1、1外文题目HOWFIRMCHARACTERISTICSAFFECTCAPITALSTRUCTUREANEMPIRICALSTUDY出处MANAGERIALFINANCE作者NIKOLAOSERIOTIS原文HOWFIRMCHARACTERISTICSAFFECTCAPITALSTRUCTUREANEMPIRICALSTUDYBYNIKOLAOSERIOTISINTRODUCTIONTHEVARIOUSFINANCINGDECISIONSAREVITALFORTHEFINANCIALWELFAREOFTHEFIRMAFALSEDECISIONABOUTTHECAPITALSTRUCTUREMAY
2、LEADTOFINANCIALDISTRESSANDEVENTUALLYTOBANKRUPTCYTHEMANAGEMENTOFAFIRMSETSITSCAPITALSTRUCTUREINAWAYTHATFIRMSVALUEISMAXIMIZEDHOWEVER,FIRMSDOCHOOSEDIFFERENTFINANCIALLEVERAGELEVELSINTHEIREFFORTTOATTAINANOPTIMALCAPITALSTRUCTUREALTHOUGHTHEORETICALANDEMPIRICALRESEARCHSUGGESTSTHATTHEREISANOPTIMALCAPITALSTRUC
3、TURE,THEREISNOSPECIFIEDMETHODOLOGY,YET,THATFINANCIALMANAGERSCANUSEINORDERTOACHIEVEANOPTIMALDEBTLEVELHOWEVER,FINANCIALTHEORYDOESPROVIDESOMEHELPINUNDERSTANDINGHOWTHECHOSENFINANCINGMIXAFFECTSTHEFIRMSVALUETHISPAPERSHEDSOMELIGHTONTHEDETERMINANTSOFTHECAPITALSTRUCTUREOFTHEMAJORGREEKFIRMSLISTEDONTHEATHENSST
4、OCKEXCHANGEASEWEEXAMINETHECROSSSECTIONALVARIATIONINLEVERAGEAMONGTHEGREEKFIRMSFORTHETIMEPERIOD19972001WEINCLUDEVARIABLESTHATAREBASEDONDIFFERENTCAPITALSTRUCTURETHEORIESANDHAVENEVERBEENINVESTIGATEDFORTHEGREEKMARKETBEFORE,SUCHASTHEINTERESTCOVERAGERATIOANDTHEQUICKRATIOWEALSODIFFERENTIATETHEFIRMSTHATHEAVI
5、LYUSEDEBTCAPITALIEADEBTRATIOMORETHAN50PERCENTUSINGADUMMYVARIABLETHUS,THECONCLUSIONSOFTHISPAPERAREEXPECTEDTOENLIGHTENTHEDARKSOMESCIENTIFICAREAOFTHECAPITALSTRUCTUREDETERMINATIONFORTHEGREEKFIRMSTHEPAPERISORGANIZEDASFOLLOWSINTHENEXTSESSION,WEREVIEWSOMEOFTHETHEORETICALANDEMPIRICALLITERATURECONCERNINGTHED
6、ETERMINANTSANDEFFECTSOF2LEVERAGEINSECTION3,WEDESCRIBEOURDATAANDWEJUSTIFYTHECHOICEOFTHEVARIABLESUSEDINOURANALYSISTHEFOURTHSECTIONPRESENTSTHERESULTOFTHEEMPIRICALANALYSISANDADISCUSSIONOFTHECONCLUSIONSTHATCANBEDERIVEDFROMTHERESULTSFINALLY,WESUMMARIZEOURFINDINGSINTHELASTSECTIONTHEORETICALBACKGROUNDMODIGL
7、IANIANDMILLER1958WERETHEPIONEERSINTHEORETICALLYEXAMININGANDALGEBRAICALLYDEMONSTRATINGTHEEFFECTOFCAPITALSTRUCTUREONFIRMVALUEASSUMINGPERFECTCAPITALMARKETS,THEYCONCLUDEDTOTHEBROADLYKNOWNTHEORYOFCAPITALSTRUCTUREIRRELEVANCEWHICHMEANSTHATTHECAPITALSTRUCTURETHATAFIRMCHOOSESDOESNOTAFFECTITSVALUETHEREAFTER,M
