外文翻译--世界各地的资本结构：公司和国家因素在其中的影响（节选）

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1、2050 单词， 1.2 万英文字符， 3900 汉字 出处： Abe de Jong, Rezaul Kabir, 2007.9 “Capital Structure around the World: The Roles of Firm and Country-Specific Determinants”. ERIM Report Series Reach in Management.September.pp.58-63. 外文文献翻译译文 原文： Capital Structure around the World: The Roles of Firm and Country-Speci

2、fic Determinants We analyze the importance of firm-specific and country-specific factors in the leverage choice of firms from 42 countries around the world. Our analysis yields two new results. First, we find that firm-specific determinants of leverage differ across countries, while prior studies im

3、plicitly assume equal impact of firm-specific factors. Second, although we concur with the conventional direct impact of country-specific factors on the capital structure of firms, we show that there is an indirect impact because country-specific factors also influence the roles of firm-specific det

4、erminants of leverage. Prior research (e.g. Demirg-Kunt and Maksimovic, 1999; Booth, Demirg-Kunt and Maksimovic, 2001; Claessens, Djankov and Nenova, 2001; Bancel and Mittoo, 2004) finds that a firms capital structure is not only influenced by firm-specific factors but also by country specific facto

5、rs. In this study, we demonstrate that country-specific factors can affect corporate leverage in two ways. On the one hand, these factors can influence leverage directly. For example, a more developed bond market facilitating issue and trading of public bonds may lead to the use of higher leverage i

6、n a country, while a developed stock market has the opposite effect. On the other hand, we show that country-specific factors can also influence corporate leverage indirectly through their impact on firm-specific factors roles. For example, although the developed bond market of a country stimulates the use of debt, the role of asset tangibility as collateral in borrowing will be rather limited for firms in the same country. In other words, country-characteristics may explain why in one