基于企業(yè)生命周期的資本結(jié)構(gòu)決策【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：CapitalStructureDecisionsDuringaFirm’sLifeCycleInoneofthemostinterestingstudiesonthecapitalstructureofsmallbusinessBergerUdell(1998)assertedthatgeneralfinancialtheyisnotapplicabletoallbusinesses.Inste

2、adtheparticularphaseofabusiness’slifecycledeterminesthenatureofitsfinancialneedstheavailabilityoffinancialresourcestherelatedcostofcapital.Thisapproachsupptsfinancialbehavisthatarelifecyclespecific.AsarguedbyKaplanStromb

3、erg(2003)thechangingdegreeofinfmationalopacitythatafirmfacesdrivesitsfinanciallifecycle.Fromitsinceptiontomaturitythefinancialneedsofafirmchangeaccdingtoitsabilitytogeneratecashitsgrowthopptunitiestheriskinrealizingthem.

4、Thiswillbereflectedbyevolvingfinancingpreferencesthenatureofthespecificfinancialchoicesthatafirmmakesduringitslifecycle.Asaconsequencefirmsattheearlierstagesoftheirlifecycleswhicharguablytendtohavelargerlevelsofasymmetri

5、cinfmationmegrowthopptunitiesreducedsizeshouldhavespecificcapitalstructuredriversshouldapplyspecificfinancingstrategiesastheyadvancethroughthedifferentphasesoftheirlifecycles.Despiterecentattentiontothistopicdataonthefin

6、ancingstructureoffirmsduringthecourseoftheirlifecyclesisratherlimitedresultsareinconclusive(Gregyetal.2005).Thuswestillneedtoextendourunderstingoffirms’financialchoicesinthisareaverifyinginparticulartheexistenceofaprotem

7、peoptimalcapitalstructurethedriversthatarepotentiallyrelevanttoexplaincapitalstructuredecisionsasthefirmsprogressalongthedifferentphasesoftheirlifecycle.Insomecontextsequity(specificallyventurecapital)hasbeenshowntoplaya

8、roleintheearlystageswhiledebtbecomesrelevantonlyinthelatestages.Inotherovertimewhileleverageratiosvaryacrossindustries.Specificallytheindustryisasignificantdeterminantofleveragewhichalonehasbeenfoundtoexplainupto25%ofwit

9、hincountryleveragevariation(Bradleyetal.1984).MeovertheinstitutionalenvironmentalsohasacrucialinfluenceoncapitalstructuredecisionsasrecentlydocumentedbyTitmanetal.(2003)flargecompaniesbyGaudetal.(2005)fsmallfirms.Methant

10、hetypeoffinancialsystem(marketbasedbankbased)itistheefficiencyofthefinancialsystem(RajanZingales1995Wald1999Boothetal.2001)ofthegeneralinstitutionalcontext(PetersenRajan19941995BergerUdell1995)thatdeterminesthefinancialg

11、rowthoffirmsaffectingcapitalstructuredecisions.Therefehypothesesoncapitalstructuredeterminantsmusttakeindustryaffiliationtheinstitutionalenvironmentintoaccount.Thisisverymuchthecaseffirmsthatareparticularlyopaqueaffected

12、byasymmetricinfmation.2.1Financiallifecycle:theyhypothesisSeveralhypothesesassynthesizedinTable1canbeproposedftheconsiderationofthelifecycleinexplainingfirms’financingbehavi.Theuseofinternalresourcesasasubstitutefexterna

13、lfinancemustbeacknowledgedasinthepeckingdertheybecausethesereflecttheseverityofasymmetricinfmationproblems.AccdinglyinthisstudyHypothesis1dealswiththeroleofprofitabilitythepreferencesregardinginternalresourcesversusdebt.

14、Hypotheses23eachofwhichisfurtherdividedintotwofmulationsaddressthedifferenttheeticalfinancialpreferencesduringthelifecycleofafirm.Hypothesis2aattemptstodescribethefinanciallifecyclewithrespecttotheageofafirmwhileHypothes

15、is3aisthereversefmulation.Hypothesis2battemptstodescribethefinanciallifecyclewithrespecttotheroleofafirm’sreputationwhileHypothesis3bisthereversefmulation.Finallyduetothefactthatthepreviouslymentionedeffectscanbeheteroge