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1、本科毕业论文（设计）外文翻译原文：ProfitMarginAndCapitalStructure:AnEmpiricalRelationshipThisstudyconstitutesanattempttoinvestigatetherelationshipbetweendebt-toequityratioandfirm’sprofitability,takingintoconsiderationtheleveloffirms’investmentandthedegreeofmarketpower.Thestudyusespaneldataforvariousindu
2、stries,coveringtheperiod1995-96.Themainconclusionsofourstudyare:a)firmswhichprefertofinancetheirinvestmentactivitiesthroughself-financearemoreprofitablethanfirmswhichfinanceinvestmentthroughborrowedcapital;b)firmsprefercompetingwitheachotherthancooperating;c)firmsusetheirinvestmentinfix
3、edassetsasastrategicvariabletoaffectprofitability.1.IntroductionThestructure-conduct-performanceparadigmhasplayedaveryimportantroleinstudyingthedeterminantsoffirms'performance(Bain,1956).Mostempiricalstudiesonthatareaconcentratedontheexplanationofperformanceacrossindustriesbyregressingp
4、rofitabilityonstructuralandconductvariablesattheindustrylevel(CollinsandPreston,1969).Industryleveldatawereusedmainlybecausetheyareeasilyavailable.Asthedefinitionofindustryisnotsatisfactory,therehasbeenashiftofemphasisfromindustrytofirmfortheanalysisofthestructure-performancerelationshi
5、p(Shepherd,1972).Nowadays,thestructure-conduct-performancerelationshipistestedbythepaneldatamethodbecauseitsresultstakeintoconsiderationstructuralchangeaswellascyclicalfluctuations(Domowitzet.al.,1986).Fewstudieshaveusedfinancialindicesasindependentvariables(HallandWeiss1967,Gale1972,Hu
6、rdle1974,Oustapassidis1998),inordertoexplaindifferencesinfirms'profitmargins.MostofthestudieshaveconcentratedonissuessuchasR&Dpolicies,advertising,economiesofscale,e.t.c.,toexplaindifferencesinprice-costmargins(Clarke1984,Connollyet.al1984,Conyonet.al.1991,Frangouli1999,Gisser1991,Marti
7、n1979,Pagou-latoset.al.1981).Financialfactorsmaybeconsideredasstrategicconductvariablesbecausetheyaffectthecostofcapitalandthusthefirm’sperformance.Tomeasuredimensionsofcapitalstructureanduncertaintytherelevantstudieshaveusedthedebt-to-equityratio,equitycapitaltototalassetsrati
