61中英文雙語外文文獻(xiàn)翻譯成品資本結(jié)構(gòu)和公司績效來自約旦的證據(jù)

1、<p>　　外文標(biāo)題：Capital structure and corporate performance: evidence from Jordan</p><p>　　外文作者：Rami Zeitun and Gary Gang Tian </p><p>　　文獻(xiàn)出處: Australasian Accounting Business &

2、 Finance Journal, 2007 </p><p>　　英文1689單詞， 8276字符，中文2309漢字。</p><p>　　此文檔是外文翻譯成品，無需調(diào)整復(fù)雜的格式哦！下載之后直接可用，方便快捷！只需二十多元。</p><p>　　Capital structure and corporate performance: e

3、vidence from Jordan</p><p>　　Rami Zeitun and Gary Gang Tian</p><p>　　The objective of the current paper is to examine the effect which capital structure has on corporate performance in Jordan. T

4、here is a lack of empirical evidence about the effect of capital structure on the performance of firms in both developed and developing countries. Most of the previous evidence on capital structure comes from the determi

5、nants of corporate debt ratio. To the best of the authors’ knowledge, this research provides the first attempt to investigate the effect of capital structu</p><p>　　First, the Jordanian economy has been subj

6、ect to a large number of external shocks in the Middle East region during the period of our study. Secondly, the banking system in Jordan also makes this study unique.Thirdly, it is worth noting that both Islamic and non

7、-Islamic banks have a credit policy.The concept of performance is a controversial issue in finance largely due to its multi- dimensional meanings. Research on firm performance emanates from organization theory and strate

8、gic management (Mu</p><p>　　The average return to assets for the sample as a whole is 1.2%, while the average return to equity is about - 14.2%. The two accounting measures of performance show that Jordanian

9、 companies have a very low accounting performance. The four measures of market performance show a high percentage of performance compared with the accounting measures. For example, the average values of Tobin’s Q and MBV

10、R are 170% and 195%, respectively. The high ratios for the market performance measures could be as a </p><p>　　The results of the estimation of the panel data models with each of the performance measures and

11、 for the full sample of observations for the period 1989-2003 are displayed in Tables 3 to 6. The regression model using price per share to earnings per share (P/E)10 is not significant using any measure of capital struc

12、ture and, hence, is not reported. The regression model using return on equity (ROE) is excluded from the analysis because the ROE measure does not have any significant variable in the </p><p>　　The significa

13、nce of the variable TAX suggests that the better performance of Jordanian companies is related to the higher corporate income tax payment, and also to other factors such as the firm’s risk, size, and debt ratio (see Tabl

14、es 3 to 6). This result indicates that firms with high tax payments have a higher performance rate. The composition of the asset structure (TANGB) has a negative and significant impact on the accounting measure of perfor

15、mance (ROA) and the market measure of performan</p><p>　　The economic environment and policy and regional risk affect firms’ performance. Hypothesis 7 states that Political Instability around Jordan (regiona

16、l crises) affects corporate performance. Table 8 presents the results of the estimation including Year (time) dummy variables to control for the macroeconomic variables and economic environment and policy impact on firms

17、' performance. The estimated coefficients on time dummies suggest a significant effect of macroeconomic variables on firms’ perfor</p><p>　　There is no single study formulated in the Middle East that inv

18、estigates the impact of capital structure on a firm’s performance. This study tried to fill the gap in this field by investigating the effect of capital structure on corporate performance by taking Jordan as a case study

19、. Furthermore, this paper employed different measures of capital structure such as short- term debt, long-term debt, and total debt to total assets in order to investigate the effect of the debt structure on corporate<

20、;/p><p>　　An unbalanced panel of 167 companies are studied in this paper, of which 47 firms defaulted due to severe financial distress problems resulting in insolvency. A firm’s capital structure was found to h

21、ave a significant and negative impact on the firm’s performance measures in both the accounting and market measures. An interesting finding is that the STDTA has a positive and significant effect on the market performanc

22、e measure (Tobin’s Q), which could to some extent support Myers's (1977) argumen</p><p>　　REFERENCES</p><p>　　Abdel Shahid, S. (2003), “Does Ownership Structure Affect Firm Value? Evidence f

