外文翻譯--加納上市公司資本結(jié)構(gòu)對盈利能力的實證研究（節(jié)選）

1、<p>　　中文3150字，2100單詞，10800英文字符</p><p>　　出處：Abor J. The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana[J]. Journal of Risk Finance, 2005, 6(November):438-445

2、.</p><p><b>　　外文翻譯</b></p><p>　　The effect of capital structure on profitability : an empirical analysis of listed firms in Ghana </p><p>　　Author:Joshua Abor</p>

3、<p>　　Introduction </p><p>　　The capital structure decision is crucial for any business organization. The decision is important because of the need to maximize returns to various organizational constit

4、uencies, and also because of the impact such a decision has on a firm’s ability to deal with its competitive environment. The capital structure of a firm is actually a mix of different securities. In general, a firm can

5、choose among many alternative capital structures. It can issue a large amount of debt or very little debt. I</p><p>　　A number of theories have been advanced in explaining the capital structure of firms. Des

6、pite the theoretical appeal of capital structure, researchers in financial management have not found the optimal capital structure. The best that academics and practitioners have been able to achieve are prescriptions th

7、at satisfy short-term goals. For example, the lack of a consensus about what would qualify as optimal capital structure has necessitated the need for this research. A better understanding of </p><p>　　The pa

8、per is organized as follows. The following section gives a review of the extant literature on the subject. The next section describes the data and justifies the choice of the variables used in the analysis. The model use

9、d in the analysis is then estimated. The subsequent section presents and discusses the results of the empirical analysis. Finally, the last section summarizes the findings of the research and also concludes the discussio

10、n. </p><p>　　Literature on capital structure </p><p>　　The relationship between capital structure and firm value has been the subject of considerable debate. Throughout the literature, debate ha

11、s centered on whether there is an optimal capital structure for an individual firm or whether the proportion of debt usage is irrelevant to the individual firm’s value. The capital structure of a firm concerns the mix of

12、 debt and equity the firm uses in its operation. Brealey and Myers (2003) contend that the choice of capital structure is fundamentally a mar</p><p>　　Fama and French (1998), analyzing the relationship among

13、 taxes, financing decisions, and the firm’s value, concluded that the debt does not concede tax benefits. Besides, the high leverage degree generates agency problems among shareholders and creditors that predict negative

14、 relationships between leverage and profitability. Therefore, negative information relating debt and profitability obscures the tax benefit of the debt. Booth et al. (2001) developed a study attempting to relate the capi

15、tal </p><p>　　Hadlock and James (2002) concluded that companies prefer loan (debt) financing because they anticipate a higher return. Taub (1975) also found significant positive coefficients for four measure

16、s of profitability in a regression of these measures against debt ratio. Petersen and Rajan (1994) identified the same association, but for industries. Baker (1973), who worked with a simultaneous equations model, and Ne

17、rlove (1968) also found the same type of association for industries. Roden and Lewellen</p><p>　　In summary, there is no universal theory of the debt-equity choice. Different views have been put forward rega

18、rding the financing choice. The present study investigates the effect of capital structure on profitability of listed firms on the GSE. </p><p>　　Methodology </p><p>　　This study sampled all fir

19、ms that have been listed on the GSE over a five-year period (1998-2002). Twenty-two firms qualified to be included in the study sample. Variables used for the analysis include profitability and leverage ratios. Profitabi

20、lity is operationalized using a commonly used accounting-based measure: the ratio of earnings before interest and taxes (EBIT) to equity. The leverage ratios used include: </p><p>　　. short-term debt to the

21、total capital; </p><p>　　. long-term debt to total capital; </p><p>　　. total debt to total capital. </p><p>　　Firm size and sales growth are also included as control variables. &l

22、t;/p><p>　　The panel character of the data allows for the use of panel data methodology. Panel data involves the pooling of observations on a cross-section of units over several time periods and provides result