8、ANYRESEARCHERS,INCLUDINGMODIGLIANIANDMILLER,EXAMINEDTHEEFFECTSOFLESSRESTRICTIVEASSUMPTIONSONTHERELATIONSHIPBETWEENCAPITALSTRUCTUREANDTHEFIRMSVALUEFOREXAMPLE,MODIGLIANIANDMILLER1963TOOKTAXATIONUNDERCONSIDERATIONANDTHEYPROPOSEDTHATFIRMSSHOULDEMPLOYASMUCHDEBTCAPITALASPOSSIBLEINORDERTOACHIEVETHEOPTIMALC
9、APITALSTRUCTUREALONGWITHCORPORATETAXATION,RESEARCHERSWEREALSOINTERESTEDINANALYZINGTHECASEOFPERSONALTAXESIMPOSEDONINDIVIDUALSMILLER1977DISCERNSTHREETAXRATESINTHETAXLEGISLATIONOFTHEUSATHATDETERMINETHETOTALVALUEOFTHEFIRMTHESEARETHECORPORATETAXRATE,THETAXRATEIMPOSEDONTHEINCOMEOFTHEDIVIDENDSANDTHETAXRATE
10、IMPOSEDONTHEINCOMEOFINTERESTINFLOWSACCORDINGTOMILLER,THEVALUEOFTHEFIRMDEPENDSONTHERELATIVEHEIGHTOFEACHTAXRATE,COMPAREDWITHTHEOTHERTWODATAANDMEASUREMENTOFVARIABLESINTHISPAPER,WEINVESTIGATETHEDETERMINANTSOFCAPITALSTRUCTUREFORTHEFIRMSLISTEDINTHEASEMARKETDURINGTHEPERIOD19972001ALLTHECOMPANIESINCLUDEDINT
11、HESAMPLEFULFILLTHEFOLLOWINGTWOCRITERIATHEYWEREALLLISTEDINTHEMARKETIN1996ANDNONEOFTHEMWASEXPELLEDDURINGTHEPERIOD19972001THESECRITERIAWEREIMPOSEDTOENSURETHATTHECAPITALSTRUCTUREWASNOTDISTORTEDBYTHEEFFECTSOFARECENTOFFICIALLISTINGWEFORMOURVARIABLESUSINGDATADERIVEDFROMTHEFINANCIALSTATEMENTSCONTAINEDINTHEA
12、SEDATABASETHEFINALSAMPLE,AFTERCONSIDERINGANYMISSINGDATA,CONSISTSOF129FIRMSTHISFIGUREREPRESENTSTHE63PERCENTOFTHELISTEDCOMPANIESONTHEASEIN1996THUS,OURSAMPLECONSISTSOFASIGNIFICANTPROPORTIONOFTHELISTED3FIRMSINTHEASEDURINGTHEFIVEYEARPERIOD19972001OURDEPENDENTVARIABLEISTHEDEBTRATIOVARIABLEDRI,TWHICHISDEFI
13、NEDASTHERATIOOFTOTALDEBTDIVIDEDBYTHETOTALASSETSOFTHEFIRMTOTALDEBTCONTAINSBOTHLONGTERMANDSHORTTERMLIABILITIESALTHOUGHTHESTRICTNOTIONOFCAPITALSTRUCTUREREFERSEXCLUSIVELYTOLONGTERMLEVERAGE,WEHAVEDECIDEDTOINCLUDESHORTTERMDEBTASWELL,MAINLYBECAUSEGREEKFIRMSUSEEITHERVERYLITTLELESSTHAN10PERCENTORNOLONGTERMCA
14、PITALBANKSINGREECEAREHESITANTINPROVIDINGLONGTERMFINANCINGWITHATTRACTIVETERMSTHEREFORE,GREEKFIRMSTURNTOSHORTTERMBORROWINGEVENWHENFINANCINGTHEIRLONGTERMINVESTMENTSTHATISWHYWEALSOCONSIDERSHORTTERMFINANCINGASAMEASUREOFGEARINGTHEMODELINORDERTOCOMBINECROSSSECTIONALWITHTIMESERIESDATAANDFORMULATETHECHARACTE
