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1、外文文獻(xiàn)翻譯譯文原文:CapitalStructurearoundtheWorld:TheRolesofFirmandCountry-SpecificDeterminantsWeanalyzetheimportanceoffirm-specificandcountry-specificfactorsintheleveragechoiceoffirmsfrom42countriesaroundtheworld.Ouranalysisyieldstwonewresults.First,wefindthatfirm-specificdetermina
2、ntsofleveragedifferacrosscountries,whilepriorstudiesimplicitlyassumeequalimpactoffirm-specificfactors.Second,althoughweconcurwiththeconventionaldirectimpactofcountry-specificfactorsonthecapitalstructureoffirms,weshowthatthereisanindirectimpactbecausecountry-specificfactorsal
3、soinfluencetherolesoffirm-specificdeterminantsofleverage.Priorresearch(e.g.Demirgü?-KuntandMaksimovic,1999;Booth,Demirgü?-KuntandMaksimovic,2001;Claessens,DjankovandNenova,2001;BancelandMittoo,2004)findsthatafirm’scapitalstructureisnotonlyinfluencedbyfirm-specificfactorsbuta
4、lsobycountryspecificfactors.Inthisstudy,wedemonstratethatcountry-specificfactorscanaffectcorporateleverageintwoways.Ontheonehand,thesefactorscaninfluenceleveragedirectly.Forexample,amoredevelopedbondmarketfacilitatingissueandtradingofpublicbondsmayleadtotheuseofhigherleverag
5、einacountry,whileadevelopedstockmarkethastheoppositeeffect.Ontheotherhand,weshowthatcountry-specificfactorscanalsoinfluencecorporateleverageindirectlythroughtheirimpactonfirm-specificfactors’roles.Forexample,althoughthedevelopedbondmarketofacountrystimulatestheuseofdebt,ther
6、oleofassettangibilityascollateralinborrowingwillberatherlimitedforfirmsinthesamecountry.Inotherwords,country-characteristicsmayexplainwhyinonecountryafirm’stangibilityaffectsleverage,butnotinanothercountry.Previousstudieshavenotsystematicallyinvestigatedtheseindirecteffects.
7、Internationalstudiescomparingdifferencesinthecapitalstructurebetweencountriesstartedtoappearonlyduringthelastdecade.AnearlyinvestigationofsevenadvancedindustrializedcountriesisperformedbyRajanandZingales(1995).Theyarguethatalthoughcommonfirm-specificfactorssignificantlyinflu
8、encethecapitalstructureoffirmsacrosscountries,severalcountry-specificfactor