23、rom The Egyptian Stock</p><p>　　Market”, Working Paper, [online], (www.ssrn.com).</p><p>　　ASE (2002), Amman Stock Exchange, 2002, Fourth Annual Report, (Amman, Jordan).</p><p>　　An

24、g, J. S., R. A. Cole, and Lin, J. W. (2000), “Agency Costs and Ownership Structure”, Journal of Finance 55, 81-</p><p><b>　　106.</b></p><p>　　Barclay, M. J., and Smith, C. W. (1995),

25、 “The Maturity Structure of Corporate Debt”, Journal of Finance 50, 609-32. Bradley, M., G. A. Jarrell, and Kim, E. H. (1984), “On the Existence of an Optimal Capital Structure: Theory and</p><p>　　Evidence”

26、, Journal of Finance 39, 857-878.</p><p>　　Breusch, T., and Pagan, A. (1980), “The Lagrange-Multiplier Test and its Applications to Model Specification in</p><p>　　Econometrics”, Review of Econo

27、mic Studies 47, 239–253.</p><p>　　Brick, I. E., and Ravid, S. A. (1985), “On the Relevance of Debt Maturity Structure”, Journal of Finance 40, 1423–</p><p><b>　　37.</b></p>&l

28、t;p>　　Chakravarthy, B. S., (1986), “Measuring Strategic Performance”, Strategic Management Journal 7, 437-58.</p><p>　　Demsetz, H., and K. Lehn, (1985), “The Structure of Corporate Ownership: Causes and C

29、onsequences”, Journal of</p><p>　　Political Economy 93, 1155-1177.</p><p>　　Durand, R., and R. Coeurderoy, (2001), “Age, Order of Entry, Strategic Orientation, and Organizational</p><

30、p>　　Performance”, Journal of Business Venturing 16, 471-94.</p><p>　　Fisher, F. M., and J. McGowan, (1983), “On the Misuse of Accounting Rates of Return to Infer Monopoly Profits”,</p><p>　　A

31、merican Economic Review 73, 82-97.</p><p>　　Gleason, K. C., L. K Mathur, and I. Mathur, (2000), “The Interrelationship between Culture, Capital Structure, and</p><p>　　Performance: Evidence from

32、 European Retailers”, Journal of Business Research, 50, 185-191.</p><p>　　Gorton, G., and R. Rosen, (1995), “Corporate Control, Portfolio Choice, and the Decline of Banking”, Journal of</p><p>　

33、　Finance 50, 1377-420.</p><p>　　Greene, W. H., (2003). Econometrics Analysis (Prentice Hall, New York).</p><p>　　Harris, M., A. Raviv, (1991), “The Theory of Capital Structure”, Journal of Finan

34、ce 46, 297–355.</p><p>　　Hoffer, C. W., and W. R. Sandberg, (1987), “Improving new venture performance: some guidelines for success”,</p><p>　　American Journal of Small Business 12, 11-25.</p

35、><p>　　Judge, George, W. E., R. Griffiths, Carter Hill, Helmut Liitkepohl, and Tsoung-Chao Lee, (1985). The Theory and</p><p>　　Practice of Econometrics (John Wiley and Sons, New York).</p>

36、<p>　　Kraus, A., and R. Litzenberger, (1973), “A State-Preference Model of Optimal Financial Leverage”, Journal of</p><p>　　Finance 28, 923-931.</p><p>　　Krishnan, V. S., and R. C. Moyer, (

37、1997), “Performance, Capital Structure and Home Country: An Analysis of Asian</p><p>　　Corporations”. Global Finance Journal 8, 129-143.</p><p>　　Lauterbach, B., and A. Vaninsky, (1999), “Owners

38、hip Structure and Firm Performance: Evidence from Israel”,</p><p>　　Journal of Management and Governance 3, 189-201.</p><p>　　Long, W. F., D. J. Ravenscraft, (1984), “The Misuse of Accounting Ra

