如何稳定公司资本结构？外文翻译.docVIP

外文翻译 how stable are corporate capital structures Material Source:/corpgov/ Author: R. Small In the paper, how stable are corporate capital structures? Which was recently made publicly available on SSRN, we examine the stability of corporate capital structures. Overall, the evidence indicates that time-series variation in the leverage of individual firms is of first-order importance, with leverage instability reflecting the external funding of company expansion and with mature firms trending away from conservative financial policies. Capital structure stability is the exception rather than the rule at publicly held industrial firms, with the preponderance of firms having leverage ratios that take on a wide range of values and that differ over time in mean value. Leverage stability occurs only infrequently and, when it does, is virtually always temporary, with stability episodes largely occurring when firms have low leverage. Departures from stability are rarely followed by rebalancing to the prior stable leverage regime or by establishment of a new stable regime. Leverage instability is strongly associated with asset growth and external funding to support that growth, and also reflects a trend away from conservative leverage that played out mainly over the 1950s and 1960s and that began in the mid- to late-1940s with the need to fund expansion during the post-World War II boom. Consider the situation of a newly married couple. They have some savings but also have substantial credit card outstanding. They are planning to buy an apartment. How should they go about it? Should they pay off a portion of credit card outstanding first and then go for a low interest home loan? If they decide to go for a home loan immediately, would they be able to repay their debt in a timely manner? Can they finance their credit card outstanding with a lower cost source of capital? Each of these decisions will affect the capital structure—the mix of debt and equity—of the couple. Ensur