wù)結(jié)構(gòu)對(duì)企業(yè)戰(zhàn)略行為和經(jīng)營績效的影響

45、，印度目前是當(dāng)今世界最大的和最重要的經(jīng)濟(jì)體之一。印度有大量的工業(yè)部門企業(yè)，以及各種各樣的所有權(quán)結(jié)構(gòu)，例如：國家和私人所有權(quán)、國外與國內(nèi)的所有權(quán)以及商業(yè)團(tuán)體成員公司和獨(dú)立所有權(quán)公司。債務(wù)融資在印度尤其重要，在西方國家，債務(wù)比率超過名義股本價(jià)值的一半就被認(rèn)為是高負(fù)債率的, 與西方不同的是，在印度，高負(fù)債率是常態(tài)。 </p><p>　　我們發(fā)現(xiàn)公司如果能維持一個(gè)正常的債務(wù)水平，并且如果持有債券和固定存款，那么這樣的債