资本结构选择的决定因素[外文翻译].doc
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1、本科毕业论文(设计)外 文 翻 译原文:The Determinants of Capital Structure ChoiceThis paper analyzes the explanatory power of some of the recent theories of optimal capital structure. The study extends empirical work on capital structure theory in three ways. First, it examines a much broader set of capital structur
2、e theories, many of which have not previously been analyzed empirically. Second, since the theories have different empirical implications in regard to different types of debt instruments, the authors analyze measures of short-term, long-term, and convertible debt rather than an aggregate measure of
3、total debt. Third, the study uses a factor-analytic technique that mitigates the measurement problems encountered when working with proxy variables.In recent years , a number of theories have been proposed to explain the variation in debt ratios across firms. The theories suggest that firms select c
4、apital structures depending on attributes that determine the various costs and benefits associated with debt and equity financing. Empirical work in this area has lagged behind the theoretical research, perhaps because the relevant firm attributes are expressed in terms of fairly abstract concepts t
5、hat are not directly observable.The basic approach taken in previous empirical work has been to estimate regression equations with proxies for the unobservable theoretical attributes. This approach has a number of problems. First, there may be no unique representation of the attributes we wish to me
6、asure. There are often many possible proxies for a particular attribute, and researchers, lacking theoretical guidelines, may be tempted to select those variables that work best in terms of statistical goodness-of-fit criteria, thereby biasing their interpretation of the significance levels of their
7、 tests. Second, it is often difficult to find measures of particular attributes that are unrelated to other attributes that are of interest. Thus, selected proxy variables may be measuring the effects of several different attributes. Third, since the observed variables are imperfect representations
8、of the attributes they are supposed to measure, their use in regression analysis introduces an errors-in-variable problem. Finally, measurement errors in the proxy variables may be correlated with measurement errors in the dependent variables, creating spurious correlations even when the unobserved
9、attribute being measured is unrelated to the dependent variable.This study extends empirical work on capital structure theory in three ways. First, it extends the range of theoretical determinants of capital structure by examining some recently developed theories that have not, as yet, been analyzed
10、 empirically. Second, since some of these theories have different empirical implications with regard to different types of debt instruments, we analyze separate measures of short-term, long-term, and convertible debt rather than an aggregate measure of total debt. Third, a technique is used that exp
11、licitly recognizes and mitigates the measurement problems discussed above.This technique, which is an extension of the factor-analytic approach to measuring unobserved or latent variables, is known as linear structural modeling . Very briefly, this method assumes that, although the relevant attribut
12、es are not directly observable, we can observe a number of indicator variables that are linear functions of one or more attributes and a random error term. There is, in this specification, a direct analogy with the return-generating process assumed to hold in the Arbitrage Pricing Theory. While the
13、identifying restrictions imposed on our model are different, the techniquefor estimating it is very similar to the procedure used by Roll and Ross to test the APT.Our results suggest that firms with unique or specialized products have relatively low debt ratios. Uniqueness is categorized by the firm
14、s expenditures on research and development, selling expenses, and the rate at which employees voluntarily leave their jobs. We also find that smaller firms tend to use significantly more short-term debt than larger firms. Our model explains virtually none of the variation in convertible debt ratios
15、across firms and finds no evidence to support theoretical work that predicts that debt ratios are related to a firms expected growth, non-debt tax shields, volatility, or the collateral value of its assets. We do, however, find some support for the proposition that profitable firms have relatively l
16、ess debt relative to the market value of their equity.In this section, we present a brief discussion of the attributes that different theories of capital structure suggest may affect the firms debt-equity choice. These attributes are denoted asset structure, non-debt tax shields, growth, uniqueness,
17、 industry classification, size, earnings volatility, and profitability. The attributes, their relation to the optimal capital structure choice, and their observable indicators are discussed below.Six measures of financial leverage are used in this study. They are long-term, short-term, and convertib
18、le debt divided by market and by book values of equity. Although these variables could have been combined to extract a common debt ratio attribute, which could in turn be regressed against the independent attributes, there is good reason for not doing this. Some of the theories of capital structure
19、have different implications for the different types of debt, and, for the reasons discussed below, the predicted coefficients in the structural model may differ according to whether debt ratios are measured in terms of book or market values. Moreover, measurement errors in the dependent variables ar
20、e subsumed in the disturbance term and do not bias the regression coefficients.Data limitations force us to measure debt in terms of book values rather than market values. It would, perhaps, have been better if market value data were available for debt. However, Bowman demonstrated that the cross-se
21、ctional correlation between the book value and market value of debt is very large, so the misspecification due to using book value measures is probably fairly small. Furthermore, we have no reason to suspect that the cross-sectional differences between market values and book values of debt should be
22、 correlated with any of the determinants of capital structure suggested by theory, so no obvious bias will result because of this misspecification.The variables discussed in the previous sections were analyzed over the 1974 through 1982 time period. The source of all the data except for the quit rat
23、es is the Annual Compustat Industrial Files. The quit-rate data are from the U.S. Department of Labor, Bureau of Labor Statistics, Employment and Earnings publication. These data are available only at the four-digit (SIC code) industry level for manufacturing firms.From the total sample, we deleted
24、all the observations that did not have a complete record on the variables included in our analysis. Furthermore, since many of the indicator variables are scaled by total assets or average operating income, we were forced to delete a small number of observations that included negative values for one
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