1、中文 3160 字 1 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
2、 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
3、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 vola
4、tility, 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 c
5、apital 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 an
6、d 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
7、 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 its properties should be measured, they are used in the regression analysis will lead to errors
8、 in variable problem； fourth, the agent variables and measurement error 2 may be explained by variables related to measurement error will produce false (Spurious) related. In this paper, two-stage multiple procedures, application of factor analysis-based model to reduce measurement error, to expand
9、the capital structure of Chinese listed companies Empirical Study. Capital Structure To build the empirical model, the author according to the capital structure theory and relevant empirical research on factors affecting capital structure analysis, and gives a proxy variable to capture these factors
10、. I, the asset structure Agency theory, balance theory and the theory of asymmetric information are considered assets for capital structure choice. According to agency theory, high-leverage the companys shareholders tend to sub-optimal investment (Jensen and Meckling, 1976； Myers, 1977). The assets
11、of the company secured an opportunity to limit such behavior. Therefore, the value of assets and leverage are related to security. Another problem comes from a proxy service managers tend to consumption. Assets can be secured with fewer companies more vulnerable to such agency costs, because these c
12、ompanies on the capital expenditure monitoring more difficult (Grossman and Hart, 1982). Companies can increase the level of debt as a monitoring tool to mitigate this problem. Therefore, security assets and leverage can be negative. Theory from the balance with debt secured creditors to reduce the
13、potential loss of the debtors insolvency and, therefore, limit the amount of shareholder wealth, occupation of the debtor. Meanwhile, in bankruptcy the value of tangible assets higher than the value of intangible assets. Therefore, the value of assets and leverage are related to security. Under asym
14、metric information theory, tangible assets, more businesses will face less information asymmetry, therefore, should issue equity rather than debt. And the existence of asymmetric information, to the sale of secured debt had a negative because it reduces information premium. For asset structure, we u
15、se stock / total assets (INV) and fixed assets / total assets (FIX) two proxy variables. II, firm size Many studies suggest that large companies tend to diversify, with more stable cash flow, so low probability of bankruptcy. Warner (1997), Angclua and Meconnel (1982) study found that direct costs o
16、f financial distress and negatively related to firm size. Fama and Jensen (1983) that large corporations to smaller companies tend to provide more information on lenders. Therefore, less monitoring costs of large 3 companies, large companies than small companies with high borrowing capacity. Therefo
17、re, firm size should be positively correlated with leverage. And Rajan and Zingales (1995) that the large companies than small companies tend to provide more information to the public, may be related to internal investment company size and level of external investment in human negative correlation o
18、f asymmetric information. Under asymmetric information theory, large companies should be inclined to equity financing and therefore have lower leverage. The size of the company, we use the natural logarithm of total assets (LN (TA) and the main business income of the natural logarithm (LN (S) of two
19、 proxy variables. III, the tax That the use of tax-based model of the main benefits of debt financing is tax credits. According to tax-based theory, companies with higher marginal tax rates should use more debt to get the tax shield benefits. Therefore, the effective marginal tax rates should be pos
20、itively correlated with leverage. Unable to obtain relevant data to calculate the marginal tax rate, we use the average tax rate (TAX) to analyze the tax impact of capital structure choice. IV, non-debt tax shield DeAngelo and Masulis (1980) that non-debt tax shield can be used as an alternative to
21、debt financing, tax benefits, the same as in other cases, the non-debt tax shields have more companies should use less debt. Barton et al (1989), Prowse (1990), Wald (1999), Kim and Sorensen (1986) research shows that non-debt tax shields and leverage negative. In this paper, depreciation / total as
22、sets as non-debt tax shield (DEP) of the proxy variables. V. Growth According to agency theory, equity-controlled companies tend to sub-optimal investment will be deprived of their wealth came from the hands of creditors. For high growth companies, because of its future investment opportunities in t
23、he choice of greater flexibility, these companies may be more serious agency problems. Myers (1977) that high growth companies lower the future investment in growth companies have more options. If the high-growth companies need external equity financing options to implement in the future, then the c
24、ompany has a large debt may give up this opportunity, because such investment will transfer wealth from shareholders to creditors of the body, which produces the problem of insufficient investment. Therefore, growth should be negatively correlated with leverage. For growth, this growth rate with tot
25、al assets (GRTA) and the equity value-added rate (GREQ) two 4 proxy variables. VI, volatility Regular payment of debt obligations involved, the highly leveraged company is more vulnerable to financial distress costs. Finance theory suggests that the risk of the company or bankrupt companies should n
26、ot have a high probability of higher leverage. Therefore, the main business income volatility or commercial risk as the possibility of occurrence of financial distress proxy variables, which should be negatively correlated with leverage. Bradley et al (1984), Titman and Wesssels (1988), Wald (1999) and Booth et al (2001) and other studies have shown that volatility negatively correlated with leverage. In this paper, the main business of the standards slip (VOL) as a proxy for volatility.
