世界各地的資本結(jié)構(gòu)公司和國(guó)家因素在其中的影響【外文翻譯】

1、外文文獻(xiàn)翻譯譯文原文：原文：CapitalStructurearoundtheWld:TheRolesofFirmCountrySpecificDeterminantsWeanalyzetheimptanceoffirmspecificcountryspecificfactsintheleveragechoiceoffirmsfrom42countriesaroundthewld.Ouranalysisyieldstwonewresul

2、ts.Firstwefindthatfirmspecificdeterminantsofleveragedifferacrosscountrieswhilepristudiesimplicitlyassumeequalimpactoffirmspecificfacts.Secondalthoughweconcurwiththeconventionaldirectimpactofcountryspecificfactsonthecapit

3、alstructureoffirmsweshowthatthereisanindirectimpactbecausecountryspecificfactsalsoinfluencetherolesoffirmspecificdeterminantsofleverage.Priresearch(e.g.DemirgKuntMaksimovic1999BoothDemirgKuntMaksimovic2001ClaessensDjanko

4、vNenova2001BancelMittoo2004)findsthatafirm’scapitalstructureisnotonlyinfluencedbyfirmspecificfactsbutalsobycountryspecificfacts.Inthisstudywedemonstratethatcountryspecificfactscanaffectcpateleverageintwoways.Ontheonehthe

5、sefactscaninfluenceleveragedirectly.Fexampleamedevelopedbondmarketfacilitatingissuetradingofpublicbondsmayleadtotheuseofhigherleverageinacountrywhileadevelopedstockmarkethastheoppositeeffect.Ontheotherhweshowthatcountrys

6、pecificfactscanalsoinfluencecpateleverageindirectlythroughtheirimpactonfirmspecificfacts’roles.Fexamplealthoughthedevelopedbondmarketofacountrystimulatestheuseofdebttheroleofassettangibilityascollateralinbrowingwillberat

7、herlimitedffirmsinthesamecountry.Inotherwdscountryacteristicsmayexplainwhyinonecountryafirm’stangibilityaffectsleveragebutnotinanothercountry.Previousstudieshavenotsystematicallyinvestigatedtheseindirecteffects.Internati

8、onalstudiescomparingdifferencesinthecapitalstructurebetweenGianti(2003)arguesthatthefailuretofindasignificantimpactofcountryspecificvariablesmaybeduetothebiasinducedinmanystudiesbyincludingonlylargelistedcompanies.Sheana

9、lyzesalargesampleofunlistedfirmsfromeightEuropeancountriesfindsasignificantinfluenceontheleverageofindividualfirmsofafewinstitutionalvariablessuchascreditprotectionstockmarketdevelopmentlegalenfcement.SimilarlyHalletal.(

10、2004)analyzealargesampleofunlistedfirmsfromeightEuropeancountries.Theyobservecrosscountryvariationinthedeterminantsofcapitalstructuresuggestthatthisvariationcouldbeduetodifferentcountryspecificvariables.Aremarkablefeatur

11、eofexistingstudiesoninternationalcapitalstructureistheimplicitassumptionthattheimpactoffirmspecificfactsonleverageisequalacrosscountries(seefexampleBoothetal.2001Gianti2003SongPhilippatos2004Fanetal.2006).Byreptingtheest

12、imatedcoefficientsffirmspecificdeterminantsofleveragepercountrythesepapersontheonehacknowledgethattheimpactoffirmleveldeterminantsdoesdifferintermsofsignsmagnitudessignificancelevels.Ontheotherhintheanalysisofcountryspec

13、ificdeterminantsofcpateleveragethesepapersalsomakeuseofcountrydummiesinpooledfirmyearregressionsthusfcingthefirmspecificcoefficientstohavethesamevalue.Withanextremelylargenumberoffirmyearobservationsitismelikelyfthisproc

14、eduretoproducestatisticallysignificantresultsfmanycountryspecificvariables.Bututilizinganalternativeregressionframewkwhereasingleaveragecapitalstructurefeachcountryisusedasanobservationonehardlyfindsstrongevidenceonthisi

15、ssue.Asanadditionalcontributionofourpaperweshowtheinvalidityofthisimplicitassumption.Ouranalysiswithoutimposingsuchrestrictionthusprovidesamereliableanalysisontheimptanceofcountryspecificvariables.Thestudyencompassesalar

16、genumberofcountries(42intotal)fromeverycontinentftheperiod19972001.Weconstructadatabaseofnearly12000firms(about60000firmyearobservations).Alltypesoffirms–largesmall–areincludedaslongasareasonableamountofdataisavailable.W