15、RISTICSOFTHEMARKET,WEUSEPOOLINGMETHODSFOROURPANELDATATHEMODELSFORPANELDATAAREPOWERFULRESEARCHINSTRUMENTS,WHICHGIVETHERESEARCHERTHEABILITYTOTAKEINTOACCOUNTANYKINDOFEFFECTTHATTHECROSSSECTIONALDATAMAYHAVE,ANDFINALLYTOESTIMATETHEAPPROPRIATEEMPIRICALMODELAGENERALMODELFORPANELDATATHATALLOWSTHERESEARCHERTO
16、EMPIRICALLYESTIMATETHERELATIONBETWEENDEPENDENTANDINDEPENDENTVARIABLESWITHGREATFLEXIBILITYANDFORMULATETHEDIFFERENCESINTHEBEHAVIOROFTHECROSSSECTIONELEMENTSISTHEORETICALLYASFOLLOWS5WHEREYITISTHEDEPENDENTVARIABLE,XITHEMATRIXWITHTHEINDEPENDENTVARIABLESANDZIAMATRIXWHICHCONTAINSACONSTANTTERMAND/ORASETOFIND
17、IVIDUALORGROUPSPECIFICVARIABLESDEPENDINGONTHESAMPLE,WHICHMAYBEOBSERVEDORUNOBSERVEDEMPIRICALRESULTSINORDERTOESTIMATETHEEFFECTOFTHEINDEPENDENTVARIABLESONTHEDEPENDENTANDTOIMPROVEOURRESULTSWECONSIDERTHETHREEDIFFERENTECONOMETRICAPPROACHESPRESENTEDINTHEPREVIOUSSECTIONUNDERTHEHYPOTHESISTHATTHEREARENOGROUPO
18、RINDIVIDUALEFFECTSAMONGTHEFIRMSINCLUDEDINOURSAMPLEWEESTIMATETHETOTALMODELTHERESULTSAREPRESENTEDINTABLEITHEDIAGNOSTICSPROVIDEUSWITHUSEFULRESULTS4CONCERNINGTHETHEORETICALMODELPRESENTEDINEQUATION1ALLTHEVARIABLESPROVEDTOBESIGNIFICANTINCONFIDENCELEVELOF5PERCENTTHEPOWEROFTHEMODELISGIVENBYTHEHIGHFSTATISTIC
19、OF1,3524ACCORDINGTOADJUSTEDR2THEINDEPENDENTVARIABLESEXPLAINTHE92PERCENTOFTHESIZEINTHEDEBTRATIOINTHEANALYSISOFPANELDATA,WHERECROSSSECTIONCOMBINEDWITHTIMESERIESDATA,THEREMIGHTBECROSSSECTIONEFFECTSONEACHFIRMORONASETOFGROUPSOFFIRMSTHEREARETWOPROCEDURESTODEALWITHTHOSEEFFECTSANDEACHOFTHEMHASALREADYPRESENT
20、EDINTHEBEGINNINGOFSECTION4THESETWOAPPROACHESARETHERANDOMANDTHEFIXEDEFFECTSMODELSFORPANELDATATHECASEWHEREALLTHEEFFECTSAREUNCORRELATEDWITHTHEREGRESSORSANDCANBEFORMULATEDASCONSTANTTERMSFOREACHINDIVIDUALORGROUPOFFIRMSINTHEKNOWNMATRIXZ,ISPRESENTEDINTABLEIITHEDIAGNOSTICSFROMTHERANDOMEFFECTSMODELSUGGESTTHA
21、TTHEVARIABLEOFGROWTHISNOTSTATISTICALLYSIGNIFICANTANDDOESNOTAFFECTTHEDEBTRATIOTHEADJUSTEDR2ISLOWERTHANTHATOFTHETOTALMODELAT835PERCENTINRANDOMEFFECTSMODELTHEREARETHREEASSUMPTIONSABOUTTHECROSSSECTIONEFFECTSTHEFIRSTISTHATTHEREEXISTGROUPORINDIVIDUALEFFECTS,THESECONDTHATTHOSEEFFECTSAREUNCORRELATEDWITHTHEI
