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《資本結(jié)構(gòu)的影響：對加納上市公司盈利的實(shí)證分析外文文獻(xiàn)翻譯》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、畢業(yè)設(shè)計(jì)(論文)外文翻譯外文題目：Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirmsinGhana譯文題目：資本結(jié)構(gòu)的影響：對加納上市公司盈利的實(shí)證分析文獻(xiàn)出處:〈〈JournalofRiskFinance〉〉，2005,6(November):438-445外文作者：JoshuaAbor外文文獻(xiàn):Theeffectofcapitalstructureonprofitability:anempiricalanalysisoflistedfirms
2、inGhanaAbstractPurpose—ThispaperseekstoinvestigatetherelationshipbetweencapitalstructureandprofitabilityoflistedfirmsontheGhanaStockExchange(GSE)duringafive-yearperiod.Design/methodology/approach-Regressionanalysisisusedintheestimationoffunctionsrelatingthereturnonequity(ROE
3、)withmeasuresofcapitalstructure.Findings-Theresultsrevealasignificantlypositiverelationbetweentheratioofshort-termdebttototalassetsandROE.However,anegativerelationshipbetweentheratiooflong-termdebttototalassetsandROEwasfound.Withregardtotherelationshipbetweentotaldebtandretu
4、rnrates,theresultsshowasignificantlypositiveassociationbetweentheratiooftotaldebttototalassetsandreturnonequity.Originality/valuc-Theresearchsuggeststhatprofitablefirmsdependmoreondebtastheirmainfinancingoption.IntheGhanaiancase，ahighproportion(85percent)ofthedebtisrepresent
5、edinshort-termdebt.KeywordsCapitalstructure，Profit,Gearing，GhanaIntroductionThecapitalstructuredecisioniscrucialforanybusinessorganization.Thedecisionisimportantbecauseoftheneedtomaximizereturnstovariousorganizationalconstituencies，andalsobecauseoftheimpactsuchadecisionhason
6、afirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureofafirmisactuallyamixofdifferentsecurities.Ingeneral，afirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamountofdebtorverylittledebt.Itcanarrangeleasefinancing，usewarrants,issueconvertibleb
7、onds，signforwardcontractsortradebondswaps.Itcanissuedozensofdistinctsecuritiesincountlesscombinations;however，itattemptstofindtheparticularcombinationthatmaximizesitsoverallmarketvalue.Anumberoftheorieshavebeenadvancedinexplainingthecapitalstructureoffirms.Despitethetheoreti
8、calappealofcapitalstructure，researchersinfinancialmanagementhavenotfoundthe
