資本結(jié)構(gòu)的影響對(duì)加納上市公司盈利的實(shí)證分析【外文翻譯】

1、外文翻譯原文Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhana(ion)MaterialSource:TheJournalofRiskFinanceVol.6No.52005Auth:JoshuaAbAbstractPurpose–Thispaperseekstoinvestigatetherelationshipbetwe

2、encapitalstructureprofitabilityoflistedfirmsontheGhanaStockExchange(GSE)duringafiveyearperiod.Designmethodologyapproach–Regressionanalysisisusedintheestimationoffunctionsrelatingthereturnonequity(ROE)withmeasuresofcapita

3、lstructure.Findings–TheresultsrevealasignificantlypositiverelationbetweentheratioofshttermdebttototalassetsROE.HoweveranegativerelationshipbetweentheratiooflongtermdebttototalassetsROEwasfound.Withregardtotherelationship

4、betweentotaldebtreturnratestheresultsshowasignificantlypositiveassociationbetweentheratiooftotaldebttototalassetsreturnonequity.iginalityvalue–Theresearchsuggeststhatprofitablefirmsdependmeondebtastheirmainfinancingoptio

5、n.IntheGhanaiancaseahighproption(85percent)ofthedebtisrepresentedinshttermdebt.KeywdsCapitalstructureProfitGearingGhanaIntroductionThecapitalstructuredecisioniscrucialfanybusinessganization.Thedecisionisimptantbecauseoft

6、heneedtomaximizereturnstovariousganizationalconstituenciesalsobecauseoftheimpactsuchadecisionhasonafirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureofafirmisactuallyamixofdifferentsecurities.Ingenerala

7、firmcanchooseamongmanyalternativecapitalstructures.ItcanissuealargeamountofdebtverylittleTheseminalwkbyModiglianiMiller(1958)incapitalstructureprovidedasubstantialboostinthedevelopmentofthetheeticalframewkwithinwhichvari

8、oustheieswereabouttoemergeinthefuture.ModiglianiMiller(1958)concludedtothebroadlyknowntheyof“capitalstructureirrelevance”wherefinancialleveragedoesnotaffectthefirm’smarketvalue.Howevertheirtheywasbasedonveryrestrictiveas

9、sumptionsthatdonotholdintherealwld.Theseassumptionsincludeperfectcapitalmarketshomogenousexpectationsnotaxesnotransactioncosts.Thepresenceofbankruptcycostsfavabletaxtreatmentofinterestpaymentsleadtothenotionofan“optimal”

10、capitalstructurewhichmaximizesthevalueofthefirmrespectivelyminimizesitstotalcostofcapital.ModiglianiMiller(1963)reviewedtheirearlierpositionbyincpatingtaxbenefitsasdeterminantsofthecapitalstructureoffirms.Thekeyfeatureof

11、taxationisthatinterestisataxdeductibleexpense.Afirmthatpaystaxesreceivesapartiallyoffsettinginterest“taxshield”inthefmoflowertaxespaid.TherefeasModiglianiMiller(1963)proposefirmsshoulduseasmuchdebtcapitalaspossibleindert

12、omaximizetheirvalue.Alongwithcpatetaxationresearcherswerealsointerestedinanalyzingthecaseofpersonaltaxesimposedonindividuals.Miller(1977)basedonthetaxlegislationoftheUSAdiscernsthreetaxratesthatdeterminethetotalvalueofth

13、efirm.Theseare:(1)Thecpatetaxrate(2)Thetaxrateimposedontheincomeofthedividends(3)Thetaxrateimposedontheincomeofinterestinflows.AccdingtoMiller(1977)thevalueofthefirmdependsontherelativelevelofeachtaxratecomparedwiththeot

14、hertwo.Othertheiesthathavebeenadvancedtoexplainthecapitalstructureoffirmsincludebankruptcycostagencytheythepeckingderthey.Thesetheiesarediscussedinturn.Bankruptcycostsarethecostdirectlyincurredwhentheperceivedprobability

15、thatthefirmwilldefaultonfinancingisgreaterthanzero.Thebankruptcyprobabilityincreaseswithdebtlevelsinceitincreasesthefearthatthecompanymightnotbeabletogenerateprofitstopaybacktheinteresttheloans.Thepotentialcostsofbankrup

16、tcymaybebothdirectindirect.Examplesofdirectbankruptcycostsarethelegaladministrativecostsinthebankruptcyprocess.Examplesofindirectbankruptcycostsarethelossinprofitsincurredbythefirmasaresultoftheunwillingnessofstakeholder