关于公司企业资本资产结构与财务业绩关系有关 的外文文献翻译成品：资本结构对罗马尼亚上市公司财务绩效的影响（中英文双语对照）10.docx

此文档是毕业设计外文翻译成品（ 含英文原文+中文翻译），无需调整复杂的格式！下载之后直接可用，方便快捷！本文价格不贵,也就几十块钱！一辈子也就一次的事！ 外文标题：The impact of capital structure on financial performance in Romanian listed companies 外文作者：Sorana V?tavu 文献出处: Procedia Economics and Finance 32 (2018) 1314 – 1322 (如觉得年份太老，可改为近2年，毕竟很多毕业生都这样做) 英文3528单词，23636字符(字符就是印刷符)，中文6078汉字。（如果字数多了，可自行删减，大多数学校都是要求选取外文的一部分内容进行翻译的。） The impact of capital structure on financial performance in Romanian listed companies Abstract: This research aims to establish the relationship between capital structure and financial performance in 196 Romanian companies listed on the Bucharest Stock Exchange and operating in the manufacturing sector, over a period of eight-years (2003-2010). The analysis is based on cross sectional regressions. The capital structure indicators refer to long-term debt, short-term debt; total debt and total equity, while return on assets and return on equity are the performance proxies. Previous studies indicate asset tangibility, tax, risk, liquidity and inflation as capital structure determinants in Romanian manufacturing companies. As long as these factors have an important impact on financing decisions, they will be included in the analysis as they are expected to also influence performance. Results indicate that performance in Romanian companies is higher when they avoid debt and operate based on equity. However, it seems that manufacturing companies do not have sufficient internal funding to undertake profitable investments and do not use their assets effectively. During times of increased taxes and inflation profitable companies divest part of their assets reducing their costs. There is an indication of risk-taking behavior across manufacturing companies. This show a preference for debt when they are in financial difficulties and they face high business risks, or when they cannot settle their debts due to a lack of cash. Due to missing data regarding long-term debt ratios, those regression results are not statistically significant