關于公司特征如何影響資產(chǎn)結(jié)構(gòu)的實證研究【外文翻譯】

1、1外文題目：Howfirmacteristicsaffectcapitalstructure:anempiricalstudy出處：ManagerialFinance作者：NikolaosEriotis原文：原文：Howfirmacteristicsaffectcapitalstructure:anempiricalstudyByNikolaosEriotisIntroductionThevariousfinancingdecision

2、sarevitalfthefinancialwelfareofthefirm.Afalsedecisionaboutthecapitalstructuremayleadtofinancialdistresseventuallytobankruptcy.Themanagementofafirmsetsitscapitalstructureinawaythatfirm’svalueismaximized.Howeverfirmsdochoo

3、sedifferentfinancialleveragelevelsintheireffttoattainanoptimalcapitalstructure.Althoughtheeticalempiricalresearchsuggeststhatthereisanoptimalcapitalstructurethereisnospecifiedmethodologyyetthatfinancialmanagerscanuseinde

4、rtoachieveanoptimaldebtlevel.Howeverfinancialtheydoesprovidesomehelpinunderstinghowthechosenfinancingmixaffectsthefirm’svalue.ThispapershedsomelightonthedeterminantsofthecapitalstructureofthemajGreekfirmslistedontheAthen

5、sStockExchange(ASE).WeexaminethecrosssectionalvariationinleverageamongtheGreekfirmsfthetimeperiod19972001.WeincludevariablesthatarebasedondifferentcapitalstructuretheieshaveneverbeeninvestigatedftheGreekmarketbefesuchast

6、heinterestcoverageratiothequickratio.Wealsodifferentiatethefirmsthatheavilyusedebtcapital(i.e.adebtratiomethan50percent)usingadummyvariable.Thustheconclusionsofthispaperareexpectedtoenlightenthedarksomescientificareaofth

7、ecapitalstructuredeterminationftheGreekfirms.Thepaperisganizedasfollows.Inthenextsessionwereviewsomeofthetheeticalempiricalliteratureconcerningthedeterminantseffectsof3firmsintheASEduringthefiveyearperiod19972001.Ourdepe

8、ndentvariableisthedebtratio(variable:DRit)whichisdefinedastheratiooftotaldebtdividedbythetotalassetsofthefirm.Totaldebtcontainsbothlongtermshttermliabilities.Althoughthestrictnotionofcapitalstructurerefersexclusivelytolo

9、ngtermleveragewehavedecidedtoincludeshttermdebtaswellmainlybecauseGreekfirmsuseeitherverylittle–lessthan10percent–nolongtermcapital.BanksinGreecearehesitantinprovidinglongtermfinancingwithattractiveterms.TherefeGreekfirm

10、sturntoshttermbrowingevenwhenfinancingtheirlongterminvestments.ThatiswhywealsoconsidershttermfinancingasameasureofgearingThemodelIndertocombinecrosssectionalwithtimeseriesdatafmulatetheacteristicsofthemarketweusepoolingm

11、ethodsfourpaneldata.Themodelsfpaneldataarepowerfulresearchinstrumentswhichgivetheresearchertheabilitytotakeintoaccountanykindofeffectthatthecrosssectionaldatamayhavefinallytoestimatetheappropriateempiricalmodel.Ageneralm

12、odelfpaneldatathatallowstheresearchertoempiricallyestimatetherelationbetweendependentindependentvariableswithgreatflexibilityfmulatethedifferencesinthebehaviofthecrosssectionelementsistheeticallyasfollows[5]:whereyitisth

13、edependentvariablexithematrixwiththeindependentvariablesziamatrixwhichcontainsaconstanttermasetofindividualgroupspecificvariables(dependingonthesample)whichmaybeobservedunobserved.EmpiricalresultsIndertoestimatetheeffect

14、oftheindependentvariablesonthedependenttoimproveourresultsweconsiderthethreedifferenteconometricapproachespresentedintheprevioussection.Underthehypothesisthattherearenogroupindividualeffectsamongthefirmsincludedinoursamp