资本结构影响因素的战略观点：一个新视角外文翻译.docVIP

外文翻译 原文 Factors Affecting Capital Structure strategic perspective: A New Perspective Material Source: E Author:Kenneth Levi Abstract: This article from the strategic perspective of capital Structure proposed by the company formation process is the process of implementation of various strategies, capital structure, the company has always been to use various types of capital in order to achieve the results of capital formation of business strategy. We are looking for the so-called capital structure factors in fact constitutes a strategic element of corporate Strategy environment. Therefore, capital structure placed in a broader and more systematic analysis framework - strategic analysis framework is not only appropriate but also necessary. Individual factors on the firms capital structure in a way that all the elements placed in the formation of corporate strategic environment analysis in order to arrive at a correct conclusion. Keywords: capital structure; influencing factors; strategic framework 1 The present study of factors affecting capital structure problems Factors affecting capital structure which in the end? Is still difficult to state clearly whether it is a problem. Research on this issue, the Bake Te (Baxter), Tabou (Taub), Marsh (Marsh), Titman (Titman), Weiseersi (Wessels), etc., there have been writings. If the influential Titman and Wessels (1988) that may affect the capital structure of the enterprise characteristics of the six main factors: 1) profitability (Profitability, negative correlation); 2) size (Size, negative correlation ); 3) The collateral value of assets (Collateral Value of Assets, positive correlation); 4) growth (Growth, positive correlation); 5) non-debt tax shield (Non-Debt Tax Shields, negative correlation); 6) variability ( Volatility, negative correlation).In recent years, as Chinas capital market development, Chinas growing number of scholars have begun on Chinas listed companies in this issue a number of s