39、tes of Return: Comment”, American Economic</p><p>　　Review 74, 494-500.</p><p>　　Mehran, H., (1995), “Executive Compensation Structure, Ownership, and Firm Performance”, Journal of Financial<

40、/p><p>　　Economics 38, 163-184</p><p>　　資本結(jié)構(gòu)和公司績效：來自約旦的證據(jù)</p><p>　　Rami Zeitun and Gary Gang Tian</p><p>　　本文研究的主要目的是考察資本結(jié)構(gòu)對約旦公司績效的影響。 在包含發(fā)達(dá)國家和發(fā)展中國家關(guān)于資本結(jié)構(gòu)對公司業(yè)績的影響仍然缺乏實(shí)證證據(jù)。

41、 以前的有關(guān)資本結(jié)構(gòu)的證據(jù)大多來自公司債務(wù)比率等決定性因素。 依作者所知，這項(xiàng)研究首次嘗試考察資本結(jié)構(gòu)對約旦企業(yè)績效的影響。 我們選擇約旦作為研究案例的理由是由于它的獨(dú)特性，我們將在下面的章節(jié)中討論它。</p><p>　　首先，在我們的研究期間，約旦的經(jīng)濟(jì)受到了來自中東地區(qū)的大量外部沖擊。其次，約旦銀行體系也使得這項(xiàng)研究具有獨(dú)特性。第三，值得注意的是伊斯蘭教與非伊斯蘭銀行都有信貸政策?？冃У母拍钤诮鹑陬I(lǐng)域是一直

42、是一個(gè)具有爭議的話題，很大程度上是由于其多層面的含義。 企業(yè)績效研究源于組織理論和戰(zhàn)略管理（墨菲等人，1996）。 對績效的衡量標(biāo)準(zhǔn)既有財(cái)務(wù)層面也有組織層面的。 諸如利潤最大化、資產(chǎn)利潤最大化和股東利益最大化等財(cái)務(wù)績效是公司效率的核心（Chakravarthy，1986）。 運(yùn)營績效的衡量主要是諸如銷售額的增長和市場份額的增長。表1報(bào)告了研究中使用的變量的匯總統(tǒng)計(jì)。</p><p>　　在整個(gè)研究的樣本中，其平均

43、資產(chǎn)回報(bào)率為1.2％，股權(quán)平均回報(bào)率約為 - 14.2％。 對這兩種會計(jì)績效的衡量表明約旦公司的會計(jì)績效很低。與會計(jì)衡量指標(biāo)相比，對市場績效的四個(gè)衡量指標(biāo)表現(xiàn)出很高的比例。 例如，托賓Q和MBVR的平均值分別為170％和195％。 市場績效指標(biāo)的高比率可能是公司股票價(jià)格和股票價(jià)格上漲的結(jié)果，而不會增加公司的實(shí)際活動表現(xiàn)。</p><p>　　表3至表6顯示的是1989-2003年期間每一個(gè)業(yè)績指標(biāo)和全部觀察樣本的

44、面板數(shù)據(jù)模型的估值結(jié)果。使用每股價(jià)格與每股收益（P / E）10建立的回歸模型并不重要，對資本結(jié)構(gòu)的衡量因此也未被報(bào)告出來。使用股本回報(bào)率（ROE）建立起來的回歸模型被排除在此次分析之外，因?yàn)閷OE的測量在估值中沒有任何的顯著變量，并且在大多數(shù)情況下使用此測量方法的R平方值小于0.1％11。 由于R平方非常小，結(jié)果與托賓Q12的值非常相似，因此在此次的分析中將股權(quán)的市場價(jià)值與股權(quán)的賬面價(jià)值（MBVE）排除在外。 這些結(jié)果使得ROA值和

45、托賓Q的值成為約旦公司案例中最有力的績效指標(biāo)。 因此，我們的討論將集中在除MBVR和PROF之外的這兩種績效的衡量。</p><p>　　稅收這一變量的存在表明約旦公司的更好績效表現(xiàn)與較高的企業(yè)所得稅納稅額以及公司的風(fēng)險(xiǎn)、規(guī)模和債務(wù)比率等其他因素息息相關(guān)（見表3至表6）。 這一結(jié)果表明，高稅率的公司具有更高的績效率。 資產(chǎn)結(jié)構(gòu)的組成（TANGB）對會計(jì)績效衡量指標(biāo)（ROA）和市場績效衡量指標(biāo)（MBVR）具有負(fù)面以

