债务融资和财务柔性[文献翻译]

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1、本科毕业论文（设计）外文翻译原文：DebtFinancialandFinancialFlexibilityFirmsthatintentionallyincreaseleveragethroughsubstantialdebtissuancesdosoprimarilyasaresponsetooperatingneedsratherthanadesiretomakealargeequitypayout.Subsequentdebtreductionsareneitherrapid,northeresultofpro-activeattemptstor

2、ebalancethefirm’scapitalstructuretowardsalong-runtarget.Instead,theevolutionofthefirm’sleverageratiodependsprimarilyonwhetherornotthefirmproducesafinancialsurplus.Infact,firmsthatgeneratesubsequentdeficitstendtocoverthesedeficitspredominantlywithmoredebteventhoughtheyexhibitleve

3、rageratiosthatarewellaboveestimatedtargetlevels.Whilemanyofourfindingsaredifficulttoreconcilewithtraditionalcapitalstructuremodels,theyarebroadlyconsistentwithacapitalstructuretheoryinwhichfinancialflexibility,intheformofunuseddebtcapacity,playsanimportantroleincapitalstructurec

4、hoices.Thesearchforanempiricallyviablecapitalstructuretheoryhasconfoundedfinancialeconomistsfordecades.Standardtrade-offmodelsofcapitalstructurehavebeencriticizedonthegroundsthattheydoapoorjobofexplainingobserveddebtratios.Forexample,trade-offmodelshavedifficultyexplainingwhyfir

5、mstendtoissuestockafterexogenousdecreasesinleverage(i.e.stockpricerun-ups),whyleverageratiosarenegativelyrelatedtoprofitability,andwhyfirmsseemtoforegopotentiallylargeinteresttaxshields.Thesemodelsappeartodoasimilarlypoorjobofexplainingcapitalstructuredynamics.Althoughmanyrecent

6、studiesreportevidenceconsistentwithactiverebalancingofcapitalstructurestowardsatargetleveragelevel,therelativelyslowspeedofadjustmentinthisprocessimpliessubstantialadjustmentcosts.However,IlievandWelch’s(2009)findingthattheaveragenon-stock-returncausedchangeinleverageisabout9%pe

7、ryearsuggeststhattheslowspeedsofadjustmentdocumentedintheliteraturearenotabyproductofthecostsofissuingdebtandequity.Largeadjustmentcostsarealsodifficulttorationalizeinthefaceofpervasiveunusedlinesofcredit(Sufi2009),accesstothecommercialpapermarket(Kahl,Shivdasani&Wang2008),andlo

8、w-cost(non-SEO)methodsofissuingequity(FamaandFr