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1、毕业设计(论文)外文资料翻译系别：管理信息系专业：财务管理班级：姓名：学号：外文出处：TheoryandDecision附件：1.原文；2.译文HowImportantisFinancialRisk?作者：SohnkeM.Bartram,GregoryW.Brown,andMuratAtamer起止页码：1-7出版日期（期刊号）：September2009,Vol.2,No.4(SerialNo.11)出版单位：TheoryandDecision,DOI10.1007/s11238-005-4590-0Abstra
2、ct：Thispaperexaminesthedeterminantsofequitypriceriskforalargesampleofnon-financialcorporationsintheUnitedStatesfrom1964to2008.Weestimatebothstructuralandreducedformmodelstoexaminetheendogenousnatureofcorporatefinancialcharacteristicssuchastotaldebt,debtmaturit
3、y,cashholdings,anddividendpolicy.Wefindthattheobservedlevelsofequitypriceriskareexplainedprimarilybyoperatingandassetcharacteristicssuchasfirmage,size,assettangibility,aswellasoperatingcashflowlevelsandvolatility.Incontrast,impliedmeasuresoffinancialriskaregen
4、erallylowandmorestablethandebt-to-equityratios.Ourmeasuresoffinancialriskhavedeclinedoverthelast30yearsevenasmeasuresofequityvolatility(e.g.idiosyncraticrisk)havetendedtoincrease.Consequently,documentedtrendsinequitypriceriskaremorethanfullyaccountedforbytrend
5、sintheriskinessoffirms’assets.Takentogether,theresultssuggestthatthetypicalU.S.firmsubstantiallyreducesfinancialriskbycarefullymanagingfinancialpolicies.Asaresult,residualfinancialrisknowappearsnegligiblerelativetounderlyingeconomicriskforatypicalnon-financial
6、firm.Keywords：Capitalstructure；financialrisk；riskmanagement；corporatefinance1IntroductionThefinancialcrisisof2008hasbroughtsignificantattentiontotheeffectsoffinancialleverage.Thereisnodoubtthatthehighlevelsofdebtfinancingbyfinancialinstitutionsandhouseholdssig
7、nificantlycontributedtothecrisis.Indeed,evidenceindicatesthatexcessiveleverageorchestratedbymajorglobalbanks(e.g.,throughthemortgagelendingandcollateralizeddebtobligations)andtheso-called“shadowbankingsystem”maybetheunderlyingcauseoftherecenteconomicandfinanci
8、aldislocation.Lessobviousistheroleoffinancialleverageamongnonfinancialfirms.Todate,problemsintheU.S.non-financialsectorhavebeenminorcomparedtothedistressinthefinancialsectordespite
