企业资本结构的决定因素外文翻译.doc

外文翻译 原文 The determinants of corporate capital structure Material Source:/content/978-3-7908-1581-8/ #section=435455page=1locus=0 Author: Emilio Colombo and Luca Stanca Following the descriptive analysis of financial ratios in the previous chapter, this chapter investigates the determinants of corporate capital structure and, in particular, bank debt. This analysis also aims at revealing the existence of constraints on firms choices, thus providing information on the degree of imperfections that characterise credit and financial markets in Hungary. It should be noted, however, that our analysis does not represent a direct a test for the presence of financial market imperfections.It is rather an empirical investigation of firms capital structure that can indirectly reveal the presence of such imperfections. The empirical literature on capital structure choice is vast, mainly referring to industrialised countries (see e.g. Titman and Wessels (1988) and Rajan and Zingales (1995)), but also to Eastern European economies :Cornelli et al. (1998) for Hungary and Poland, Revoltella (1998) for the Czech Republic, and Carare and Perotti (1997) for Romania. Nevertheless, while in all the above mentioned works the analysis is conducted on cross-section data, We analyse panel data spanning over 10 years of the transition process. The panel structure of the data set and the size of both the sectional and time dimensions can considerably improve our understanding of the determinants of firms capital structure in transition economies. The chapter is organised as follows: Sec. 5.2 introduces the theoretical framework. Sec. 5.3 describes the data set and provides some descriptive statistics, Sec. 5.4 discusses the methodology, Sec. 5.5 presents the results. The theory As emphasised in chapter 2, the analysis of corporate capital structure assumes relevance mainly in the presence of financial market imperfections. It is because of such imperfections that different f