資本結(jié)構(gòu)的影響因素【外文翻譯】

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1、本科畢業(yè)論文(設(shè)計)外文翻譯原文:TheDeterminantsofCapitalStructureChoiceI.DeterminantsofCapitalStructureInthissection,wepresentabriefdiscussionoftheattributesthatdifferenttheoriesofcapitalstructuresuggestmayaffectthefirm'sdebt-equitychoice.Theseattributesaredenotedassetstructure,non-d

2、ebttaxshields,growth,uniqueness,industryclassification,size,earningsvolatility,andprofitability.Theattributes,theirrelationtotheoptimalcapitalstructurechoice,andtheirobservableindicatorsarediscussedbelow.A.CollateralValueofAssetsMostcapitalstructuretheoriesarguethatthe

3、typeofassetsownedbyafirminsomewayaffectsitscapitalstructurechoice.Scottsuggeststhat,bysellingsecureddebt,firmsincreasethevalueoftheirequitybyexpropriatingwealthfromtheirexistingunsecuredcreditors.ArgumentsputforthbyMyersandMajlufalsosuggestthatfirmsmayfinditadvantageou

4、stosellsecureddebt.Theirmodeldemonstratesthattheremaybecostsassociatedwithissuingsecuritiesaboutwhichthefirm'smanagershavebetterinformationthanoutsideshareholders.Issuingdebtsecuredbypropertywithknownvaluesavoidsthesecosts.Forthisreason,firmswithassetsthatcanbeusedasco

5、llateralmaybeexpectedtoissuemoredebttotakeadvantageofthisopportunity.WorkbyGalaiandMasulis,JensenandMeckling,andMyerssuggeststhatstockholdersofleveragedfirmshaveanincentivetoinvestyettoexpropriatewealthfromthefirm'sbondholders.Thisincentivemayalsoinduceapositiverelatio

6、nbetweendebtratiosandthecapacityoffirmstocollateralizetheirdebt.Ifthedebtcanbecollateralized,theborrowerisrestrictedtousethefundsforaspecifiedproject.Sincenosuchguaranteecanbeusedforprojectsthatcannotbecollateralized,creditorsmayrequiremorefavorableterms,whichinturnmay

7、leadsuchfirmstouseequityratherthandebtfinancing.Thetendencyofmanagerstoconsumemorethantheoptimallevelofperquisitesmayproducetheoppositerelationbetweencollateralizedcapitalanddebtlevels.GrossmanandHartsuggestthathigherdebtlevelsdiminishthistendencybecauseoftheincreasedt

8、hreatofbankruptcy.Managersofhighlyleveredfirmswillalsobelessabletoconsumeexcessiveperquisitessincebondholders(orbanke

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