我们如何看待资本结构？——来自国际数据的证据外文翻译.docVIP

外文翻译 What Do We Know about Capital Structure? ——Some Evidence from International Data. Material Source: /papers/w4875 Author: Raghuram G. Rajan Luigi Zingales Abstract We investigate the determinants of capital structure choice by analyzing the financing decisions of public firms in the major industrialized countries. At an aggregate level, firm leverage is fairly similar across the G-7 countries. We find that factors identified by previous studies as correlated in the cross-section with firm leverage in the U.S., are similarly correlated in other countries as well. However, a deeper examination of the U.S. and foreign evidence suggests that the theoretical underpinnings of the observed correlations are still largely unresolved. Both authors are at the Graduate School of Business at the University of Chicago. Rajan thanks the Center for *Research on Securities Prices while Zingales thanks the Graduate School of Business for funding. This project was also made possible with a grant from the Center for International Business Research at the University of Chicago. We thank Patricia O Brien, Douglas Diamond, Eugene Fama, Jennifer Francis, Steve Kaplan, Anil Kashyap, Merton Miller, James Seward and Robert Vishny for helpful discussions, and participants in workshops at the University of Chicago (Finance Junior Faculty Lunch Group), HEC-University of Montréal, Indiana University, University of Maryland, N.B.E.R.Summer Institute, the Stockholm School of Economics and the 1994 WFA meetings for comments. We are indebted to Eduardo Gonzales for excellent research assistance, and Andrew Alford for invaluable help in getting us acquainted with Global Vantage and detailed comments on an earlier draft. This paper incorporates part of a C.R.S.P. working paper entitled Notes on International Capital Structure. Thirty seven years and hundreds of papers after Modigliani and Millers seminal work, what do we really know about corporate capital structure choi