资本结构影响因素的分析研究外文中英文翻译.doc

外文翻译 原文 Capital structure influencing factor analysis research Material Source: Theory of Optimal Capital Structure Author : R. Barea Since the Modigliani and Miller (1958) since the academic structure of the capital a large number of theoretical and empirical research, trying to identify the potential impact of capital structure choice factors. A lot of literature suggests that the choice of capital structure by the asset structure, firm size, non-debt tax shields, growth, volatility, product uniqueness, profitability and other firm characteristics factors. In addition, the choice of capital structure is also affected by industry characteristics, macroeconomic and institutional environment factors. Harris and Raviv (1991) from the experience of many U.S. companies to sum up: leverage ratio of fixed assets, non-debt tax shields, growth and company size increases, with the volatility, advertising costs, bankruptcy the possibility of profitability and product uniqueness increases less. Chinese listed companies due to the particularity of the system, what factors determine the choice of capital structure? Characteristics of institutional factors influenced how the company capital structure choice? Experiences and things like that to be the model and empirical test. In recent years, researchers began to affect the capital structure of listed companies in an empirical study of factors, such as Lu Zhengfei, and Xin Yu (1998), Lishan Min and Su Yun (1999), Xiaozuo Ping and Wu Shinong (2002), and achieved certain results, However, most studies are using a simple regression technique factors on capital structure for empirical analysis. Titman and Wessels (1988) pointed out the shortcomings of this approach: First, there is no wish to measure the sole representative of the property; Second, it is difficult to find and other relevant property is not related to the measurement of a particular property; third, As can be observed variable is not perfectly representative of i