22、NDEPENDENTVARIABLESANDTHETHIRDTHATTHEEFFECTSCANBEFORMULATEDTHECASEWHERETHEMAJORASSUMPTIONABOUTTHEEFFECTSDOESNOTHOLDIETHEREARENOEFFECTSHASALREADYPRESENTEDINTABLEITHENEXTSTEPISTOSTAYCONSISTENTWITHTHEMAJORASSUMPTION,THEREAREEFFECTS,ANDRELAXTHELASTTWORESTRICTIONSCONCERNINGTHEMTHERESULTSFROMTHEFIXEDEFFEC
23、TMODELAREPRESENTEDINTABLEIIIACCORDINGTOTABLEIIIALLTHEINDEPENDENTVARIABLESOFOURMODELARESTATISTICALLYSIGNIFICANTAT5PERCENTTHEFSTATISTICPROVESTHEHIGHEXPLANATORYPOWEROFTHEESTIMATEDMODELANDTHEHIGHR2ADJUSTEDINDICATESTHATTHEESTIMATEDMODELEXPLAINTHE972PERCENTOFTHESIZEINTHEDEPENDENTVARIABLEACCORDINGTOOURFIND
24、INGSTHEREISACONTRADICTORYRESULTCONCERNINGTHEVARIABLEOFGROWTHTHETOTALANDTHEFIXEDEFFECTSMODELACCEPTTHISVARIABLEBUTTHERANDOMEFFECTSMODELDOESNOTTHESECONTROVERSIALRESULTSINDICATETHATFURTHERANALYSISHASTOBEDONEASWEMENTIONINSECTION4THERANDOMEFFECTSMODELASSUMESTHATTHEINDIVIDUALEFFECTSAREUNCORRELATEDWITHTHEIN
25、DEPENDENTVARIABLESINCONSEQUENCE,THERANDOMEFFECTS5MODELMAYSUFFERFROMINCONSISTENCYASARESULTOFOMITTEDVARIABLES,SOMETHINGTHATDOESNOTHAPPENWITHTHEFIXEDEFFECTSMODELONTHEOTHERHAND,THEFIXEDEFFECTSMODELUSESTHEINDIVIDUALEFFECTSASGIVENBYTHESAMPLEINORDERTOSEEIFTHEINDIVIDUALEFFECTSAREUNCORRELATEDWITHTHEREGRESSOR
26、SWEPERFORMAHAUSMANTESTTHETESTSTATISTICIS5653ANDTHECRITICALVALUEOFTHECHISQUARETABLEWITHFIVEDEGREESOFFREEDOM,AT95PERCENT,IS117,WHICHISLOWERTHANTHETESTSVALUEHENCE,THEHYPOTHESISTHATTHEINDIVIDUALEFFECTSAREUNCORRELATEDWITHTHEREGRESSORSCANBEREJECTEDTHERANDOMEFFECTSMODELESTIMATESSUFFERFROMINCONSISTENCYPROBA
27、BLYDUETOOMITTEDVARIABLESSEESECTION4HENCE,ACCORDINGTOOURSAMPLEANDFINDINGS,THEAPPROPRIATEMODELTOEXPLAINTHEMARKETISTHEONETHATINCLUDESTHEGROWTHVARIABLEACCORDINGTOOURFINDINGSTHESIZEOFTHEFIRMHASAPOSITIVERELATIONWITHTHEDEBTRATIO,SOMETHINGTHATHASBEENCONFIRMEDBYMARSH1982ANDBENNETTANDDONNELLY1993,WHICHFOUNDSI
