來自利比亞的資本結(jié)構(gòu)決定性因素證據(jù)[外文翻譯]

1、外文翻譯DeterminantsofCapitalStructureEvidencefromLibyaMaterialSource:ResearchPaperSeriesAuth:FakherBufernaKenbataBangassaLynnHodgkinsonThispaperprovidesfurtherevidenceofthecapitalstructuretheiespertainingtoadevelopingcountr

2、yexaminestheimpactofthelackofasecondarycapitalmarketbyanalysingacapitalstructurequestionwithreferencetotheLibyanbusinessenvironment.TheresultsofcrosssectionalOLSregressionshowthatboththestatictradeofftheytheagencycostthe

3、yarepertinenttheiestotheLibyancompanies’capitalstructurewhereastherewaslittleevidencetosuppttheasymmetricinfmationthey.Thelackofasecondarymarketmayhaveanimpactonagencycostsasshareholderswhoareunabletooffloadtheirsharesmi

4、ghtexertpressureonmanagementtoactintheirbestinterests.IntroductionFollowingonfromthepioneeringwkofModiglianiMiller(1958)oncapitalstructurethreeconflictingtheiesofcapitalstructurehavebeendeveloped.Theyarenamely:statictrad

5、eoffpeckingderagencycosttheies.Thestatictradeofftheyofcapitalstructure(alsoreferredtoasthetaxbasedthey)statesthatoptimalcapitalstructureisobtainedwherethetaxadvantageofdebtfinancingbalancesleveragerelatedcostssuchasfinan

6、cialdistressbankruptcyholdingfirm’sassetsinvestmentdecisionsconstant(e.g.Baxter1967Altman19842002).Inviewofthistheyissuingequitymeansmovingawayfromtheoptimumshouldtherefebeconsideredbadnews.AccdingtoMyers(1984)firmsadopt

7、ingthistheycouldberegardedassettingatargetdebttovalueratiowithagradualattempttoachieveit.Myers(1984)howeversuggeststhatmanagerswillbereluctanttoissueequityiftheyfeelitisundervaluedinthemarket.Theconsequenceisthatinvestsp

8、erceiveequityissuestoonlyoccurifequityiseitherfairlypricedoverpriced.Asaresultinveststendtoreactnegativelytoanequityissuemanagementarereluctanttoissueequity.Peckingderthey(alsoreferredtoastheinfmationasymmetrythey)previo

9、uslystudiedasithasnosecondarycapitalmarketwhichpotentiallyswitchesthefocusofcompanyfinancingfromashtterminvestmenttoalongterminvestment.Boothetal(2001)statethat“Ingeneraldebtratiosindevelopingcountriesseemtobeaffectedint

10、hesamewaybythesametypesofvariablesthataresignificantindevelopedcountries.HowevertherearesystematicdifferencesinthewaytheseratiosareaffectedbycountryfactssuchasGDPgrowthratesinflationratesdevelopmentofcapitalmarkets.”This

11、paperprovidesfurtherevidenceofthecapitalstructuretheiespertainingtoadevelopingcountryexaminestheimpactofthelackofasecondarycapitalmarket.Thispaperisganizedasfollows.Section2providesanoverviewoftheLibyaneconomypertainingt

12、ofirm’scapitalstructuredecisions.Section3presentsareviewoftherelevantliteratureoncapitalstructurethehypothesesexaminedinthisstudy.Thedataresearchmethodologytheexplanatyvariablesaredescribedinsection4.Theresultsarepresent

13、eddiscussedinsection5.Section6concludesthepaper.AnOverviewofEnterpriseFinancinginLibyaAlthoughtheLibyaneconomyisdescribedasasocialistientedeconomyseveralattemptshavebeentakenbythestaterecentlytoallowindividualstotakepart

14、inthenationaleconomytoprivatisethestateowned(public)businessganisationsinanattempttograduallymovetheLibyaneconomytowardsamarketeconomy.In1992thegovernmentpassedActnumber9of1992toenhanceregulatetheprivatesectactivitiesint

15、henation.Theactpermitstheestablishmentofprivatebusinessactivitiesownedmanagedbyfamiliesindividualentrepreneurs.Theactalsoallowsthesellingofpubliclyheldcompaniestoprivateinvestswhichhasresultedintheemergenceofsomeprivatec

16、ompanies.InadditiontherewasamovetoencouragefeigninvestmentsintheLibyanmarketasevidencedbyActnumber5of1997.TheoverallaimofthesemeasuresasstatedbySaleh(2001)wastoreducepublicspendinggraduallywithdrawgovernmentsubsidiestoen

17、courageprivatesectinitiativesindifferentsects.Keister(2000)arguesthatduringeconomictransitionthecapitalstructureofcompaniesmightbeaffectedduetotheshtageoffinancingfromthestate.InthisregardAlqadhafi(2002)arguesthattheshta