研究估算影响英国公司资本结构因素的矛盾之处外文翻译.doc

PAGE 11 外文翻译 原文 Testing for inconsistencies in the estimation of UK capital structure determinants Material Source: http://taylorandfrancis. Author: A. A. Bevan J. Danbolt /link.asp? This article analyses the determinants of the capital structure of 1054 UK companies from 1991 to 1997, and the extent to which the influence of these determinants are affected by time-invariant firm-specific heterogeneity. Comparing the results of pooled OLS and fixed effects panel estimation, significant differences in the results are found. While the OLS results are generally consistent with prior literature, the results of our fixed effects panel estimation contradict many of the traditional theories of the determinants of corporate financial structure. This suggests that results of traditional studies may be biased owing to a failure to control for firm-specific time-invariant heterogeneity. The results of the fixed effects panel estimation find larger companies to have higher levels of both long-term and short-term debt than do smaller firms, profitability to be negatively correlated with the level of gearing, although profitable firms tend to have more short-term bank borrowing than less profitable firms, and tangibility to positively influence the level of short-term bank borrowing, as well as all long-term debt elements. However, the level of growth opportunities appears to have little influence on the level of gearing, other than short-term bank borrowing, where a significant negative relationship is observed. I. INTRODUCTION The corporate finance literature contains a host of studies examining the nature, and determinants, of corporate financial structure. While in general the literature has succeeded in establishing some stylized facts relating the debt-equity decision to a variety of independent variables, it has largely done so using observations drawn from a single period. This article analyses capital structure and its determinants for a panel of 1054 l