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金融专业外文翻译---资本结构的影响因素.docx

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本科毕业论文（设计）
文翻译
原文：
TheDeterminantsofCapitalStructureChoice

Inthissection,wepresentholders(orbankers),firmswithlesscollateralizedassetsmaychoosehigherdebtlevelstolimittheirmanagers'consumptionofperquisites.
(INT/TA)andtheratioofinventoryplusgrossplantandequipmenttototalassets(IGP/TA).Thefirstindicatorisnegativelyrelatedtothecollateralvalueattribute,whilethesecondispositivelyrelatedtocollateralvalue.
Non-DebtTaxShields
DeAngeloandMasulispresentamodelofoptimalcapitalstructurethatincorporatestheimpactofcorporatetaxes,personaltaxes,andnon-debt-,firmswithlargenon-debttaxshieldsrelativetotheirexpectedcashflowincludelessdebtintheircapitalstructures.
Indicatorsofnon-debttaxshieldsincludetheratiosofinvestmenttaxcreditsovertotalassets(ITC/TA),depreciationovertotalassets(DITA),andadirectestimateofnon-debttaxshieldsovertotalassets(NDT/TA).Thelattermeasureiscalculatedfromobservedfederalincometaxpayments(T),operatingincome(OI),interestpayments(i),andthecorporatetaxrateduringoursampleperiod(48%),usingthefollowingequation:
NDT=OI-i-T/
whichfollowsfromtheequality
T=(0I-i-NDT)
Theseindicatorsmeasurethecurrenttaxdeductionsassociatedwithcapitalequipmentand,hence,onlypartiallycapturethenon-,thisattributeexcludestaxdeductionsthatarenotassociatedwithcapitalequipment,suchasresearchanddevelopmentandsellingexpenses.(Thesevariables,usedasindicatorsofanotherattribute,arediscussedlater.)Moreimportant,ournon-debttaxs

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