28、MILARRESULTSWITHUSTHISSUGGESTSTHATLARGERFIRMSUSEMOREDEBTTHESHORTTERMLEVERAGECOVERAGEISANINDICATIONOFTHELIQUIDITYOFTHEFIRMASWEEXPECTEDTHEREISANEGATIVERELATIONBETWEENTHEDEBTRATIOOFTHEFIRMANDITSLIQUIDITYTHENEGATIVERELATIONCONFIRMSTHATFIRMSFINANCETHEIRACTIVITIESFOLLOWINGTHEFINANCINGPATTERNIMPLIEDBYTHEPE
29、CKINGORDERTHEORYASWEEXPECTEDTHENEGATIVERELATIONBETWEENDEBTANDGROWTHHASBEENCONFIRMEDFROMOURDATATHESTATISTICALSIGNIFICANCEOFTHEDUMMYVARIABLEANDITSPOSITIVESIGNINDICATETHATTHEREISADISTINCTIONINTHECAPITALSTRUCTUREBETWEENFIRMSWHOHAVEDEBTRATIOGREATERTHAN50PERCENTANDTHOSETHATDONOTHAVEACCORDINGTOOURRESULTSFR
30、OMTHEFIXEDEFFECTSMODELTHESEFIRMSUSE,COMPAREDTOTHEMARKET,ANEXTRADEBTOF19PERCENT6CONCLUSIONSINTHISSTUDY,WECONDUCTOURANALYSISINORDERTOINVESTIGATEHOWSOMESPECIFICFIRMCHARACTERISTICSDETERMINETHEFIRMSCAPITALSTRUCTUREWEUSETHEPANELDATADERIVEDBYTHEFINANCIALSTATEMENTSOF129GREEKFIRMSLISTEDINTHEASEINOUR7CALCULAT
31、IONSWECONSIDERTHETOTALMODEL,THEFIXEDEFFECTSMODELANDTHERANDOMEFFECTSMODELOURDEPENDENTVARIABLEISTHEDEBTRATIOEXPRESSEDASTOTALLIABILITIESDIVIDEDBYTOTALASSETSTHEDEBTRATIOINCLUDESBOTHLONGTERMANDSHORTTERMLIABILITIESMAINLYBECAUSEGREEKFIRMSUSEEITHERVERYLITTLEORNOLONGTERMDEBTCAPITALATALLACCORDINGTOTHERESULTS,
32、THEDEBTRATIOOFTHEFIRMISPOSITIVELYRELATEDTOITSSIZEWHICHISMEASUREDBYTHESALESFIGURETHUS,LARGERFIRMSEMPLOYMOREDEBTCAPITALINCOMPARISONWITHSMALLERFIRMS,AFINDINGWHICHISCONSISTENTWITHTHETHEORETICALBACKGROUNDMENTIONEDINTHESECONDSECTIONOFTHEPAPERONTHEOTHERHAND,OURFINDINGSSHOWTHATTHELIQUIDITYOFTHEFIRMISNEGATIV
33、ELYRELATEDTOITSFINANCIALLEVERAGEWECONSIDERTHELIQUIDITYOFTHEFIRMSUSINGTHEQUICK,ORACIDTESTRATIOWHICHISEQUALTOCURRENTASSETSMINUSINVENTORIESDIVIDEDBYCURRENTLIABILITIESTHISRATIOSHOWSTHEABILITYOFTHEFIRMTODEALWITHITSSHORTTERMLIABILITIESFIRMSWITHHIGHLIQUIDITYTENDTOUSELESSDEBTTHISFINDINGCANBECONSIDEREDASANIN
34、DICATIONTHATFIRMSGENERALLYFINANCETHEIRACTIVITIESFOLLOWINGTHEFINANCINGPROCEDUREIMPLIEDBYTHEPECKINGORDERTHEORYFIRMSWITHHIGHLIQUIDITYMAINTAINARELATIVELYHIGHAMOUNTOFCURRENTASSETS,WHICHMEANSTHATTHEYMAINTAINHIGHCASHINFLOWSTHISMEANSTHATTHEYALSOGENERATEHIGHCASHINFLOWSASACONSEQUENCE,THEYAREABLETOUSETHESEINFL
