外文翻译---资本结构，股利政策，跨国经营：理论与实证研究-其他专业.docVIP

本科毕业论文（设计） 外 文 翻 译 原文： Capital structure, dividend policy, and multinational: Theory versus empirical evidence 3.1.Factors influencing capital structure and dividend policy It is important to examine the factors that impact capital structure and dividend policy so that appropriate control variables can be included in the examination of the impact of multinational on capital structure and dividend policy. The list of these control variables must be based on extant theories and empirical evidence related to capital structure and dividend policy. Theories in these areas generally start with the well known results presented in Modigliani and Miller (1958) note that in an efficient markets world with no taxes or bankruptcy costs, the value of a firm is invariant to its capital structure. This theory has since been modified and extended so that capital structure does matter to include not only the impact of taxes and bankruptcy costs, but also the real world costs related to agency problems, asymmetric information, moral hazard, and other frictions and deviations from perfect markets. 3.1.1. Operating leverage and other influences The operating leverage of a firm reflects its business risk. Firms with higher operating leverage face higher bankruptcy probabilities and should have lower financial leverage. However, higher operating leverage is generally associated with higher levels of fixed tangible assets — indeed the proportion of such assets is widely used in the literature as a measure of operating leverage. A firms level of fixed assets should be associated positively with leverage as high levels of such assets can be used as collateral for loans (Friend Lang, 1988; Long Malitz, 1985). Jensen, Solberg, and Zorn (1992) provide empirical support for the positive impact on leverage of assets available for collateral. The non-debt tax shield variable is also important as firms with high levels of non-debt tax shields are expected to have lower debt levels (Kim Sore