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1、外文翻译DeterminantsofCapitalStructureMaterialSource:http://journal.fsv.cuni.czAuthor:PatrikBAUERThemoderntheoryofcapitalstructurewasestablishedbyModiglianiandMiller(1958).Thirty-sevenyearslater,RajanandZingales(1995,p.1421)stated:“Theoryhasclearlymadesomep
2、rogressonthesubject.WenowunderstandthemostimportantdeparturesfromtheModiglianiandMillerassumptionsthatmakecapitalstructurerelevanttoafirm’svalue.However,verylittleisknownabouttheempiricalrelevanceofthedifferenttheories.”Similarly,HarrisandRaviv(1991,p.2
3、99)intheirsurveyofcapitalstructuretheoriesclaimed:“Themodelssurveyedhaveidentifiedalargenumberofpotentialdeterminantsofcapitalstructure.Theempiricalworksofarhasnot,however,sortedoutwhichoftheseareimportantinvariouscontexts.”Thus,severalconditionaltheori
4、esofcapitalstructureexist(noneisuniversal),butverylittleisknownabouttheirempiricalrelevance.Moreover,theexistingempiricalevidenceisbasedmainlyondatafromdevelopedcountries(G7countries).Findingsbasedondatafromdevelopingcountrieshavenotappeareduntilrecentl
5、y–forexampleBoothetal.(2001)orHuangandSong(2002).Sofar,nostudyhasbeenpublishedbasedondatafromtransitioncountriesofCentralandEasternEurope,atleasttotheextentofthisauthor’sknowledge.Themaingoalofthispaperistofillthisgap,exploringthecaseoftheCzechRepublic.
6、1.TheoreticalAccordingtoMyers(2001,p.81),“thereisnouniversaltheoryofthedebtequitychoice,andnoreasontoexpectone”.However,thereareseveralusefulconditionaltheories,eachofwhichhelpstounderstandthedebt-to-equitystructurethatfirmschoose.Thesetheoriescanbedivi
7、dedintotwogroups–eithertheypredicttheexistenceoftheoptimaldebt-equityratioforeachfirm(so-calledstatictrade-offmodels)ortheydeclarethatthereisnowell-definedtargetcapitalstructure(pecking-orderhypothesis).Statictrade-offmodelsunderstandtheoptimalcapitalst
8、ructureasanoptimalsolutionofatrade-off,forexamplethetrade-offbetweenataxshieldandthecostsoffinancialdistressinthecaseoftrade-offtheory.Accordingtothistheorytheoptimalcapitalstructureisachievedwhenthemarginalpresentvalueofthetaxsh