23、s that are simply not detectable in pure cross-sections or pure time-series studies. A general model for panel data that allows the researcher to estimate panel data with great flexibility and formulate the differences i

24、n the behavior of the cross-section elements is adopted. The relationship between</p><p>　　ROEi,t =β0 +β1SDAi,t +β2SIZEi,t +β3SGi,t + ëi,t (1)</p><p>　　ROEi,t=β0 +β1LDAi

25、,t +β2SIZEi,t +β3SGi,t + ëi,t (2)</p><p>　　ROEi,t=β0 +β1DAi,t +β2SIZEi,t +β3SGi,t + ëi,t (3)</p><p><b>　　where: </b></p>&

26、lt;p>　　. ROEi,t is EBIT divided by equity for firm i in time t; </p><p>　　. SDAi,t is short-term debt divided by the total capital for firm i in time t; </p><p>　　. LDAi,t is long-term debt d

27、ivided by the total capital for firm i in time t; </p><p>　　. DAi,t is total debt divided by the total capital for firm i in time t; </p><p>　　. SIZEi,t is the log of sales for firm i in time t;

28、 </p><p>　　. SGi,t is sales growth for firm i in time t; and </p><p>　　. ëi,t is the error term. </p><p>　　Empirical results </p><p>　　Table I provides a summary o

29、f the descriptive statistics of the dependent and independent variables for the sample of firms. This shows the average indicators of variables computed from the financial statements. The return rate measured by return o

30、n equity (ROE) reveals an average of 36.94 percent with median 28.4 percent. This picture suggests a good performance during the period under study. The ROE measures the contribution of net income per cedi (local currenc

31、y) invested by the firms’ stockh</p><p><b>　　Table I. </b></p><p>　　Descriptive statistics </p><p>　　Mean SD Minimum Median Maximum</p><p>　

32、　━━━━━━━━━━━━━━━━━━━━━━━━━━━━━</p><p>　　ROE 0.3694 0.5186 -1.0433 0.2836 3.8300</p><p>　　SDA 0.4876 0.2296 0.0934 0.4547 1.1018 </p><p>　　LDA 0.

33、0985 0.1803 0.0000 0.0186 0.7665 </p><p>　　DA 0.5861 0.2032 0.2054 0.5571 1.1018 </p><p>　　SIZE 18.2124 1.6495 14.1875 18.2361 22.0995 </p&g

34、t;<p>　　SG 0.3288 0.3457 20.7500 0.2561 1.3597 </p><p>　　━━━━━━━━━━━━━━━━━━━━━━━━━━━━━</p><p>　　Regression analysis is used to investigate the relationship between capit

35、al structure and profitability measured by ROE. Ordinary least squares (OLS) regression results are presented in Table II. The results from the regression models (1), (2), and (3) denote that the independent variables ex

36、plain the debt ratio determinations of the firms at 68.3, 39.7, and 86.4 percent, respectively. The F-statistics prove the validity of the estimated models. Also, the coefficients are statistically significa</p>&

37、lt;p>　　The results in regression (1) reveal a significantly positive relationship between SDA and profitability. This suggests that short-term debt tends to be less expensive, and therefore increasing short-term debt

38、with a relatively low interest rate will lead to an increase in profit levels. The results also show that profitability increases with the control variables (size and sales growth). Regression (2) shows a significantly n

39、egative association between LDA and profitability. This implies that a</p><p>　　The results from regression (3) indicate a significantly positive association between DA and profitability. The significantly p

40、ositive regression coefficient for total debt implies that an increase in the debt position is associated with an increase in profitability: thus, the higher the debt, the higher the profitability. Again, this suggests t

41、hat profitable firms depend more on debt as their main financing option. This supports the findings of Hadlock and James (2002), Petersen and Rajan (1994</p><p><b>　　Table II.</b></p><

42、p>　　Regression model results </p><p>　　━━━━━━━━━━━━━━━━━━━━━━━━━━━━━</p><p>　　Profitability (EBIT/equity)</p><p>　　Ordinary least squares</p><p>　　━━━━━━━━━━━━━━━━━━