46、及顯著的影響。 這一結(jié)果表明TANGB比例高的公司績效率較低。</p><p>　　企業(yè)所處的經(jīng)濟(jì)環(huán)境、政策以及區(qū)域風(fēng)險(xiǎn)會影響企業(yè)的績效。假設(shè)7指出表明約旦周邊的政治動蕩（地區(qū)危機(jī)）影響著公司績效。表8列出了估算結(jié)果，包括控制宏觀經(jīng)濟(jì)變量和經(jīng)濟(jì)環(huán)境的年度（時(shí)間）虛擬變量以及政策對企業(yè)績效的影響。估算的時(shí)間虛擬系數(shù)表明宏觀經(jīng)濟(jì)變量對企業(yè)績效有顯著的影響，這意味著整體經(jīng)濟(jì)環(huán)境的重大變化可能會顯著影響企業(yè)績效。從199

47、1年到1994年，時(shí)間虛擬變量對企業(yè)績效的ROA值的（使用TDTA）衡量具有積極的顯著影響。本文考察了資本結(jié)構(gòu)對約旦企業(yè)績效的影響，我們控制了工業(yè)部門的影響以及區(qū)域性風(fēng)險(xiǎn)，如1990年至1991年的海灣危機(jī)和2000年9月西岸爆發(fā)的起義。本研究填補(bǔ)了相關(guān)文獻(xiàn)中的空白，因?yàn)楦鱾€(gè)國家和地區(qū)的發(fā)展情況各不相同，這種發(fā)展可能會隨著環(huán)境的變化影響到理論的有效性。1357</p><p>　　在中東，沒有進(jìn)行單一的研究來調(diào)查

48、資本結(jié)構(gòu)對公司績效的影響。 本研究試圖通過以約旦為個(gè)案研究調(diào)查資本結(jié)構(gòu)對企業(yè)績效的影響以填補(bǔ)這一領(lǐng)域的空白。 此外，為了調(diào)查債務(wù)結(jié)構(gòu)對企業(yè)績效的影響，本文采用了短期債務(wù)、長期債務(wù)和總債務(wù)等資本結(jié)構(gòu)的不同指標(biāo)。 利用市場和會計(jì)措施研究資本結(jié)構(gòu)對企業(yè)績效的影響這可能是有價(jià)值的，因?yàn)樗峁┝俗C券市場是否有效的證據(jù)。</p><p>　　本文研究了一個(gè)由167家公司組成的非均衡面板數(shù)據(jù)，其中47家公司因嚴(yán)重的財(cái)務(wù)困境問題

49、導(dǎo)致破產(chǎn)。 研究發(fā)現(xiàn)公司的資本結(jié)構(gòu)對公司在會計(jì)和市場衡量方面的績效指標(biāo)有顯著的負(fù)面影響。 一個(gè)有趣的發(fā)現(xiàn)是，STDTA對市場績效指標(biāo)（Tobin's Q）具有積極和顯著的影響，這在一定程度上支持了Myers（1977）的觀點(diǎn)，即短期債務(wù)高的企業(yè)會帶來總資產(chǎn)的稿增長率以及高績效。 結(jié)果還顯示高績效與高稅率相關(guān)。 這表明有高利潤的公司會支付高稅率。 由于大型企業(yè)的破產(chǎn)成本很低，因此企業(yè)規(guī)模對企業(yè)績效也有積極的影響。 換句話說就是破產(chǎn)

50、成本隨著企業(yè)規(guī)模的減小而增加，因此破產(chǎn)成本對企業(yè)績效產(chǎn)生會負(fù)面的影響。</p><p>　　REFERENCES</p><p>　　Abdel Shahid, S. (2003), “Does Ownership Structure Affect Firm Value? Evidence from The Egyptian Stock</p><p>　　Mark

