加納上市公司資本結(jié)構(gòu)對盈利能力的實證研究[外文翻譯]

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1、外文翻譯Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhanaMaterialSource:TheJournalofRiskFinanceVol.6No.5,2005Author:JoshuaAborIntroductionThecapitalstructuredecisioniscrucialforanybusinessorganization.Thedecisionisimportantbecauseoftheneedtomaximizereturnstovariousor

2、ganizationalconstituencies,andalsobecauseoftheimpactsuchadecisionhasonafirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureofafirmisactuallyamixofdifferentsecurities.Ingeneral,afirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamountofdebtorverylittledebt.Itcanar

3、rangeleasefinancing,usewarrants,issueconvertiblebonds,signforwardcontractsortradebondswaps.Itcanissuedozensofdistinctsecuritiesincountlesscombinations;however,itattemptstofindtheparticularcombinationthatmaximizesitsoverallmarketvalue.Anumberoftheorieshavebeenadvancedinexplainingthecapitalstructu

4、reoffirms.Despitethetheoreticalappealofcapitalstructure,researchersinfinancialmanagementhavenotfoundtheoptimalcapitalstructure.Thebestthatacademicsandpractitionershavebeenabletoachieveareprescriptionsthatsatisfyshort-termgoals.Forexample,thelackofaconsensusaboutwhatwouldqualifyasoptimalcapitalst

5、ructurehasnecessitatedtheneedforthisresearch.Abetterunderstandingoftheissuesathandrequiresalookattheconceptofcapitalstructureanditseffectonfirmprofitability.ThispaperexaminestherelationshipbetweencapitalstructureandprofitabilityofcompanieslistedontheGhanaStockExchangeduringtheperiod1998-2002.The

6、effectofcapitalstructureontheprofitabilityoflistedfirmsinGhanaisascientificareathathasnotyetbeenexploredinGhanaianfinanceliterature.Thepaperisorganizedasfollows.Thefollowingsectiongivesareviewoftheextantliteratureonthesubject.Thenextsectiondescribesthedataandjustifiesthechoiceofthevariablesusedi

7、ntheanalysis.Themodelusedintheanalysisisthenestimated.Thesubsequentsectionpresentsanddiscussestheresultsoftheempiricalanalysis.Finally,thelastsectionsummarizesthefindingsoftheresearchandalsoconcludesthediscussion.Literatureo