43、━━━━━━━━━━━</p><p>　　Variable 1 2 3</p><p>　　SIZE 0.0038 (0.0000) 0.0500 (0.0000) 0.0411 (0.0000) </p><p>　　SG 0.1314 (0.0000)

44、 0.1316 (0.0000) 0.1413 (0.0000) </p><p>　　SDA 0.8025 (0.0000) </p><p>　　LDA -0.3722(0.0000)</p><p>　　DA -0.76

45、09(0.0000)</p><p>　　R² 0.6825 0.3968 0.8639 </p><p>　　SE 0.4365 0.4961 0.4735 </p><p>　　Prob. (F) 0.0000 0.00

46、00 0.0000 </p><p>　　━━━━━━━━━━━━━━━━━━━━━━━━━━━━</p><p>　　Conclusions </p><p>　　The capital structure decision is crucial for any business organization. The decision is

47、important because of the need to maximize returns to various organizational constituencies, and also because of the impact such a decision has on an organization’s ability to deal with its competitive environment. This p

48、resent study evaluated the relationship between capital structure and profitability of listed firms on the GSE during a five-year period (1998-2002). The results revealed significantly positi</p><p><b>

49、;　　譯文</b></p><p>　　加納上市公司資本結(jié)構(gòu)對盈利能力的實證研究</p><p><b>　　作者：喬舒亞阿博爾</b></p><p><b>　　論文簡介</b></p><p>　　資本結(jié)構(gòu)決策對于任何商業(yè)組織都是至關(guān)重要的。資本結(jié)構(gòu)決策之所以重要，不僅是因為他要使

50、不同組織爭取收益最大化，而且也因為這樣的決定對公司應對激烈競爭的能力有影響。公司的資本結(jié)構(gòu)實際上是各種不同債務(wù)的混合。一般來說，公司能在許多可供選擇的資本結(jié)構(gòu)中選擇一種。它可以發(fā)行大量的債務(wù)或不發(fā)行債務(wù)。它可以安排融資租賃，使用認股權(quán)證，發(fā)行可轉(zhuǎn)換債券，簽訂遠期合同或互換貿(mào)易債券。不過，它試圖找到最大限度擴大自身整體市場價值的特定組合。</p><p>　　很多的相關(guān)理論提出了公司資本結(jié)構(gòu)的解釋。盡管對資本結(jié)構(gòu)理

51、論有很強的呼吁，但財務(wù)管理研究者至今還沒有發(fā)現(xiàn)最優(yōu)資本結(jié)構(gòu)。最佳學者和職業(yè)經(jīng)理人至今能達到的是滿足短期目標。例如，由于缺乏何為最優(yōu)資本結(jié)構(gòu)的共識，該研究已成為迫切的需要。為了更好地了解手邊的問題，需要審視資本結(jié)構(gòu)的概念及了解資本結(jié)構(gòu)對上市公司的盈利能力的影響。這篇論文對1998-2002年期間加納證券交易所上市的上市公司資本結(jié)構(gòu)與盈利能力的相關(guān)性進行了實證分析。在加納財務(wù)學，資本結(jié)構(gòu)對上市公司的盈利能力的影響是尚未進行探究的科學的區(qū)域。

52、</p><p>　　該篇論文組織如下。以下章節(jié)關(guān)于這個主題給出簡要的現(xiàn)存文獻綜述。接下來的章節(jié)描述對數(shù)據(jù)和應用變量的選擇，進而實證分析。在這篇研究中使用了估計模型。隨后的部分得出并探討實證分析結(jié)果。最后，最后的部分概述了研究結(jié)果并且總結(jié)結(jié)論。</p><p><b>　　資本結(jié)構(gòu)文獻綜述</b></p><p>　　資本結(jié)構(gòu)與公司價值之間的關(guān)

