債務(wù)融資和財(cái)務(wù)柔性[文獻(xiàn)翻譯]

《債務(wù)融資和財(cái)務(wù)柔性[文獻(xiàn)翻譯]》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫(kù)。

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：DebtFinancialandFinancialFlexibilityFirmsthatintentionallyincreaseleveragethroughsubstantialdebtissuancesdosoprimarilyasaresponsetooperatingneedsratherthanadesiretomakealargeequitypayout.Subsequentdebtreductionsareneitherrapid,northeresultofpro-activeattemptstor

2、ebalancethefirm’scapitalstructuretowardsalong-runtarget.Instead,theevolutionofthefirm’sleverageratiodependsprimarilyonwhetherornotthefirmproducesafinancialsurplus.Infact,firmsthatgeneratesubsequentdeficitstendtocoverthesedeficitspredominantlywithmoredebteventhoughtheyexhibitleve

3、rageratiosthatarewellaboveestimatedtargetlevels.Whilemanyofourfindingsaredifficulttoreconcilewithtraditionalcapitalstructuremodels,theyarebroadlyconsistentwithacapitalstructuretheoryinwhichfinancialflexibility,intheformofunuseddebtcapacity,playsanimportantroleincapitalstructurec

4、hoices.Thesearchforanempiricallyviablecapitalstructuretheoryhasconfoundedfinancialeconomistsfordecades.Standardtrade-offmodelsofcapitalstructurehavebeencriticizedonthegroundsthattheydoapoorjobofexplainingobserveddebtratios.Forexample,trade-offmodelshavedifficultyexplainingwhyfir

5、mstendtoissuestockafterexogenousdecreasesinleverage(i.e.stockpricerun-ups),whyleverageratiosarenegativelyrelatedtoprofitability,andwhyfirmsseemtoforegopotentiallylargeinteresttaxshields.Thesemodelsappeartodoasimilarlypoorjobofexplainingcapitalstructuredynamics.Althoughmanyrecent

6、studiesreportevidenceconsistentwithactiverebalancingofcapitalstructurestowardsatargetleveragelevel,therelativelyslowspeedofadjustmentinthisprocessimpliessubstantialadjustmentcosts.However,IlievandWelch’s(2009)findingthattheaveragenon-stock-returncausedchangeinleverageisabout9%pe

7、ryearsuggeststhattheslowspeedsofadjustmentdocumentedintheliteraturearenotabyproductofthecostsofissuingdebtandequity.Largeadjustmentcostsarealsodifficulttorationalizeinthefaceofpervasiveunusedlinesofcredit(Sufi2009),accesstothecommercialpapermarket(Kahl,Shivdasani&Wang2008),andlo

8、w-cost(non-SEO)methodsofissuingequity(FamaandFr