35、OWSINORDERTOFINANCETHEIROPERATINGANDFINANCINGACTIVITIESTHUS,THEYDONOTUSEMUCHDEBTCAPITALINCOMPARISONWITHFIRMSTHATARENOTSOPROFITABLEBECAUSETHEYPREFERTOUSETHESEFUNDSRATHERTHANDEBTCAPITALTHISISANINDICATIONOFPECKINGORDERFINANCINGTHISFINDINGISFURTHERSUPPORTEDBYTHERESULTOFTHENEGATIVERELATIONBETWEENTHEINTER
36、ESTCOVERAGERATIOOFTHEFIRMSANDTHEIRCAPITALSTRUCTURETHEINTERESTCOVERAGERATIOISEXPRESSEDASNETINCOMEBEFORETAXESDIVIDEDBYINTERESTPAYMENTSTHUS,FIRMSTHATMAINTAINARELATIVELYHIGHINTERESTCOVERAGERATIOPREFERTOUSELESSDEBTCAPITALIFAFIRMHASAHIGHINTERESTCOVERAGERATIO,THISMEANSTHATITHASTHEABILITYTOGENERATERELATIVEL
37、YHIGHEARNINGSTHENEGATIVERELATIONIMPLIESTHATFIRMSPROBABLYPREFERTOUSETHESEEARNINGSTOFINANCETHEIRACTIVITIESANDTHUSUSELESSDEBTCAPITALTHISISALSOANIMPLICATIONOFTHEPECKINGORDERFINANCINGTHENEGATIVERELATIONBETWEENTHEGROWTHOFTHEFIRMANDITSCAPITALSTRUCTURESHOWSTHATFIRMSWITHHIGHGROWTHPOTENTIALEMPLOYLESSDEBTINTHE
38、IRCAPITAL8STRUCTUREWEPROXYOURGROWTHMEASUREMENTASTHEANNUALCHANGEONEARNINGSTHUS,HIGHGROWTHMEANSHIGHVARIATIONINEARNINGSWHICHCANBEINTERPRETEDASHIGHERRISKFIRMSTHATARERISKYGENERALLYFINDITDIFFICULTTORAISEDEBTCAPITAL,SIMPLYBECAUSETHELENDERSWILLDEMANDHIGHERRETURNSMAKINGDEBTCAPITALMOREEXPENSIVEACCORDINGTOTHER
39、ESULTSOFTHEDUMMYVARIABLE,WEFINDSTRONGEVIDENCETHATTHEREISACAPITALSTRUCTUREDIFFERENTIATIONAMONGTHEFIRMSWHICHHEAVILYUSEDEBTCAPITALMORETHAN50PERCENTOFTHEIRTOTALASSETSANDTHOSETHATUSELESSDEBTCAPITALTHERESULTSANDCONCLUSIONSARECONSISTENTWITHTHETHEORETICALBACKGROUNDASPRESENTEDINTHESECONDSECTIONOFTHEPRESENTPA
40、PERALLTHETHREEMODELSCONCLUDEINTHESAMEREMARKSEXCEPTFORTHESITUATIONOFTHEGROWTHVARIABLETHEGROWTHVARIABLEISNOTSTATISTICALLYSIGNIFICANTINTHERANDOMEFFECTSMODEL,BUTITISINTHEOTHERTWOMODELSHOWEVER,THEHAUSMANTESTINDICATESTHATTHEFIXEDEFFECTSMODELFITSBETTERTOOURSPECIFICSETOFVARIABLESANDTHUSPREVAILSOVERTHERANDOM
41、EFFECTSMODELTHUS,GROWTHDOESAFFECTTHEDETERMINATIONOFCAPITALSTRUCTURE外文题目HOWFIRMCHARACTERISTICSAFFECTCAPITALSTRUCTUREANEMPIRICALSTUDY出处MANAGERIALFINANCE作者NIKOLAOSERIOTIS译文关于公司特征如何影响资产结构的实证研究简介多样化融资决策对公司的金融福利是至关重要的。有关资本结构的错误决定可能会导致公司财务危机最终破产。企业的管理是对资本结构进行设置,使得公司的价值最大化。然而，不同的企业选择不同的财务杠杆水平，都是为了达到最优的资本结构。