53、系一直是可以考慮的辯論主題。在整個文獻中，爭論已經(jīng)集中在各個企業(yè)是否存在一種最優(yōu)資本結(jié)構(gòu)，抑或債務(wù)的比例有無關(guān)各公司價值。公司資本結(jié)構(gòu)涉及該公司運作時使用的負債和權(quán)益的組合比率。Brealey和Myers(2003)聲稱，資本結(jié)構(gòu)的選擇根本上是一個市場額問題。他們認為公司可以在無數(shù)的組合中發(fā)行許多不同的證券，但它試圖找到以最大限度擴大市場價值的特定價值。Weston和Brigham(1992)認為，最優(yōu)資本結(jié)構(gòu)是指最大限度擴大公司已發(fā)行

54、股票的市場價值的結(jié)構(gòu)。</p><p>　　Fama和French(1998)，分析稅收、融資決策，公司價值之間的關(guān)系，得出結(jié)論：債務(wù)并不承認稅負方面的優(yōu)惠。此外，告杠桿效率在股東和債券人之間產(chǎn)生的代理問題預示杠桿效應和利潤之間的負相關(guān)關(guān)系。因此負面的涉及債務(wù)和盈利能力的額信息掩蓋了債務(wù)的稅收優(yōu)惠。Booth 等(2001)進一步對一些資本結(jié)構(gòu)資本結(jié)構(gòu)截然不同的國家的公司做了研究，試圖找出資本結(jié)構(gòu)與金融市場的關(guān)聯(lián)

55、。他們指出盡管金融市場有著巨大差異，但是影響企業(yè)資本結(jié)構(gòu)選擇的變量是相似的。此外，他們得出的結(jié)論是：盈利水平和債務(wù)程度、公司規(guī)模呈負相關(guān)關(guān)系。然而，他們發(fā)現(xiàn)：在短期融資和股本呈正相關(guān)關(guān)系。</p><p>　　Hadlock和James(2002)得到的結(jié)論是：公司寧愿貸款(債務(wù))融資，因為他們期望一個更高的回報。Taub(1975)還發(fā)現(xiàn)在回歸分析中，四項測量盈利能力指標與債務(wù)比率呈顯著正系數(shù)相關(guān)。除了工業(yè)以外

56、，Petersen和Rajan(1994)確定了共同協(xié)會。Baker(1995)發(fā)明了聯(lián)立方程模式，Nerlove(1968)也發(fā)現(xiàn)了工業(yè)協(xié)會有著此相同的模型。Roden和Lewellen(1995)在他們所研究的杠桿收購中發(fā)現(xiàn)，盈利能力和收購融資方案之一的總債務(wù)呈顯著正相關(guān)關(guān)系。Champion(1999)表明應用杠桿率是一種提高一個組織績效的方法。</p><p>　　總之，沒有全球統(tǒng)一的債務(wù)權(quán)益理論。對于融

57、資的選擇已經(jīng)提出了不同的觀點。此篇研究旨在探討加納證券交易所上市公司資本結(jié)構(gòu)對盈利能力的影響。</p><p><b>　　方法論</b></p><p>　　本研究樣本期間所有的公司在加納證券交易所上市已經(jīng)超過5年。22個公司抽樣合格被納入研究。變量用于盈利能力和杠桿比率分析。首先利潤率是常用的基礎(chǔ)會計度量：息稅前利潤對股本比率。使用的杠桿比率包括：</p&g

58、t;<p>　　短期債務(wù)對資本總額比率</p><p>　　長期債務(wù)對資本總額比率</p><p>　　總債務(wù)對資本總額比率</p><p>　　公司規(guī)模和銷售增長速度也包括在控制變量中。</p><p>　　該小組的數(shù)據(jù)特征允許使用面板數(shù)據(jù)方法。固定樣板數(shù)據(jù)涉及基于時間集中觀察幾個單位提供的且不只是純粹探測到的橫截面或純時序研