51、et”, Working Paper, [online], (www.ssrn.com).</p><p>　　ASE (2002), Amman Stock Exchange, 2002, Fourth Annual Report, (Amman, Jordan).</p><p>　　Ang, J. S., R. A. Cole, and Lin, J. W. (2000), “Age

52、ncy Costs and Ownership Structure”, Journal of Finance 55, 81-</p><p><b>　　106.</b></p><p>　　Barclay, M. J., and Smith, C. W. (1995), “The Maturity Structure of Corporate Debt”, Jour

53、nal of Finance 50, 609-32. Bradley, M., G. A. Jarrell, and Kim, E. H. (1984), “On the Existence of an Optimal Capital Structure: Theory and</p><p>　　Evidence”, Journal of Finance 39, 857-878.</p><

54、p>　　Breusch, T., and Pagan, A. (1980), “The Lagrange-Multiplier Test and its Applications to Model Specification in</p><p>　　Econometrics”, Review of Economic Studies 47, 239–253.</p><p>　　Br

55、ick, I. E., and Ravid, S. A. (1985), “On the Relevance of Debt Maturity Structure”, Journal of Finance 40, 1423–</p><p><b>　　37.</b></p><p>　　Chakravarthy, B. S., (1986), “Measuring

56、Strategic Performance”, Strategic Management Journal 7, 437-58.</p><p>　　Demsetz, H., and K. Lehn, (1985), “The Structure of Corporate Ownership: Causes and Consequences”, Journal of</p><p>　　Po

57、litical Economy 93, 1155-1177.</p><p>　　Durand, R., and R. Coeurderoy, (2001), “Age, Order of Entry, Strategic Orientation, and Organizational</p><p>　　Performance”, Journal of Business Venturin

58、g 16, 471-94.</p><p>　　Fisher, F. M., and J. McGowan, (1983), “On the Misuse of Accounting Rates of Return to Infer Monopoly Profits”,</p><p>　　American Economic Review 73, 82-97.</p><

59、;p>　　Gleason, K. C., L. K Mathur, and I. Mathur, (2000), “The Interrelationship between Culture, Capital Structure, and</p><p>　　Performance: Evidence from European Retailers”, Journal of Business Researc

60、h, 50, 185-191.</p><p>　　Gorton, G., and R. Rosen, (1995), “Corporate Control, Portfolio Choice, and the Decline of Banking”, Journal of</p><p>　　Finance 50, 1377-420.</p><p>　　Gree

61、ne, W. H., (2003). Econometrics Analysis (Prentice Hall, New York).</p><p>　　Harris, M., A. Raviv, (1991), “The Theory of Capital Structure”, Journal of Finance 46, 297–355.</p><p>　　Hoffer, C.

62、W., and W. R. Sandberg, (1987), “Improving new venture performance: some guidelines for success”,</p><p>　　American Journal of Small Business 12, 11-25.</p><p>　　Judge, George, W. E., R. Griffit

63、hs, Carter Hill, Helmut Liitkepohl, and Tsoung-Chao Lee, (1985). The Theory and</p><p>　　Practice of Econometrics (John Wiley and Sons, New York).</p><p>　　Kraus, A., and R. Litzenberger, (1973)

64、, “A State-Preference Model of Optimal Financial Leverage”, Journal of</p><p>　　Finance 28, 923-931.</p><p>　　Krishnan, V. S., and R. C. Moyer, (1997), “Performance, Capital Structure and Home C

65、ountry: An Analysis of Asian</p><p>　　Corporations”. Global Finance Journal 8, 129-143.</p><p>　　Lauterbach, B., and A. Vaninsky, (1999), “Ownership Structure and Firm Performance: Evidence from

66、 Israel”,</p><p>　　Journal of Management and Governance 3, 189-201.</p><p>　　Long, W. F., D. J. Ravenscraft, (1984), “The Misuse of Accounting Rates of Return: Comment”, American Economic</p&

67、gt;<p>　　Review 74, 494-500.</p><p>　　Mehran, H., (1995), “Executive Compensation Structure, Ownership, and Firm Performance”, Journal of Financial</p><p>　　Economics 38, 163-184.</p&g