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1、本科毕业论文(设计)外文翻译原文:Capitalstructure,dividendpolicy,andmultinational:Theoryversusempiricalevidence3.1.FactorsinfluencingcapitalstructureanddividendpolicyItisimportanttoexaminethefactorsthatimpactcapitalstructureanddividendpolicysothatappropriatecontrolvariablescanbeinclude
2、dintheexaminationoftheimpactofmultinationaloncapitalstructureanddividendpolicy.Thelistofthesecontrolvariablesmustbebasedonextanttheoriesandempiricalevidencerelatedtocapitalstructureanddividendpolicy.TheoriesintheseareasgenerallystartwiththewellknownresultspresentedinMod
3、iglianiandMiller(1958)notethatinanefficientmarketsworldwithnotaxesorbankruptcycosts,thevalueofafirmisinvarianttoitscapitalstructure.Thistheoryhassincebeenmodifiedandextendedsothatcapitalstructuredoesmattertoincludenotonlytheimpactoftaxesandbankruptcycosts,butalsothereal
4、worldcostsrelatedtoagencyproblems,asymmetricinformation,moralhazard,andotherfrictionsanddeviationsfromperfectmarkets.3.1.1.OperatingleverageandotherinfluencesTheoperatingleverageofafirmreflectsitsbusinessrisk.Firmswithhigheroperatingleveragefacehigherbankruptcyprobabili
5、tiesandshouldhavelowerfinancialleverage.However,higheroperatingleverageisgenerallyassociatedwithhigherlevelsoffixedtangibleassets—indeedtheproportionofsuchassetsiswidelyusedintheliteratureasameasureofoperatingleverage.Afirm'sleveloffixedassetsshouldbeassociatedpositivel
6、ywithleverageashighlevelsofsuchassetscanbeusedascollateralforloans(Friend&Lang,1988;Long&Malitz,1985).Jensen,Solberg,andZorn(1992)provideempiricalsupportforthepositiveimpactonleverageofassetsavailableforcollateral.Thenon-debttaxshieldvariableisalsoimportantasfirmswithhi
7、ghlevelsofnon-debttaxshieldsareexpectedtohavelowerdebtlevels(Kim&Sorensen,1986).Duetoinstitutionalpractices,herdingamongmanagers,bankers,andfinanciers,andtheirinfluenceoffirmrisk,capitalstructureanddividendpolicycanalsobeexpectedtovarywithfirmsizeandindustryclassificati
8、on.3.1.2.Trade-offtheoriesInthetrade-offtheory,capitalstructuredecisionsoffirmsdependonbenefitsandcostsofusing