59、究結(jié)果。研究者一般以面板數(shù)據(jù)模型，允許以極大的靈活性估計面板數(shù)據(jù)，并制定行為差異的橫截面元素通過。債務(wù)和盈利能力之間的關(guān)系在接下來的回歸模型中是如此估計的：</p><p>　　ROEi,t =β0 +β1SDAi,t +β2SIZEi,t +β3SGi,t + ëi,t (1)</p><p>　　ROEi,t=β0 +β1LDAi

60、,t +β2SIZEi,t +β3SGi,t + ëi,t (2)</p><p>　　ROEi,t=β0 +β1DAi,t +β2SIZEi,t +β3SGi,t + ëi,t (3)</p><p><b>　　其中：</b></p>&

61、lt;p>　　ROEi,t 是指t時間點上i公司息稅前利潤除以該公司股票。</p><p>　　SDAi,t 是指t時間點上i公司短期債務(wù)除以資本總額。</p><p>　　LDAi,t 是指t時間點上i公司長期債務(wù)除以資本總額。</p><p>　　DAi,t 是指在t時間點上i公司債務(wù)總額除以資本總額。</p><p>　　SI

62、ZEi,t 是指在t時間點上i公司的銷售記錄。</p><p>　　SGi,t 是指在t時間點上i公司的銷售增長。</p><p>　　ëi,t 是誤差項。</p><p><b>　　實證結(jié)果</b></p><p>　　表Ⅰ提供了樣本公司自變量和應變量的描述性統(tǒng)計概要。這說明平均指標計算的變量是從會計報表計

63、算的出來的。衡量收益率的凈資產(chǎn)收益率顯示中值28.4百分點，平均36.94百分點。圖片說明在研究時期有一個良好的業(yè)績。凈資產(chǎn)收益率衡量了公司每股(當?shù)刎泿?投資貢獻的凈收入。它是一種測量所有者投資資本效率的措施。該SDA變量衡量短期負債占資本總額比率。該變量的平均值是0.4876，中值是0.4547。該數(shù)值表明，短期債務(wù)約占總資產(chǎn)的45%，事實證明，大多數(shù)加納公司因為很難從金融機構(gòu)介入長期信貸，所以在很大程度上靠短期債務(wù)融資進行經(jīng)營性融

64、資。另一個原因是由于不成熟的加納長期債務(wù)市場。長期債務(wù)總額對總資產(chǎn)的比率(LDA)還停留在0.0985的平均水平。債務(wù)對資本總額比率(DA)顯示出平均值0.5861。這意味著，大約85%的總資產(chǎn)是債務(wù)資本金提供的。以上所述解釋了公司較高的短期債務(wù)比率產(chǎn)生的杠桿作用。</p><p><b>　　表Ⅰ</b></p><p><b>　　描述性統(tǒng)計</b

65、></p><p>　　Mean SD Minimum Median Maximum</p><p>　　━━━━━━━━━━━━━━━━━━━━━━━━━━━━━</p><p>　　ROE 0.3694 0.5186 -1.0433 0.2836 3.8300</p><

66、p>　　SDA 0.4876 0.2296 0.0934 0.4547 1.1018 </p><p>　　LDA 0.0985 0.1803 0.0000 0.0186 0.7665 </p><p>　　DA 0.5861 0.2032 0.2054 0.5571 1.1

67、018 </p><p>　　SIZE 18.2124 1.6495 14.1875 18.2361 22.0995 </p><p>　　SG 0.3288 0.3457 20.7500 0.2561 1.3597 </p><p>　　━━━━━━━━━━━━━━━━━━━━━━━━━━━━━<

