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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：CapitalStructureandDebtStructureInthisstudy,weprovideanumberofnewinsightsintocapitalstructuredecisionsbyrecognizingthatfirmssimultaneouslyusedifferenttypes,sources,andprioritiesofdebt.Theseinsightsarebasedonanoveldatasetthatrecordsthetype,source,andpriorityofeverybalancesheetdeb
2、tinstrumentforalargesampleofratedpublicfirms.Thedataarecollecteddirectlyfromfinancialfootnotesinfirms’annual10-Kfilingsandsupplementedwithinformationonpricingandcovenantsfromthreeoriginationbaseddatasets:ReutersLPC’sDealscan,Mergent’sFixedIncomeSecuritiesDatabase,andThomson’sSDCPlatinum.Toourkno
3、wledge,thisdatasetisoneofthemostcomprehensivesourcesofinformationonthedebtstructureofasampleofpublicfirms:Itcontainsthedetailedcompositionofthestockofcorporatedebtonthebalancesheet,whichgoesfarbeyondwhatisavailablefromorigination-baseddatasetsalone.Webeginbyshowingtheimportanceofrecognizingdebth
4、eterogeneityincapitalstructurestudies.Weclassifydebtintobankdebt,straightbonddebt,convertiblebonddebt,programdebt(suchascommercialpaper),mortgagedebt,andallotherdebt.Foralmost70%offirm-yearobservationsinoursample,balancesheetdebtcomprisessignificantamountsofatleasttwoofthesetypes.Evenmorestrikin
5、gisthefactthat25%oftheobservationsinoursampleexperiencenosignificantone-yearchangeintheirtotaldebtbutsignificantlyadjusttheunderlyingcompositionoftheirdebt.Studiesthattreatcorporatedebtasuniformhaveignoredthisheterogeneity,presumablyintheinterestofbuildingmoretractabletheorymodelsorduetoapreviou
6、slackofdata.Inthissection,wemotivateourempiricalanalysisoftherelationbetweendebtstructureandcreditqualitybyexamininghypothesesfromthetheoreticalliteratureondebtcompositionandpriority.Thefirstgroupoftheorieshypothesizesthatfirmsshouldmovefrombankdebttonon-bankdebtascreditqualityimproves(Diamond,1
7、991;ChemmamurandFulghieri,1994;BootandThakor,1997;BoltonandFreixas,2000).TheseminalarticleisDiamond’s(1991b)modelofreputationacquisition.Inhismodel,firmsgraduatefrombankdebttoarm’slengthdebtbyestablishingareputationforhighea
