资本结构决定因素—以中国企业为案例.docVIP

本科毕业论文（设计） 外 文 翻 译 原文： The Determinants of Capital Structure:Evidence from Chinese Listed Companies One early extension was to allow for the incidence of taxation and ?nancial distress. Since the late 1970s, there have been two new strands of research which originate more from the theory of the ?rm: the ‘pecking order’ theory and the ‘trade-o?’ theory. The pecking order theory argues that ?rms have a preference of issuing ?nancing instruments due to adverse selection problems (Myers and Majluf, 1984). The theory suggests that the ?nancial manager tends to use internal capital as the ?rst choice, then issue debt, and equity will only be considered as the last resort as issuance of equity can be perceived by the market as a signal of a poor future for the investment. In contrast, the trade-o? theory emphasizes that an optimal capital structure can be achieved by the trade-o? of the various bene?ts of debt and equity. 2.1. The pecking order theory The pecking order theory is based on the information asymmetries between the ?rm’s managers and the outside investors. Ross (1977) was the ?rst to address the function of debt as a signalling mechanism when there are information asymmetries between the ?rm’s management and its investors. He argued that management has better knowledge of the ?rm than the investors, and that management will try to avoid debt when the ?rm is performing poorly for fear that any debt default due to poor cash ?ow will result in their job loss. The information asymmetry may also explain why existing investors may not favor new equity ?nancing, as new investors may require higher returns to compensate for the risks of their investment thus diluting the returns to existing investors. Myers and Majluf (1984) later developed their so-called pecking order theory of ?nancing: i.e. that capital structure will be driven by ?rms’ desire to ?nance new investments preferably through the use of internal funds, then with low-risk debt, and with new equity onl