毕业论文外文翻译-资本结构的影响对加纳上市公司盈利的实证分析.doc

温州大学商学院本科毕业论文原文题目：资本结构的影响：对加纳上市公司盈利的实证分析作者：约舒亚.艾博原文出处: 金融风险 2005年第5期 .资本结构的影响：对加纳上市公司盈利的实证分析外文翻译 原文The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana selection Material Source: The Journal of Risk Finance Vol. 6 No. 5, 2005 Author: Joshua Abor AbstractPurpose ? This paper seeks to investigate the relationship between capital structure and profitability of listed firms on the Ghana Stock Exchange GSE during a five-year period.Design/methodology/approach ? Regression analysis is used in the estimation of functions relating the return on equity ROE with measures of capital structure.Findings ? The results reveal a significantly positive relation between the ratio of short-term debt to total assets and ROE. However, a negative relationship between the ratio of long-term debt to total assets and ROE was found. With regard to the relationship between total debt and return rates, the results show a significantly positive association between the ratio of total debt to total assets and return on equity.Originality/value ? The research suggests that profitable firms depend more on debt as their main financing option. In the Ghanaian case, a high proportion 85 percent of the debt is represented in short-term debt.Keywords Capital structure, Profit, Gearing, Ghana Introduction The capital structure decision is crucial for any business organization. The decision is important because of the need to imize returns to various organizational constituencies, and also because of the impact such a decision has on a firms 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 choose among many alternative capital structures. It can issue a large amount of debt or very little debt. It can arrange lease financing, use warrants, issue convertible bonds, sign forward contracts or trade bond swaps. It can issue dozens of distinct securities in countless combinations; however, it attempts to find the particular combination that imizes its overall market value. A number of theories have been advanced in explaining the capital structure of firms. Despite 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 that 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 the issues at hand requires a look at the concept of capital structure and its effect on firm profitability. This paper examines the relationship between capital structure and profitability of companies listed on the Ghana Stock Exchange during the period 1998-2002. The effect of capital structure on the profitability of listed firms in Ghana is a scientific area that has not yet been explored in Ghanaian finance literature. The paper 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 used 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 discussion. Literature on capital structure The relationship between capital structure and firm value has been the subject of considerable debate. Throughout the literature, debate has 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 firms value. The capital structure of a firm concerns the mix of debt and equity the firm uses in its operation. Brealey and Myers 2003 contend that the choice of capital structure is fundamentally a marketing problem. They state that the firm can issue dozens of distinct securities in countless combinations, but it attempts to find the particular combination that imizes market value. According to Weston and Brigham 1992, the optimal capital structure is the one that imizes the market value of the firms outstanding shares. The seminal work by Modigliani and Miller 1958 in capital structure provided a substantial boost in the development of the theoretical framework within which various theories were about to emerge in the future. Modigliani and Miller 1958 concluded to the broadly known theory of “capital structure irrelevance” where financial leverage does not affect the firms market value. However their theory was based on very restrictive assumptions that do not hold in the real world. These assumptions include perfect capital markets, homogenous expectations, no taxes, and no transaction costs. The presence of bankruptcy costs and favorable tax treatment of interest payments lead to the notion of an “optimal” capital structure which imizes the value of the firm, or respectively minimizes its total cost of capital. Modigliani and Miller 1963 reviewed their earlier position by incorporating tax benefits