1、1本科毕业论文外文翻译译文标题资本结构选择的决定因素资料来源THEJOURNALOFFINANCE作者SHERIDANTITMANANDROBERTOWESSELS摘要本文分析了最近的最优资本结构理论。文章将在三个方面对资本结构理论进行实证研究。首先，它考察一个更广泛的资本结构理论，其中有许多是以前没有被实证分析的。其次，由于用不同类型的债务工具使资本结构理论有不同的实证含义，作者分析了短期，长期及可换股债券三种债务工具分别对资本结构的影响。第三，研究采用了因子分析技术，减轻了测量与代理变量时遇到的问题。文章的研究结果表明，唯一性，即具有独特或专门产品的公司具有相对较低的资产负债比率。唯一性是
2、由公司的研究和开发支出，销售费用以及员工自愿离开工作岗位率来衡量。文章还发现，规模较小的公司比大公司倾向于使用短期债务。实证研究没有发现资产负债比率与公司成长性，非债务税盾，波动，或与其资产担保价值有关。但是，研究发现盈利的企业具有相对较少的债务，即盈利能力与资本结构负相关关系。A资产的抵押物的价值估计模型采用两个指标为抵押物的价值属性。它们包括无形资产占总资产的比率（INT/TA）和库存加总厂房及设备资产占总资产的比率（IGP/TA）。第一项指标与抵押物的价值呈负相关，而第二项呈正相关关系。B非债务税盾迪安基洛和MASULIS提出的的最优资本结构模型，包含了企业税，个人所得税，非债务有关的公
3、司税盾的影响。他们认为，税前扣除折旧和投资税收抵免替代了债务融资的税收优惠。因此，具有大的非债务税盾的公司，相对于他们的预期现金流量，债务在资本结构中所占比重更少。C成长性还应当指出的是，成长的机会是一家公司附加价值的资本资产，但不能抵押，不产生当期应纳税所得额出于这个原因，在前面的小节中提出的论据也表2明债务水平和经济增长之间呈负相关关系。增长指标，包括资本支出超过总资产（CE/TA）和测得的总资产在总资产中所占比例的变化（GTA）的增长。由于企业普遍从事研究和开发产生未来的投资，超过销售的研究和发展（RD/S），也可作为成长性的指标。F企业规模一些学者认为，杠杆比率可能与企业规模相关。华纳
4、和ANG，CHUA，和MCCONNELL这些公司的证据表明，当企业价值在减小时直接破产成本占企业的价值比重较大。这也表明比较大的企业往往是更多元化和更不容易破产。这些论据表明，大型企业应有较高的财务杠杆。债务及股本证券的发行成本，也关系到企业规模。特别是小企业在发行新的股票或长期债务时比大公司支付的更多。这表明，小企业的杠杆比率可能会超过大型企业，可能更愿意借短期借款（通过银行贷款），而不是发行长期债务，因为短期借款这种方式的固定费用较低。文章使用销售自然对数（LNS）和退出率（QR）作为衡量企业规模大小的指标。销售自然对数，如果存在规模效应，主要影响小公司。对于退出率指标，反映了往往给员工提
5、供更多职业发展机会的大型企业有较低的退出率。G变异性许多学者表明，一个企业的最优债务水平是一个关于收入变异性的递减函数。衡量变异性的指标是营业外收入百分比变化标准差（SIGOI），而只有这一个指标不能直接反映公司的债务水平。既然是衡量变异性的唯一指标，我们必须在取得数据和衡量时避免错误。H获利能力从DONALDSON和BREALEY和MYERS取得的证据表明公司宁愿筹集资金，而资金来源首先从留存收益，第二，从债务，第三从发行新股。他认为产生这种行为可能是由于发行新股的成本。MYERS和MAJLUF讨论了成本的产生是因为信息不对称和交易成本。在这两种情况下，过去盈利的一家公司保留盈利金额，是其目
6、前的资本结构的一个重要决定因素。我们使用经营收入超过销售（OI/S）和营业收入超过总资产（OI/TA）作为衡量盈利能力的指标。总结和结论本文介绍了一种因子分析技术用于估计不可观测的企业的资产负债比率。3虽然结果还没有确切，但他们与记录的实证研究规律和现有的理论一致。特别是，我们发现，唯一性与债务水平负相关。这方面的证据是符合TITMAN之前关于在清算时用于给公司的客户，工人和供应商成本越高公司的负债比率越低的理论。结果还表明，交易成本可能是资本结构选择的其中一项重要因素。短期债务比率与企业规模负相关，这可能反映在小企业发行长期金融工具时所面临的交易成本相对于大企业来说要高得多。由于一般认为，交
7、易成本对资本结构的影响相对较小，但是他的重要性在本研究中得到验证，虽然相对于各种与杠杆作用相关的成本和效益可能不是特别显着。在这个意义上说，虽然研究结果表明资本结构选择，在米勒的论证与这一决定相关的成本和效益是比较小的。由过去的盈利能力的措施和目前的债务水平的股票市值规模之间的负相关关系提供更多的证据证明有关交易成本的重要性。这些证据还同样支持MYERS和MAJLUF和迈尔斯的某些结论。本文的研究结果不支持非债务税盾，变异性，抵押物的价值，或未来的增长对债务比率的影响。但是，它仍然是一个悬而未决的问题证明我们证明计量模型是否确实获取到有关理论提出的属性相关方面。有人可能会说，预测的结果没有被证
