加納上市公司資本結(jié)構(gòu)對盈利能力的實證研究[外文翻譯]

1、外文翻譯Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhanaMaterialSource:TheJournalofRiskFinanceVol.6No.52005Auth:JoshuaAbIntroductionThecapitalstructuredecisioniscrucialfanybusinessganization

2、.Thedecisionisimptantbecauseoftheneedtomaximizereturnstovariousganizationalconstituenciesalsobecauseoftheimpactsuchadecisionhasonafirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureofafirmisactuallyamixo

3、fdifferentsecurities.Ingeneralafirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamountofdebtverylittledebt.Itcanarrangeleasefinancingusewarrantsissueconvertiblebondssignfwardcontractstradebondswaps.Itca

4、nissuedozensofdistinctsecuritiesincountlesscombinationshoweveritattemptstofindtheparticularcombinationthatmaximizesitsoverallmarketvalue.Anumberoftheieshavebeenadvancedinexplainingthecapitalstructureoffirms.Despitethethe

5、eticalappealofcapitalstructureresearchersinfinancialmanagementhavenotfoundtheoptimalcapitalstructure.Thebestthatacademicspractitionershavebeenabletoachievearepreionsthatsatisfyshttermgoals.Fexamplethelackofaconsensusabou

6、twhatwouldqualifyasoptimalcapitalstructurehasnecessitatedtheneedfthisresearch.Abetterunderstingoftheissuesathrequiresalookattheconceptofcapitalstructureitseffectonfirmprofitability.Thispaperexaminestherelationshipbetween

7、capitalstructureprofitabilityofcompanieslistedontheGhanaStockExchangeduringtheperiod19982002.TheeffectofcapitalstructureontheprofitabilityoflistedfirmsinGhanaisascientificareathathasnotyetbeenexpledinGhanaianfinanceliter

8、ature.Thepaperisganizedasfollows.Thefollowingsectiongivesareviewoftheextantliteratureonthesubject.Thenextsectiondescribesthedatajustifiesthechoiceofthevariablesusedintheanalysis.Themodelusedintheanalysisisthenestimated.T

9、hesubsequentsectionpresentsdiscussestheresultsoftheempiricalindustries.RodenLewellen(1995)foundasignificantpositiveassociationbetweenprofitabilitytotaldebtasapercentageofthetotalbuyoutfinancingpackageintheirstudyonlevera

10、gedbuyouts.Champion(1999)suggestedthattheuseofleveragewasonewaytoimprovetheperfmanceofanganization.Insummarythereisnouniversaltheyofthedebtequitychoice.Differentviewshavebeenputfwardregardingthefinancingchoice.Thepresent

11、studyinvestigatestheeffectofcapitalstructureonprofitabilityoflistedfirmsontheGSE.MethodologyThisstudysampledallfirmsthathavebeenlistedontheGSEoverafiveyearperiod(19982002).Twentytwofirmsqualifiedtobeincludedinthestudysam

12、ple.Variablesusedftheanalysisincludeprofitabilityleverageratios.Profitabilityisoperationalizedusingacommonlyusedaccountingbasedmeasure:theratioofearningsbefeinteresttaxes(EBIT)toequity.Theleverageratiosusedinclude:.shtte

13、rmdebttothetotalcapital.longtermdebttototalcapital.totaldebttototalcapital.Firmsizesalesgrowtharealsoincludedascontrolvariables.Thepanelacterofthedataallowsftheuseofpaneldatamethodology.Paneldatainvolvesthepoolingofobser

14、vationsonacrosssectionofunitsoverseveraltimeperiodsprovidesresultsthataresimplynotdetectableinpurecrosssectionspuretimeseriesstudies.Ageneralmodelfpaneldatathatallowstheresearchertoestimatepaneldatawithgreatflexibilityfm

15、ulatethedifferencesinthebehaviofthecrosssectionelementsisadopted.Therelationshipbetweendebtprofitabilityisthusestimatedinthefollowingregressionmodels:ROEit=β0β1SDAitβ2SIZEitβ3SGitit(1)ROEit=β0β1LDAitβ2SIZEitβ3SGitit(2)RO

16、Eit=β0β1DAitβ2SIZEitβ3SGitit(3)where:.ROEitisEBITdividedbyequityffirmiintimet.SDAitisshttermdebtdividedbythetotalcapitalffirmiintimet.LDAitislongtermdebtdividedbythetotalcapitalffirmiintimet.DAitistotaldebtdividedbytheto