金融专业外文翻译---资本结构的影响因素-金融财政(编辑修改稿)

金融专业外文翻译---资本结构的影响因素-金融财政(编辑修改稿)内容摘要：

iqueness include expenditures on research and development over sales (RD/S), selling expenses over sales (SEIS), and quit rates (QR), the percentage of the industry39。 s total work force that voluntarily left their jobs in the sample years. It is postulated that RD/S measures uniqueness because firms that sell products with close substitutes ar39。 e likely to do less research and development since their innovations can be more easily duplicated. In addition, successful research and development projects lead to new products that differ from those existing in the market. Firms with relatively unique products are expected to advertise more and, in general, spend more in promoting and selling their products. Hence, SE/S is expected to be positively related to uniqueness. However, it is expected that firms in industries with high quit rates are probably relatively less unique since firms that produce relatively unique products tend to employ workers with high levels of jobspecific human capital who will thus find it costly to leave their jobs. It is apparent from two of the indicators of uniqueness, RD/S and SEIS, that this attribute may also be related to nondebt tax shields and collateral value. Research and development and some selling expenses (such as advertising) can be considered capital goods that are immediately expensed and cannot be used as collateral. Given that our estimation technique can only imperfectly control for these other attributes, the uniqueness attribute may be negatively related to the observed debt ratio because of its positive correlation with nondebt tax shields and its negative correlation with collateral value. E. Industry Classification Titman suggests that firms that make products requiring the availability of specialized servicing and spare parts will find liquidation especially costly. This indicates that firms manufacturing machines and equipment should be financed with relatively less debt. To measure this, we include a dummy variable equal to one for firms with SIC codes between 3400 and 4000 (firms producing machines and equipment) and zero otherwise as a separate attribute affecting the debt ratios. F. Size A number of authors have suggested that leverage ratios may be related to firm size. Warner and Ang, Chua, and McConnell provide evidence that suggests that direct bankruptcy costs appear to constitute a larger proportion of a firm39。 s value as that value decreases. It is also the case that relatively large firms tend to be more diversified and less prone to bankruptcy. These arguments suggest that large firms should be more highly leveraged. The cost of issuing debt and equity securities is also related to firm size. In particular, small firms pay much more than large firms to issue new equity (see Smith) and also somewhat more to issue longterm debt. This suggests that small firms may be more leveraged than large firms and may prefer to borrow short term (through bank loans) rather than issue longterm debt because of the lower fixed costs associated with this alternative. We use the natural logarithm of sales (LnS) and quit rates (QR) as indicators of size. The logarithmic transformation of sales reflects our view that a size effect, if it exists, affects mainly the very small firms. The inclusion of quit rates, as an indicator of size, reflects the phenomenon that large firms, which often offer wider career opportunities to their employees, have lower quit rates. G. Volatility Many authors have also suggested that a firm39。 s optimal。