8、明是因为在这项研究中所采用的指标没有充分的理论的支持。观察到的指标变量和相关属性之间的联系如果可以制定证明，然后就可以用本文提出的方法来测试更精确的最优资本结构的现存理论。4外文文献原文TITLETHEDETERMINANTSOFCAPITALSTRUCTURECHOICEMATERIALSOURCETHEJOURNALOFFINANCEAUTHORSHERIDANTITMANANDROBERTOWESSELSABSTRACTTHISPAPERANALYZESTHEEXPLANATORYPOWEROFSOMEOFTHERECENTTHEORIESOFOPTIMALCAPITALSTRUCTUR
9、ETHESTUDYEXTENDSEMPIRICALWORKONCAPITALSTRUCTURETHEORYINTHREEWAYSFIRST,ITEXAMINESAMUCHBROADERSETOFCAPITALSTRUCTURETHEORIES,MANYOFWHICHHAVENOTPREVIOUSLYBEENANALYZEDEMPIRICALLYSECOND,SINCETHETHEORIESHAVEDIFFERENTEMPIRICALIMPLICATIONSINREGARDTODIFFERENTTYPESOFDEBTINSTRUMENTS,THEAUTHORSANALYZEMEASURESOFS
10、HORTTERM,LONGTERM,ANDCONVERTIBLEDEBTRATHERTHANANAGGREGATEMEASUREOFTOTALDEBTTHIRD,THESTUDYUSESAFACTORANALYTICTECHNIQUETHATMITIGATESTHEMEASUREMENTPROBLEMSENCOUNTEREDWHENWORKINGWITHPROXYVARIABLESOURRESULTSSUGGESTTHATFIRMSWITHUNIQUEORSPECIALIZEDPRODUCTSHAVERELATIVELYLOWDEBTRATIOSUNIQUENESSISCATEGORIZEDB
11、YTHEFIRMSEXPENDITURESONRESEARCHANDDEVELOPMENT,SELLINGEXPENSES,ANDTHERATEATWHICHEMPLOYEESVOLUNTARILYLEAVETHEIRJOBSWEALSOFINDTHATSMALLERFIRMSTENDTOUSESIGNIFICANTLYMORESHORTTERMDEBTTHANLARGERFIRMSOURMODELEXPLAINSVIRTUALLYNONEOFTHEVARIATIONINCONVERTIBLEDEBTRATIOSACROSSFIRMSANDFINDSNOEVIDENCETOSUPPORTTHE
12、ORETICALWORKTHATPREDICTSTHATDEBTRATIOSARERELATEDTOAFIRMSEXPECTEDGROWTH,NONDEBTTAXSHIELDS,VOLATILITY,ORTHECOLLATERALVALUEOFITSASSETSWEDO,HOWEVER,FINDSOMESUPPORTFORTHEPROPOSITIONTHATPROFITABLEFIRMSHAVERELATIVELYLESSDEBTRELATIVETOTHEMARKETVALUEOFTHEIREQUITYIDETERMINANTSOFCAPITALSTRUCTUREINTHISSECTION,W
13、EPRESENTABRIEFDISCUSSIONOFTHEATTRIBUTESTHATDIFFERENTTHEORIESOFCAPITALSTRUCTURESUGGESTMAYAFFECTTHEFIRMSDEBTEQUITYCHOICETHESEATTRIBUTESAREDENOTEDASSETSTRUCTURE,NONDEBTTAXSHIELDS,GROWTH,UNIQUENESS,5INDUSTRYCLASSIFICATION,SIZE,EARNINGSVOLATILITY,ANDPROFITABILITYTHEATTRIBUTES,THEIRRELATIONTOTHEOPTIMALCAP
14、ITALSTRUCTURECHOICE,ANDTHEIROBSERVABLEINDICATORSAREDISCUSSEDBELOWACOLLATERALVALUEOFASSETSTHEESTIMATEDMODELINCORPORATESTWOINDICATORSFORTHECOLLATERALVALUEATTRIBUTETHEYINCLUDETHERATIOOFINTANGIBLEASSETSTOTOTALASSETSINT/TAANDTHERATIOOFINVENTORYPLUSGROSSPLANTANDEQUIPMENTTOTOTALASSETSIGP/TATHEFIRSTINDICATO