as determinants of the capital structure of firms. The key feature of taxation is that interest is a tax-deductible expense. A firm that pays taxes receives a partially offsetting interest “tax-shield” in the form of lower taxes paid. Therefore, as Modigliani and Miller 1963 propose, firms should use as much debt capital as possible in order to imize their value. Along with corporate taxation, researchers were also interested in analyzing the case of personal taxes imposed on individuals. Miller 1977, based on the tax legislation of the USA, discerns three tax rates that determine the total value of the firm. These are:1 The corporate tax rate;2 The tax rate imposed on the income of the dividends; 3 The tax rate imposed on the income of interest inflows. According to Miller 1977, the value of the firm depends on the relative level of each tax rate, compared with the other two. Other theories that have been advanced to explain the capital structure of firms include bankruptcy cost, agency theory, and the pecking order theory. These theories are discussed in turn Bankruptcy costs are the cost directly incurred when the perceived probability that the firm will default on financing is greater than zero. The bankruptcy probability increases with debt level since it increases the fear that the company might not be able to generate profits to pay back the interest and the loans. The potential costs of bankruptcy may be both direct and indirect. Examples of direct bankruptcy costs are the legal and administrative costs in the bankruptcy process. Examples of indirect bankruptcy costs are the loss in profits incurred by the firm as a result of the unwillingness of stakeholders to do business with them Titman, 1984. The use of debt in capital structure of the firm also leads to agency costs. Agency costs arise as a result of the relationships between shareholders and managers and those between debt-holders and shareholders Jensen and Meckling, 1976. The need to balance gains and costs of debt financing emerged as a theory known as the static trade-off theory by Myers 1984. It values the company as the value of the firm if unlevered plus the present value of the tax shield minus the present value of bankruptcy and agency costs. The concept of optimal capital structure is also expressed by Myers 1984 and Myers and Majluf 1984, based on the notion of asymmetric information. The existence of information asymmetries between the firm and likely finance providers causes the relative costs of finance to vary between the different sources of finance. For instance, an internal source of finance where the funds provider is the firm will have more information about the firm than new equity holders; thus, these new equity holders will expect a higher rate of return on their investments. This means that it will cost the firm more to issue fresh equity shares than using internal funds. Similarly, this argument could be provided between internal finance and new debt holders. The conclusion drawn from the asymmetric information theories is that there is a hierarchy of firm preferences with respect to the financing of their investments Myers and Majluf, 1984. This “pecking order” theory suggests that firms will initially rely on internally generated funds, i.e. undistributed earnings, where there is no existence of information asymmetry, and then they will turn to debt if additional funds are needed and finally they will issue equity to cover any remaining capital requirements. The order of preferences reflects the relative costs of various financing options. The pecking order hypothesis suggests that firms are willing to sell equity when the market overvalues it Myers, 1984; Chittenden et al., 1996. This is based on the assumption that managers act in favor of the interest of existing shareholders. As a consequence, they refuse to issue undervalued shares unless the value transfer from “old” to new shareholders is more than offset by the net present value of the growth opportunity. This leads to the conclusion that new shares will only be issued at a higher price than that imposed by the real market value of the firm. Therefore, investors interpret the issuance of equity by a firm as signal of overpricing. If external financing is unavoidable, the firm will opt for secured debt as opposed to risky debt and firms will only issue common stocks as a last resort. Myers and Majluf 1984, maintain