68、;/p><p>　　采用回歸分析，探討資本結(jié)構(gòu)和凈資產(chǎn)收益率來衡量的盈利能力之間的關(guān)系。普通最小二乘法(樣本)回歸結(jié)果在附表二。從回歸模型結(jié)果(1)，(2)，(3)中來看該自變量解釋的公司負債比率分別咂68.3%，39.7%，86.4%。F-統(tǒng)計證明了估計模型的有效性。同時，在統(tǒng)計上該相關(guān)系數(shù)是99%的置信度。</p><p>　　在回歸結(jié)果(1)中解釋了SDA和盈利能力有著顯著的相關(guān)關(guān)系。這

69、表明，短期債務(wù)往往成本較低，因此一個相對低利率總價債務(wù)將導致增加利潤水平。研究還表明，隨著控制變量(規(guī)模和銷售增長)盈利增加?；貧w(3)顯示LDA和盈利能力有著顯著的負相關(guān)性。這意味著，盈利能力伴隨長期債務(wù)的上升而下降。這解釋了債務(wù)由于相對比較昂貴，因此采用很高的長期債務(wù)比率會降低盈利能力的事實。這些早期的研究結(jié)果支持Miller(1997)、Fama和French(1998),Graham(2000)、 Booth 等(2001)的結(jié)

70、論。公司規(guī)模和銷售增長均與盈利能力呈長相關(guān)關(guān)系。</p><p>　　回歸(3)結(jié)果表明DA與盈利能力有著正相關(guān)關(guān)系。對債務(wù)呈顯著正相關(guān)系數(shù)意味著負債狀況提高與盈利能力提高有關(guān)：債務(wù)越高，利潤越高。同樣這表明公司的盈利更多的依靠債務(wù)作為主要融資選擇。這支持Hadlock和James(2002)，Petersen 和Rajan(1994)和Roden和Lewellen(1995)的結(jié)論：盈利的公司更多使用債務(wù)。在加

71、納案例中，高達85%的債務(wù)是短期的。研究結(jié)果還顯示控制變量(公司規(guī)模和銷售增長)與盈利能力呈正相關(guān)關(guān)系。</p><p>　　表Ⅱ回歸模型分析結(jié)果</p><p>　　━━━━━━━━━━━━━━━━━━━━━━━━━━━━━</p><p>　　Profitability (EBIT/equity)</p><p>　　Ordinary l

72、east squares</p><p>　　━━━━━━━━━━━━━━━━━━━━━━━━━━━━━</p><p>　　Variable 1 2 3</p><p>　　SIZE 0.0038 (0.0000) 0.0500 (0.0000) 0.0411 (0.00

73、00) </p><p>　　SG 0.1314 (0.0000) 0.1316 (0.0000) 0.1413 (0.0000) </p><p>　　SDA 0.8025 (0.0000) </p><p>　　LDA -0.3722(0.0000)</p><p&

74、gt;　　DA -0.7609(0.0000)</p><p>　　R² 0.6825 0.3968 0.8639 </p><p>　　SE 0.4365 0.4961 0.4735 &l

75、t;/p><p>　　Prob. (F) 0.0000 0.0000 0.0000 </p><p>　　━━━━━━━━━━━━━━━━━━━━━━━━━━━━</p><p><b>　　結(jié)論</b></p><p>　　資本結(jié)構(gòu)決策對于任何商業(yè)組織都是至關(guān)重要的。資本結(jié)構(gòu)決

76、策之所以重要，不僅是因為他要使不同組織爭取收益最大化，而且也因為這樣的決定對公司應對激烈競爭的能力有影響。該研究評價了再1988-2002年五年期間加納證券交易所上市的上市公司資本結(jié)構(gòu)與盈利能力之間的關(guān)系。結(jié)果顯示SDA和凈資產(chǎn)收益率呈顯著正相關(guān)，意味著盈利的公司會用更多的短期債務(wù)融資供其運轉(zhuǎn)。對于加納的公司來說，短期債務(wù)是融資的重要組成部分，占債務(wù)總額的85%。然而結(jié)果顯示LDA和凈資產(chǎn)收益率呈負相關(guān)關(guān)系。這表明盈利公司越來越多地依靠