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20、BENOTEDTHATGROWTHOPPORTUNITIESARECAPITALASSETSTHATADDVALUETOAFIRMBUTCANNOTBECOLLATERALIZEDANDDONOTGENERATECURRENTTAXABLEINCOMEFORTHISREASON,THEARGUMENTSPUTFORTHINTHEPREVIOUSSUBSECTIONSALSOSUGGESTANEGATIVERELATIONBETWEENDEBTANDGROWTHOPPORTUNITIESINDICATORSOFGROWTHINCLUDECAPITALEXPENDITURESOVERTOTALAS
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22、AUSALLYLINKEDTOITSBANKRUPTCYSTATUSASARESULT,THECOSTSTHATFIRMSCANPOTENTIALLYIMPOSEONTHEIRCUSTOMERS,SUPPLIERS,ANDWORKERSBYLIQUIDATINGARERELEVANTTOTHEIRCAPITALSTRUCTUREDECISIONSCUSTOMERS,WORKERS,ANDSUPPLIERSOFFIRMSTHATPRODUCEUNIQUEORSPECIALIZEDPRODUCTSPROBABLYSUFFERRELATIVELYHIGHCOSTSINTHEEVENTTHATTHEY
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24、VERSALESRD/S,SELLINGEXPENSESOVERSALESSEIS,ANDQUITRATESQR,THEPERCENTAGEOFTHEINDUSTRYSTOTALWORKFORCETHATVOLUNTARILYLEFTTHEIRJOBSINTHESAMPLEYEARSITISPOSTULATEDTHATRD/SMEASURESUNIQUENESSBECAUSEFIRMSTHATSELLPRODUCTSWITHCLOSESUBSTITUTESARELIKELYTODOLESSRESEARCHANDDEVELOPMENTSINCETHEIRINNOVATIONSCANBEMOREE
25、ASILYDUPLICATEDINADDITION,SUCCESSFULRESEARCHAND7DEVELOPMENTPROJECTSLEADTONEWPRODUCTSTHATDIFFERFROMTHOSEEXISTINGINTHEMARKETFIRMSWITHRELATIVELYUNIQUEPRODUCTSAREEXPECTEDTOADVERTISEMOREAND,INGENERAL,SPENDMOREINPROMOTINGANDSELLINGTHEIRPRODUCTSHENCE,SE/SISEXPECTEDTOBEPOSITIVELYRELATEDTOUNIQUENESSHOWEVER,I
26、TISEXPECTEDTHATFIRMSININDUSTRIESWITHHIGHQUITRATESAREPROBABLYRELATIVELYLESSUNIQUESINCEFIRMSTHATPRODUCERELATIVELYUNIQUEPRODUCTSTENDTOEMPLOYWORKERSWITHHIGHLEVELSOFJOBSPECIFICHUMANCAPITALWHOWILLTHUSFINDITCOSTLYTOLEAVETHEIRJOBSITISAPPARENTFROMTWOOFTHEINDICATORSOFUNIQUENESS,RD/SANDSE/S,THATTHISATTRIBUTEMA
27、YALSOBERELATEDTONONDEBTTAXSHIELDSANDCOLLATERALVALUERESEARCHANDDEVELOPMENTANDSOMESELLINGEXPENSESSUCHASADVERTISINGCANBECONSIDEREDCAPITALGOODSTHATAREIMMEDIATELYEXPENSEDANDCANNOTBEUSEDASCOLLATERALGIVENTHATOURESTIMATIONTECHNIQUECANONLYIMPERFECTLYCONTROLFORTHESEOTHERATTRIBUTES,THEUNIQUENESSATTRIBUTEMAYBEN
28、EGATIVELYRELATEDTOTHEOBSERVEDDEBTRATIOBECAUSEOFITSPOSITIVECORRELATIONWITHNONDEBTTAXSHIELDSANDITSNEGATIVECORRELATIONWITHCOLLATERALVALUEEINDUSTRYCLASSIFICATIONTITMANSUGGESTSTHATFIRMSTHATMAKEPRODUCTSREQUIRINGTHEAVAILABILITYOFSPECIALIZEDSERVICINGANDSPAREPARTSWILLFINDLIQUIDATIONESPECIALLYCOSTLYTHISINDICA
