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《畢業(yè)論文外文翻譯-資本結(jié)構(gòu)的影響對加納上市公司盈利的實(shí)證分析》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫。
1、溫州大學(xué)商學(xué)院本科畢業(yè)論文原文題目：資本結(jié)構(gòu)的影響：對加納上市公司盈利的實(shí)證分析作者：約舒亞.艾博原文出處:金融風(fēng)險(xiǎn)2005年第5期.資本結(jié)構(gòu)的影響：對加納上市公司盈利的實(shí)證分析外文翻譯原文Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhanaselectionMaterialSource:TheJournalofRiskFinanceVol.6No.5,2005Author:JoshuaAborA
2、bstractPurpose?ThispaperseekstoinvestigatetherelationshipbetweencapitalstructureandprofitabilityoflistedfirmsontheGhanaStockExchangeGSEduringafive-yearperiod.Design/methodology/approach?Regressionanalysisisusedintheestimationoffunctionsrelatingthereturnone
3、quityROEwithmeasuresofcapitalstructure.Findings?Theresultsrevealasignificantlypositiverelationbetweentheratioofshort-termdebttototalassetsandROE.However,anegativerelationshipbetweentheratiooflong-termdebttototalassetsandROEwasfound.Withregardtotherelations
4、hipbetweentotaldebtandreturnrates,theresultsshowasignificantlypositiveassociationbetweentheratiooftotaldebttototalassetsandreturnonequity.Originality/value?Theresearchsuggeststhatprofitablefirmsdependmoreondebtastheirmainfinancingoption.IntheGhanaiancase,a
5、highproportion85percentofthedebtisrepresentedinshort-termdebt.KeywordsCapitalstructure,Profit,Gearing,GhanaIntroductionThecapitalstructuredecisioniscrucialforanybusinessorganization.Thedecisionisimportantbecauseoftheneedtoimizereturnstovariousorganizationa
6、lconstituencies,andalsobecauseoftheimpactsuchadecisionhasonafirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureofafirmisactuallyamixofdifferentsecurities.Ingeneral,afirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamounto
7、fdebtorverylittledebt.Itcanarrangeleasefinancing,usewarrants,issueconvertiblebonds,signforwardcontractsortradebondswaps.Itcanissuedozensofdistinctsecuritiesincountlesscombinations;11溫州大學(xué)商學(xué)院本科畢業(yè)論文however,itattemptstofindtheparticularcombinationthatimizesits
8、overallmarketvalue.Anumberoftheorieshavebeenadvancedinexplainingthecapitalstructureoffirms.Despitethetheoreticalappealofcapitalstructure,researchersinfinancialmanagementhavenotfoundtheoptimalcapitalstructure.