that firms would prefer internal sources to costly external finance. Thus, according to the pecking order hypothesis, firms that are profitable and therefore generate high earnings are expected to use less debt capital than those that do not generate high earnings. Several researchers have tested the effects of profitability on firm leverage. Friend and Lang 1988 and Kester 1986 find a significantly negative relation between profitability and debt/asset ratios. Rajan and Zingales 1995 and Wald 1999 also confirm a significantly negative correlation between profitability and leverage. Fama and French 1998, analyzing the relationship among taxes, financing decisions, and the firms 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 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 capital structure of several companies in countries with extremely different financial markets. They concluded that the variables that affect the choice of the capital structure of the companies are similar, in spite of the great differences presented by the financial markets. Besides, they concluded that profitability has an inverse relationship with debt level and size of the firm. Graham 2000 concluded in his work that big and profitable companies present a low debt rate. Mesquita and Lara 2003 found in their study that the relationship between rates of return and debt indicates a negative relationship for long-term financing. However, they found a positive relationship for short-term financing and equity. 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 measures 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 Nerlove 1968 also found the same type of association for industries. Roden and Lewellen 1995 found a significant positive association between profitability and total debt as a percentage of the total buyout-financing package in their study on leveraged buyouts. Champion 1999 suggested that the use of leverage was one way to improve the performance of an organization In summary, there is no universal theory of the debt-equity choice. Different views have been put forward regarding the financing choice. The present study investigates the effect of capital structure on profitability of listed firms on the GSE. Conclusions The capital structure decision is crucial for any business organization. The decision is important because of the need to imize returns to various organizational constituencies, and also because of the impact such a decision has on an organizations ability to deal with its competitive environment. This present 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 positive relation between SDA and ROE, suggesting that profitable firms use more short-term debt to finance their operation. Short-term debt is an important component or source of financing for Ghanaian firms, representing 85 percent of total debt financing译文资本结构的影响:对加纳上市公司盈利的实证分析(节选) 资料来源: 金融风险 2005年第5期 作者:约舒亚.艾博 摘要目的:本文旨在调查在五年期间的资本结构和加纳联合交易所对上市公司的盈利能力之间的关系。设计/工艺/的方法， 回归分析,用于与函数有关股本资本结构中,它们涉及资产收益率通过一些措施的资本结构。结论:结果表明短期债券和资产总额之比与股本回报率有显著的正的比例关系。然而,长期债务占总资产的比率与股本回报率有发现负向关系。而关于需要偿还的债务合计与收益率之间的关系,结果显示全部债务与总资产之比和股本回报率之间有显著的正相关关系。新型/价值。研究表明,盈利的公司更依赖债务作为其主要的融资选择。在加纳案例中,短期债务中表示一个高比例(85%)的债务。关键字:股权结构;利润;传动装置;加纳 引言 资本结构的决定是影响任何业务组织的关键。这一决定因素是重要的,因为这影响着最大化收益的各种各样的公司,也因为决定影响公司的能力,以应付激烈的竞争环境。其实混合使用不同证券公司的资本结构,一般来说,就是一家公司可以选择很多替代的资本结构。它可以发出大量的债项或很少的债务;可以安排融资租赁、使用认股权证,发行可转换债券、 标志转发合同或贸易债券交换;可以发出几十个不同的证券,可以形成无数的组合。但是,最终将尝试找到在特定的组合,最大限度地实现其整体市场价值。 很多相关理论的提出解释都了资本结构。尽管有着对融资结构理论上的需求,但是财务管理的研究者没有发现最优化的资本结构。学者和经营者所能做到的最好的处理就是达到短期的规定目标。例如,缺乏一致的资格迫使这项研究必须进行,以更好地理解现实的问题需要看看资本结构及对企业盈利能力的概念。本文将检验 1998年-2002 年期间在加纳交易所上市公司的盈利能力与资本结构之间的关系。资本结构对的影响上市公司的盈利能力在加纳是一项尚未进行的金融文献科学领域。 本文的组织结构如下所示:下一节提供有关现存的文献综述,接着再进行数据的描述,并证明在分析中使用的变量的选择是正确的。然后估计在分析中使用的模型。随后一节介绍并讨论实证分析的结果。最后,最后一节概述研究的结果并得出结论。 资本结构的相关文献 资本结构和公司价值之间的关系一直受到相当大的争论。遍及所有的文献,争论已经集中在对个别公司来说是不是存在最理想的资本结构,或者是公司的债务比例是否与公司的价值存在联系。对企业资本结构的问题,关注的是公司在运营过程中负债和权益的混合使用。Brealey 和 Myers(2003)主张,资本结构的选择基本上是一个市场的问题。他们指出,公司可以发出几十个不同的证券,形成无数的组合,但它将试图找到的市场价值达到最大化的特定组合。根据Weston和Brigham(1992)所说,优化资本结构是公司发行股票的市场价值达到最大化。 Modigliani 和 Miller(1958)最初的研究提供了资本结构理论,为各种理论架构在将来的发展提供了框架。Modigliani 和 Miller(1958)的推论道,财务杠杆并不影响公司的市场价值就的理论是广泛认识的“不相关的资本结构”理论。然而,他们的理论是在有着非常严格的限制的假设基础上进行的,并不包括在现实世界中。这些假设包括完善资本市场、 相同结构的期望、未发生的税务及交易成本。利息优惠的税收待遇和破产费用的存在导致这一概念是一种“最佳”的资本结构,使企业的价值达到最大化,或者分别使其的资本的总成本降至最低。Modigliani和Miller(1963)将他们早期的研究的税务优惠纳入了企业的资本结构的决定因素。税收的主要特征是利息是可扣除的费用。公司的纳税接收部分抵销利息“税收保护盾”中支付的低税