29、TESTHATFIRMSMANUFACTURINGMACHINESANDEQUIPMENTSHOULDBEFINANCEDWITHRELATIVELYLESSDEBTTOMEASURETHIS,WEINCLUDEADUMMYVARIABLEEQUALTOONEFORFIRMSWITHSICCODESBETWEEN3400AND4000FIRMSPRODUCINGMACHINESANDEQUIPMENTANDZEROOTHERWISEASASEPARATEATTRIBUTEAFFECTINGTHEDEBTRATIOSFSIZEANUMBEROFAUTHORSHAVESUGGESTEDTHATLE
30、VERAGERATIOSMAYBERELATEDTOFIRMSIZEWARNERANDANG,CHUA,ANDMCCONNELLPROVIDEEVIDENCETHATSUGGESTSTHATDIRECTBANKRUPTCYCOSTSAPPEARTOCONSTITUTEALARGERPROPORTIONOFAFIRMSVALUEASTHATVALUEDECREASESITISALSOTHECASETHATRELATIVELYLARGEFIRMSTENDTOBEMOREDIVERSIFIEDANDLESSPRONETOBANKRUPTCYTHESEARGUMENTSSUGGESTTHATLARGE
31、FIRMSSHOULDBEMOREHIGHLYLEVERAGEDTHECOSTOFISSUINGDEBTANDEQUITYSECURITIESISALSORELATEDTOFIRMSIZEIN8PARTICULAR,SMALLFIRMSPAYMUCHMORETHANLARGEFIRMSTOISSUENEWEQUITYSEESMITH34ANDALSOSOMEWHATMORETOISSUELONGTERMDEBTTHISSUGGESTSTHATSMALLFIRMSMAYBEMORELEVERAGEDTHANLARGEFIRMSANDMAYPREFERTOBORROWSHORTTERMTHROUG
32、HBANKLOANSRATHERTHANISSUELONGTERMDEBTBECAUSEOFTHELOWERFIXEDCOSTSASSOCIATEDWITHTHISALTERNATIVEWEUSETHENATURALLOGARITHMOFSALESLNSANDQUITRATESQRASINDICATORSOFSIZETHELOGARITHMICTRANSFORMATIONOFSALESREFLECTSOURVIEWTHATASIZEEFFECT,IFITEXISTS,AFFECTSMAINLYTHEVERYSMALLFIRMSTHEINCLUSIONOFQUITRATES,ASANINDICA
33、TOROFSIZE,REFLECTSTHEPHENOMENONTHATLARGEFIRMS,WHICHOFTENOFFERWIDERCAREEROPPORTUNITIESTOTHEIREMPLOYEES,HAVELOWERQUITRATESGVOLATILITYMANYAUTHORSHAVEALSOSUGGESTEDTHATAFIRMSOPTIMALDEBTLEVELISADECREASINGFUNCTIONOFTHEVOLATILITYOFEARNINGWEWEREONLYABLETOINCLUDEONEINDICATOROFVOLATILITYTHATCANNOTBEDIRECTLYAFF
34、ECTEDBYTHEFIRMSDEBTLEVEL“ITISTHESTANDARDDEVIATIONOFTHEPERCENTAGECHANGEINOPERATINGINCOMESIGOISINCEITISTHEONLYINDICATOROFVOLATILITY,WEMUSTASSUMETHATITMEASURESTHISATTRIBUTEWITHOUTERRORHPROFITABILITYMYERSCITESEVIDENCEFROMDONALDSONANDBREALEYANDMYERSTHATSUGGESTSTHATFIRMSPREFERRAISINGCAPITAL,FIRSTFROMRETAI
35、NEDEARNINGS,SECONDFROMDEBT,ANDTHIRDFORMISSUINGNEWEQUITYHESUGGESTSTHATTHISBEHAVIORMAYBEDUETOTHECOSTSOFISSUINGNEWEQUITYTHESECANBETHECOSTSDISCUSSEDINMYERSANDMAJLUFTHATARISEBECAUSEOFASYMMETRICINFORMATION,ORTHEYCANBETRANSACTIONCOSTSINEITHERCASE,THEPASTPROFITABILITYOFAFIRM,ANDHENCETHEAMOUNTOFEARNINGSAVAIL
