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1、中文3160字1 外文翻译 原文 CapitalstructureinfluencingfactoranalysisresearchMaterialSource:TheoryofOptimalCapitalStructure Author:R.BareaSincetheModiglianiandMiller(1958)sincetheacademicstructureofthecapitalalargenumberoftheoreticalandempiricalresearch,tryingtoidentifythepotentialimpactofcapitalstructurecho
2、icefactors.Alotofliteraturesuggeststhatthechoiceofcapitalstructurebytheassetstructure,firmsize,non-debttaxshields,growth,volatility,productuniqueness,profitabilityandotherfirmcharacteristicsfactors.Inaddition,thechoiceofcapitalstructureisalsoaffectedbyindustrycharacteristics,macroeconomicandinstit
3、utionalenvironmentfactors.HarrisandRaviv(1991)fromtheexperienceofmanyU.S.companiestosumup:"leverageratiooffixedassets,non-debttaxshields,growthandcompanysizeincreases,withthevolatility,advertisingcosts,bankruptcythepossibilityofprofitabilityandproductuniquenessincreasesless."Chineselistedcompanies
4、duetotheparticularityofthesystem,whatfactorsdeterminethechoiceofcapitalstructure?Characteristicsofinstitutionalfactorsinfluencedhowthecompanycapitalstructurechoice?Experiencesandthingslikethattobethemodelandempiricaltest.Inrecentyears,researchersbegantoaffectthecapitalstructureoflistedcompaniesina
5、nempiricalstudyoffactors,suchasLuZhengfei,andXinYu(1998),LishanMinandSuYun(1999),XiaozuoPingandWuShinong(2002),andachievedcertainresults,However,moststudiesareusingasimpleregressiontechniquefactorsoncapitalstructureforempiricalanalysis.TitmanandWessels(1988)pointedouttheshortcomingsofthisapproach:
6、First,thereisnowishtomeasurethesolerepresentativeoftheproperty;Second,itisdifficulttofindandotherrelevantpropertyisnotrelatedtothemeasurementofaparticularproperty;third,Ascanbeobservedvariableisnotperfectlyrepresentativeofitspropertiesshouldbemeasured,theyareusedintheregressionanalysiswillleadtoer
7、rorsinvariableproblem;fourth,theagentvariablesandmeasurementerror2maybeexplainedbyvariablesrelatedtomeasurementerrorwillproducefalse(Spurious)related.Inthispaper,two-stagemultipleprocedures,applicationoffactorana
