利潤率和資本結構實證關系【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：ProfitMarginCapitalStructure:AnEmpiricalRelationshipThisstudyconstitutesanattempttoinvestigatetherelationshipbetweendebttoequityratiofirm’sprofitabilitytakingintoconsiderationtheleveloffirms’investmen

2、tthedegreeofmarketpower.Thestudyusespaneldatafvariousindustriescoveringtheperiod199596.Themainconclusionsofourstudyare:a)firmswhichprefertofinancetheirinvestmentactivitiesthroughselffinancearemeprofitablethanfirmswhichfi

3、nanceinvestmentthroughbrowedcapitalb)firmsprefercompetingwitheachotherthancooperatingc)firmsusetheirinvestmentinfixedassetsasastrategicvariabletoaffectprofitability.1.IntroductionThestructureconductperfmanceparadigmhaspl

4、ayedaveryimptantroleinstudyingthedeterminantsoffirmsperfmance(Bain1956).Mostempiricalstudiesonthatareaconcentratedontheexplanationofperfmanceacrossindustriesbyregressingprofitabilityonstructuralconductvariablesattheindus

5、trylevel(CollinsPreston1969).Industryleveldatawereusedmainlybecausetheyareeasilyavailable.Asthedefinitionofindustryisnotsatisfactytherehasbeenashiftofemphasisfromindustrytofirmftheanalysisofthestructureperfmancerelations

6、hip(Shepherd1972).Nowadaysthestructureconductperfmancerelationshipistestedbythepaneldatamethodbecauseitsresultstakeintoconsiderationstructuralchangeaswellascyclicalfluctuations(Domowitzet.al.1986).Fewstudieshaveusedfinan

7、cialindicesasindependentvariables(HallWeiss1967Gale1972Hurdle1974Oustapassidis1998)indertoexplaindifferencesinfirmsprofitmargins.MostofthestudieshaveconcentratedonissuessuchasR&DEquation3(pq–wL)pq=1eλpkKpqByassumingaline

8、arrelationshipbetweenmarketconcentrationmarketpowerthenwehaveaversionofequation(3)(HayMris1991Martin1994)whichcanbeestimatedwithfirmleveldata.Thelinearversionhasthefollowingfm:Equation4PMit=a0a1CRta2Fita3IitutThetermPMre

9、ferstofirmsprofitmarginthetermCRisthefourfirmconcentrationratioisanindexofthemarketpower.ThetermFreferstothedebttoequityratioisameasureofthefinancialstructureofthefirm.ThetermIstsfthefirmsinvestmentlevelcontrolsftheeffec

10、tivenessofcapital.InthiswaythetermsFIareproxiesfthetermλpkKThedatacoverfirmsfromvariousindustries(i.e.capitalgoodsindustriesconsumergoodsindustries).ThetermPMhasbeencalculatedastheprofitstosalesratioisaproxyffirmsprofita

11、bility.Therelevantdatawereobtainedfrombalancesheets(publishedinfmation).Thefourfirmconcentrationratiohasbeencalculatedastheratiooffourfirmsalestototalindustrysales.Therelevantconcentrationratioreferstotheindustrythateach

12、particularfirmisoperating.ThetermFreferstodebttoequityratio.Therelevantdatawereobtainedfrombalancesheets(publisheddata).Thefirmsincludedinoursamplehavedebttoequityratiosthatrangefromlowlevelstoveryhighlevelsthatisthesamp

13、leisnotbiasedasfarasdebttoequityratioisconcerned.ThetermIreferstoinvestmentlevelundertakenbyeachparticularfirmintheperiodcoveredbythestudy.Therelevantdatawereobtainedfromthefirmsincludedinthesample.Thelevelofinvestmentun

14、dertakenreferstofixedassets.Theintertempalvariationofprofitsmeasuresuncertaintyasownersshareholdersarenotabletofecastprofitrates.Therefeifahigherdebttoequityratioshowsgreateruncertaintythenhigherriskmayleadtohighprofitma

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