36、ABLETOBERETAINED,SHOULDBEANIMPORTANTDETERMINANTOFITSCURRENTCAPITALSTRUCTUREWEUSETHERATIOSOFOPERATINGINCOMEOVERSALESOI/SANDOPERATINGINCOMEOVERTOTALASSETSOI/TAASINDICATORSOFPROFITABILITYSUMMARYANDCONCLUSIONTHISPAPERINTRODUCEDAFACTORANALYTICTECHNIQUEFORESTIMATINGTHEIMPACTOFUNOBSERVABLEATTRIBUTESONTHECH
37、OICEOFCORPORATEDEBTRATIOSWHILEOURRESULTSARE9NOTCONCLUSIVE,THEYSERVETODOCUMENTEMPIRICALREGULARITIESTHATARECONSISTENTWITHEXISTINGTHEORYINPARTICULAR,WEFINDTHATDEBTLEVELSARENEGATIVELYRELATEDTOTHE“UNIQUENESS“OFAFIRMSLINEOFBUSINESSTHISEVIDENCEISCONSISTENTWITHTHEIMPLICATIONSOFTITMANTHATFIRMSTHATCANPOTENTIA
38、LLYIMPOSEHIGHCOSTSONTHEIRCUSTOMERS,WORKERS,ANDSUPPLIERSINTHEEVENTOFLIQUIDATIONHAVELOWERDEBTRATIOSTHERESULTSALSOINDICATETHATTRANSACTIONCOSTSMAYBEANIMPORTANTDETERMINANTOFCAPITALSTRUCTURECHOICESHORTTERMDEBTRATIOSWERESHOWNTOBENEGATIVELYRELATEDTOFIRMSIZE,POSSIBLYREFLECTINGTHERELATIVELYHIGHTRANSACTIONCOST
39、SSMALLFIRMSFACEWHENISSUINGLONGTERMFINANCIALINSTRUMENTSSINCETRANSACTIONCOSTSAREGENERALLYASSUMEDTOBESMALLRELATIVETOOTHERDETERMINANTSOFCAPITALSTRUCTURE,THEIRIMPORTANCEINTHISSTUDYSUGGESTSTHATTHEVARIOUSLEVERAGERELATEDCOSTSANDBENEFITSMAYNOTBEPARTICULARLYSIGNIFICANTINTHISSENSE,ALTHOUGHTHERESULTSSUGGESTTHAT
40、CAPITALSTRUCTURESARECHOSENSYSTEMATICALLY,THEYAREINLINEWITHMILLERSARGUMENTTHATTHECOSTSANDBENEFITSASSOCIATEDWITHTHISDECISIONARESMALLADDITIONALEVIDENCERELATINGTOTHEIMPORTANCEOFTRANSACTIONCOSTSISPROVIDEDBYTHENEGATIVERELATIONBETWEENMEASURESOFPASTPROFITABILITYANDCURRENTDEBTLEVELSSCALEDBYTHEMARKETVALUEOFEQ
41、UITYTHISEVIDENCEALSOSUPPORTSSOMEOFTHEIMPLICATIONSOFMYERSANDMAJLUFANDMYERSOURRESULTSDONOTPROVIDESUPPORTFORANEFFECTONDEBTRATIOSARISINGFROMNONDEBTTAXSHIELDS,VOLATILITY,COLLATERALVALUE,ORFUTUREGROWTHHOWEVER,ITREMAINSANOPENQUESTIONWHETHEROURMEASUREMENTMODELDOESINDEEDCAPTURETHERELEVANTASPECTSOFTHEATTRIBUT
42、ESSUGGESTEDBYTHESETHEORIESONECOULDARGUETHATTHEPREDICTEDEFFECTSWERENOTUNCOVEREDBECAUSETHEINDICATORSUSEDINTHISSTUDYDONOTADEQUATELYREFLECTTHENATUREOFTHEATTRIBUTESSUGGESTEDBYTHEORYIFSTRONGERLINKAGESBETWEENOBSERVABLEINDICATORVARIABLESANDTHERELEVANTATTRIBUTESCANBEDEVELOPED,THENTHEMETHODSSUGGESTEDINTHISPAPERCANBEUSEDTOTESTMOREPRECISELYTHEEXTANTTHEORIESOFOPTIMALCAPITALSTRUCTURE
