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1、本科畢業(yè)論文(設(shè)計(jì))外文翻譯原文:TheDeterminantsofCapitalStructureChoiceI.DeterminantsofCapitalStructureInthissection,wepresentabriefdiscussionoftheattributesthatdifferenttheoriesofcapitalstructuresuggestmayaffectthefirm'sdebt-equitychoice.Theseattributesaredenotedassetstructure,non-debttaxshields,growth,uni
2、queness,industryclassification,size,earningsvolatility,andprofitability.Theattributes,theirrelationtotheoptimalcapitalstructurechoice,andtheirobservableindicatorsarediscussedbelow.A.CollateralValueofAssetsMostcapitalstructuretheoriesarguethatthetypeofassetsownedbyafirminsomewayaffectsitscapit
3、alstructurechoice.Scottsuggeststhat,bysellingsecureddebt,firmsincreasethevalueoftheirequitybyexpropriatingwealthfromtheirexistingunsecuredcreditors.ArgumentsputforthbyMyersandMajlufalsosuggestthatfirmsmayfinditadvantageoustosellsecureddebt.Theirmodeldemonstratesthattheremaybecostsassociatedwi
4、thissuingsecuritiesaboutwhichthefirm'smanagershavebetterinformationthanoutsideshareholders.Issuingdebtsecuredbypropertywithknownvaluesavoidsthesecosts.Forthisreason,firmswithassetsthatcanbeusedascollateralmaybeexpectedtoissuemoredebttotakeadvantageofthisopportunity.WorkbyGalaiandMasulis,Jense
5、nandMeckling,andMyerssuggeststhatstockholdersofleveragedfirmshaveanincentivetoinvestyettoexpropriatewealthfromthefirm'sbondholders.Thisincentivemayalsoinduceapositiverelationbetweendebtratiosandthecapacityoffirmstocollateralizetheirdebt.Ifthedebtcanbecollateralized,theborrowerisrestrictedtous
6、ethefundsforaspecifiedproject.Sincenosuchguaranteecanbeusedforprojectsthatcannotbecollateralized,creditorsmayrequiremorefavorableterms,whichinturnmayleadsuchfirmstouseequityratherthandebtfinancing.Thetendencyofmanagerstoconsumemorethantheoptimallevelofperquisitesmayproducetheoppositerelationb
7、etweencollateralizedcapitalanddebtlevels.GrossmanandHartsuggestthathigherdebtlevelsdiminishthistendencybecauseoftheincreasedthreatofbankruptcy.Managersofhighlyleveredfirmswillalsobelessabletoconsumeexcessiveperquisitessincebondholders(orbanke