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1、中文3160字1外文翻译原文 Capital structure influencing factor analysis research Material Source:Theory of Optimal Capital Structure Author : R. Barea Since the Modigliani and Miller (1958) since the academic structure of the capital a large number of theoretical and empirical research, trying to identify the
2、potential impact of capital structure choice factors. A lot of literature suggests that the choice of capital structure by the asset structure, firm size, non-debt tax shields, growth, volatility, product uniqueness, profitability and other firm characteristics factors. In addition, the choice of ca
3、pital structure is also affected by industry characteristics, macroeconomic and institutional environment factors. Harris and Raviv (1991) from the experience of many U.S. companies to sum up: leverage ratio of fixed assets, non-debt tax shields, growth and company size increases, with the volatilit
4、y, advertising costs, bankruptcy the possibility of profitability and product uniqueness increases less. Chinese listed companies due to the particularity of the system, what factors determine the choice of capital structure? Characteristics of institutional factors influenced how the company capita
5、l structure choice? Experiences and things like that to be the model and empirical test. In recent years, researchers began to affect the capital structure of listed companies in an empirical study of factors, such as Lu Zhengfei, and Xin Yu (1998), Lishan Min and Su Yun (1999), Xiaozuo Ping and Wu
6、Shinong (2002), and achieved certain results, However, most studies are using a simple regression technique factors on capital structure for empirical analysis. Titman and Wessels (1988) pointed out the shortcomings of this approach: First, there is no wish to measure the sole representative of the
7、property; Second, it is difficult to find and other relevant property is not related to the measurement of a particular property; third, As can be observed variable is not perfectly representative of its properties should be measured, they are used in the regression analysis will lead to errors in v
8、ariable problem; fourth, the agent variables and measurement error 2 may be explained by variables related to measurement error will produce false (Spurious) related. In this paper, two-stage multiple procedures, application of factor analysis-based model to reduce measurement error, to expand the c
9、apital structure of Chinese listed companies Empirical Study. Capital Structure To build the empirical model, the author according to the capital structure theory and relevant empirical research on factors affecting capital structure analysis, and gives a proxy variable to capture these factors. I,
10、the asset structure Agency theory, balance theory and the theory of asymmetric information are considered assets for capital structure choice. According to agency theory, high-leverage the companys shareholders tend to sub-optimal investment (Jensen and Meckling, 1976; Myers, 1977). The assets of th
11、e company secured an opportunity to limit such behavior. Therefore, the value of assets and leverage are related to security. Another problem comes from a proxy service managers tend to consumption. Assets can be secured with fewer companies more vulnerable to such agency costs, because these compan
12、ies on the capital expenditure monitoring more difficult (Grossman and Hart, 1982). Companies can increase the level of debt as a monitoring tool to mitigate this problem. Therefore, security assets and leverage can be negative. Theory from the balance with debt secured creditors to reduce the poten
13、tial loss of the debtors insolvency and, therefore, limit the amount of shareholder wealth, occupation of the debtor. Meanwhile, in bankruptcy the value of tangible assets higher than the value of intangible assets. Therefore, the value of assets and leverage are related to security. Under asymmetri
14、c information theory, tangible assets, more businesses will face less information asymmetry, therefore, should issue equity rather than debt. And the existence of asymmetric information, to the sale of secured debt had a negative because it reduces information premium. For asset structure, we use st
15、ock / total assets (INV) and fixed assets / total assets (FIX) two proxy variables. II, firm size Many studies suggest that large companies tend to diversify, with more stable cash flow, so low probability of bankruptcy. Warner (1997), Angclua and Meconnel (1982) study found that direct costs of fin
16、ancial distress and negatively related to firm size. Fama and Jensen (1983) that large corporations to smaller companies tend to provide more information on lenders. Therefore, less monitoring costs of large 3 companies, large companies than small companies with high borrowing capacity. Therefore, firm size should be positively correlated with leverage. And Rajan and Zingales (1995) that the large companies than small companies tend to provide more information to the