42、虽然理论和实证研究表明,有一种最优的资本结构存在，但却没有专门的优化方法。但是,财务管理者能够以达到最优的债务水平。然而,金融理论的确提供一些帮助了解选择融资组合影响公司价值使其最大化的方法。9本文透露一些在希腊雅典上市公司证券交易所ASE上市公司的资本结构的影响因素问题。我们选取了截面数据变化在19972001之间。我们将变量,在希腊市场,根据不同的资本结构理论进行，如兴趣覆盖率和快捷的比率。我们也将分化严重的公司用债务资本即负债比率超过50虚拟变量的使用。因此,本文的结论将启示有关科学领域一些希腊公司的资本结构确定。摘要组织如下。在接下来的一节,我们回顾一下理论和实证文献和影响因素杠杆作用
43、。在第三节中,将描述我们的数据资料，证明了用于我们分析的选择变量。第四部分提供了实证分析的结果并提出从结论中提取出的具体的结果。最后,我们总结我们的发现，对比过去的研究的部分。理论背景莫迪里亚尼和米勒1958是在理论上对资本结构对公司的影响价值方面研究的先驱者。假设在完美的资本市场的基础上,他们得出结论,对广泛认识的理论资本结构意味着其永无意义，企业资本结构的选择都是不一样的，不会影响到它的价值。此后,许多研究人员,包括莫迪里亚尼和米勒,检查假设资本结构与公司价值中较少限制影响之间的关系。例如,莫迪里阿尼和米勒1963在考虑承担税务中，他们建议公司应该使用尽可能多债务资本以实现最优的资本结构。
44、伴随企业税收，研究人员在实例分析中队个人税的个体也产生了兴趣。米勒1977年呈现三个决定公司总额的有关美国的税收立法的税率。这些都是企业税率、税率对股息和的收入的税率对收入的兴趣流入。根据米勒的研究，企业的价值取决于每一纳税的相对高度的成功率相比于其他来说。数据和测量变量在本文中,我们主要研究某些行业企业的资本结构为企业上市半导体市场在19972001期间的数据。所有的公司中抽取所需的样本完成以下两个标准。他们都是列在市场于1996年与2001年期间的。这些标准，以确保不是最近的一个正式上市的公司从而不会对资本结构的影响因素产生偏差。我们的变量使用数据来源于财务报表中所含的ASE数据库。最后的
45、样本,由129家公司组成。这个数字是于1996年在道琼斯上市的百分之六十三的半导体公司。因此,我们的样品由很大比例的上市公司在五年期间的数据组成。我们的因变量是负债比率变量用的定义是,T的全部债务的比例除以总资产。需要偿还的债务合计既含有长期和短期的。尽管严格是指资本结构的长期的10杠杆作用，但我们包括了短期的债务，主要是因为希腊的公司对低于10,或者没有长期的资本利用很多。希腊银行提供长期融资是不迅速但报酬优厚的。因此,希腊公司转到短期借款即使他们进行的是长期投资。这就是为什么我们也会考虑短期融资作为衡量标准。模型为了利用横截面的时间序列数据，制定合理的市场特点,我们使用面板数据联营法。该模
46、型为面板数据提供强大的研究基础，使研究人员能在交代任何类型的效果的基础上采取行动，以横向数据最终估计适当的实证模型。作为一种通用的模型，让研究者在面板数据之间建立起有效的关系，实证研究和选择的评估自变量具有相当的弹性，制定合理的差异元素的行为理论截面如下在YIT是因变量。实证结果为了估计自变量的影响，对于因变量的提高，在前一节我们考虑了三种不同的计量方法。在这样一种假设中，即有团体或个人的企业之间影响，包括在我们估计总模型的样品。所有的可变因素证明是具有重要的意义，在信心水平的5的基础上。根据独立变量调整R2解释为92，在负债比率中，分析面板数据与断面结合，在时间序列数据中，每个公司可能有截面
47、的影响。有两个程序处理这些效果的，这两种方式分别是随机和其固定效应面板数据模型。这样的情形之间不存在调查解释变量回归作用的。从诊断学随机效应模型表明，并没有增长变量的统计学意义而且不影响负债比率。首先,有团体或个人的影响，主要假设的情况下即没有效果，下一部分则是留下符合主要假设的背后要进行的评估计算。11结论在本研究中,我们进行分析,以了解一些具体的公司特征是决定公司的资本结构我们使用了129家希腊半导体上市公司的财务报表中所列的面板数据。运用总模型,固定效应模型与随机效应模型。我们的因变量是负债比率表示为总负债12除以总资产。包括负债比率的短期和长期负债，根据结果,在企业的负债比率正相关测量它的大小销售的数字。因此,大公司相比小公司雇用更多的债务,另一方面,我们的研究结果显示公司的流动资产的负面影响与它的资金杠杆作用。我们认为流动性公司使用更加迅速，流动负债比率相当于流动资产减去存货除以流动。这一比率显示公司处理它的短期负债的能力。公司具有高流动性倾向于使用更少的债务。这一迹象表明，寡头企业普遍融资活动在融资程序所使用的融资顺位理论。公司保持高流通性以及保持相对较高的数量的流动资产,这意味着他们保持高度的现金流入。这表明他们也产生了高的现金流入。因此,他们就能够使用这些流入为他们的操作和筹资活动。
