外文翻译--融资偏好的西班牙企业：优序论证据（节选）

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1、2000 单词， 1.1 万英文字符， 3700 汉字 出处： Snchez-Vidal J, Martn-Ugedo J F. Financing Preferences of Spanish Firms: Evidence on the Pecking Order TheoryJ. Review of Quantitative Finance and Accounting, 2005, 25(4):341-355. 外 文 翻 译 原文： Financing Preferences of Spanish Firms: Evidence on the Pecking Order Theory

2、 J Snchez-Vidal， JF Martn-Ugedo This paper analyses some of the empirical implications of the pecking order theory in the Spanish market using a panel data analysis of 1,566 firms over 19942000. The results show that the pecking order theory holds for most subsamples analyzed, particularly for the s

3、mall and medium-sized enterprises and for the high-growth and highly leveraged companies. It is also shown that both the more and the less leveraged firms tend to converge towards more balanced capital structures. Finally, we observe that firms finance their funds flow deficits with long term debt.

4、A prime contribution on information asymmetry in capital structure theory is the Myers and Majluf (1984) model. Myers and Majluf observe that the empirical evidence is not consistent with a financial policy that is determined by a trade-off of the advantages and disadvantages of market imperfections

5、, mainly taxes, costs of financial distress, and agency costs. Rather, companies financial policies seem to be better explained by the behaviour described by Donaldson (1961).He establishes a hierarchy described by company preference for internal funds over external funds; in the case of external fu

6、nds, a company prefers debt first, then hybrid instruments like convertible bonds, and finally equity issues. This hierarchy, broadly characterized as pecking order theory, indicates that companies do not make financing decisions with the aim of achieving optimal leverage. Although they tend to be taken as the same thing, the pecking order theory and the Myers and Majluf (1984) model are not strictly speaking the same. The pecking order theory is merely a description of companie