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1、外文文献翻译译文一、外文原文原文:TheDeterminantsofCapitalStructureChoiceThebasicapproachtakeninpreviousempiricalworkhasbeentoestimateregressionequationswithproxiesfortheunobservabletheoreticalattributes.Thisapproachhasanumberofproblems.First,theremaybenouniquerepresentationoftheattributeswewis
2、htomeasure.Thereareoftenmanypossibleproxiesforaparticularattribute,andresearchers,lackingtheoreticalguidelines,maybetemptedtoselectthosevariablesthatworkbestintermsofstatisticalgoodness-of-fitcriteria,therebybiasingtheirinterpretationofthesignificancelevelsoftheirtests.Second,i
3、tisoftendifficulttofindmeasuresofparticularattributesthatareunrelatedtootherattributesthatareofinterest.Thus,selectedproxyvariablesmaybemeasuringtheeffectsofseveraldifferentattributes.Third,sincetheobservedvariablesareimperfectrepresentationsoftheattributestheyaresupposedtomeas
4、ure,theiruseinregressionanalysisintroducesanerrors-in-variableproblem.Finally,measurementerrorsintheproxyvariablesmaybecorrelatedwithmeasurementerrorsinthedependentvariables,creatingspuriouscorrelationsevenwhentheunobservedattributebeingmeasuredisunrelatedtothedependentvariable
5、.Thisstudyextendsempiricalworkoncapitalstructuretheoryinthreeways.First,itextendstherangeoftheoreticaldeterminantsofcapitalstructurebyexaminingsomerecentlydevelopedtheoriesthathavenot,asyet,beenanalyzedempirically.Second,sincesomeofthesetheorieshavedifferentempiricalimplication
6、swithregardtodifferenttypesofdebtinstruments,weanalyzeseparatemeasuresofshort-term,long-term,andconvertibledebtratherthananaggregatemeasureoftotaldebt.Third,atechniqueisusedthatexplicitlyrecognizesandmitigatesthemeasurementproblemsdiscussedabove.Thistechnique,whichisanextension
7、ofthefactor-analyticapproachtomeasuringunobservedorlatentvariables,isknownaslinearstructuralmodeling.Verybriefly,thismethodassumesthat,althoughtherelevantattributesarenotdirectlyobservable,wecanobserveanumberofindicatorvariablesthatarelinearfunctionsofoneormoreattributesandaran
8、domerrorterm.Thereis,inthisspecification,adirectanalog