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1、外文翻译原文TheCapitalStructurePuzzleMaterialSource:http://ishare.iask.sina.com.cn/f/11126442.htmlAuthor:StewartC.MyersIwillcontrasttwowaysofthinkingaboutcapitalstructure:1.Astatictradeoffframework,inwhichthefirmisviewedassettingatargetdebt-to-valueratioandgraduallymovi
2、ngtowardsit,inmuchthesamewaythatafirmadjustsdividendstomovetowardsatargetpayoutratio.2.Anold-fashionedpeckingorderframework,inwhichthefirmprefersinternaltoexternalfinancing,anddebttoequityifitissuessecurities.Inthepurepeckingordertheory,thefirmhasnowell-definedtar
3、getdebt-to-valueratio.Recenttheoreticalworkhasbreathednewlifeintothepeckingorderframework.Iwillarguethatthistheoryperformsatleastaswellasthestatictradeofftheoryinexplainingwhatweknowaboutactualfinancingchoicesandtheiraverageimpactsonstockprices.ManagerialandNeutra
4、lMutationHypothesesIhavearbitrarily,andprobablyunfairly,excluded"managerial"theorieswhichmightexplainfirms'capitalstructurechoices.'Ihavechosennottoconsidermodelswhichcuttheumbilicalcordthattiesmanagers'actstostockholders'interests.IamalsosidesteppingMiller'sideao
5、f"neutralmutation."Hesuggeststhatfirmsfallintosomefinancingpatternsorhabitswhichhavenomaterialeffectonfirmvalue.Thehabitsmaymakemanagersfeelbetter,andsincetheydonoharm,noonecarestostoporchangethem.Thussomeonewhoidentifiesthesehabitsandusesthemtopredictfinancingbeh
6、aviorwouldnotbeexplaininganythingimportant.Theneutralmutationsideaisimportantasawarning.Giventimeandimagination,economistscanusuallyinventsomemodelthatassignsapparenteconomicrationalitytoanyrandomevent.Buttakingneutralmutationasastrictnullhypothesismakesthegameofr
7、esearchtootoughtoplay.Ifaneconomistidentifiescostsofvariousfinancingstrategies,obtainsindependentevidencethatthecostsarereallythere,andthenbuildsamodelbasedonthesecostswhichexplains10firms'financingbehavior,thensomeprogresshasbeenmade,evenifitprovesdifficulttodemo
8、nstratethat,say,atypeAfinancingstrategygiveshigherfirmvaluethanatypeB.(Infact,wewouldneverseetypeBifallfirmsfollowvalue-maximizingstrategies.)Thereisano
