宏观经济是否影响公司的盈利能力外文翻译.docVIP

外文翻译 原文 Is there a macroeconomic impact on the profitability of the company? Material Source:Academy of Economic Studies. Author:Bucharest Abstract This paper aims at identifying a potential impact of the macroeconomic environment on the profitability of the companies listed on the Bucharest Stock Exchange. This research derives from the most recent literature on the macroeconomic determination of the capital structure of companies located into emerging countries. Indeed, as for these corporations, there has been agreed on the risk transfer between sovereign and corporate spreads， but every emerging country incurs a particular approach and generalization tends to decay. Therefore, the research focuses on highlighting out the macro determination of the corporate profitability; there will be developed a complex perspective, following up the mixture between idiosyncratic and systemic approach. Introduction Global economy triggered corporate sector internalization. Companies became more and more integrated into a borderless world, designing and implementing strategies in order to reduce costs through economy of scale and outsourcing. Meanwhile, corporations are more and more exposed to disequilibrium’s originating from the international environment. Macroeconomic volatility impacts them more consistently, especially from the perspective of their creditworthiness and profitability. Economic cycle is closely related to corporate profitability. During boom periods， profitability potential increases while recession brings it down. An economic downturn triggers the probability to not be able to generate enough cash-flow in order to cover the financial obligations. During the last decade, analysts agreed on the fact that corporate default does not imply only an idiosyncratic side, but also a systemic one, resulting from the correlation of the company with the macroeconomic environment. This paper aims at highlighting out the impact of the macroeconomic environment on th