资本结构中英文对照外文翻译文献.docx

资本结构中英文对照外文翻译文献.docx

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资本结构中英文对照外文翻译文献

中英文对照外文翻译

（文档含英文原文和中文翻译）

Theeffectofcapitalstructureonprofitability:

anempiricalanalysisoflistedfirmsinGhana

Introduction

Thecapitalstructuredecisioniscrucialforanybusinessorganization.Thedecisionisimportantbecauseoftheneedtomaximizereturnstovariousorganizationalconstituencies,andalsobecauseoftheimpactsuchadecisionhasonafirm’sabilitytodealwithitscompetitiveenvironment.Thecapitalstructureofafirmisactuallyamixofdifferentsecurities.Ingeneral,afirmcanchooseamongmanyalternativecapitalstructures.Itcanissuealargeamountofdebtorverylittledebt.Itcanarrangeleasefinancing,usewarrants,issueconvertiblebonds,signforwardcontractsortradebondswaps.Itcanissuedozensofdistinctsecuritiesincountlesscombinations;however,itattemptstofindtheparticularcombinationthatmaximizesitsoverallmarketvalue.

Anumberoftheorieshavebeenadvancedinexplainingthecapitalstructureoffirms.Despitethetheoreticalappealofcapitalstructure,researchersinfinancialmanagementhavenotfoundtheoptimalcapitalstructure.Thebestthatacademicsandpractitionershavebeenabletoachieveareprescriptionsthatsatisfyshort-termgoals.Forexample,thelackofaconsensusaboutwhatwouldqualifyasoptimalcapitalstructurehasnecessitatedtheneedforthisresearch.Abetterunderstandingoftheissuesathandrequiresalookattheconceptofcapitalstructureanditseffectonfirmprofitability.ThispaperexaminestherelationshipbetweencapitalstructureandprofitabilityofcompanieslistedontheGhanaStockExchangeduringtheperiod1998-2002.TheeffectofcapitalstructureontheprofitabilityoflistedfirmsinGhanaisascientificareathathasnotyetbeenexploredinGhanaianfinanceliterature.

Thepaperisorganizedasfollows.Thefollowingsectiongivesareviewoftheextantliteratureonthesubject.Thenextsectiondescribesthedataandjustifiesthechoiceofthevariablesusedintheanalysis.Themodelusedintheanalysisisthenestimated.Thesubsequentsectionpresentsanddiscussestheresultsoftheempiricalanalysis.Finally,thelastsectionsummarizesthefindingsoftheresearchandalsoconcludesthediscussion.

Literatureoncapitalstructure

Therelationshipbetweencapitalstructureandfirmvaluehasbeenthesubjectofconsiderabledebate.Throughouttheliterature,debatehascenteredonwhetherthereisanoptimalcapitalstructureforanindividualfirmorwhethertheproportionofdebtusageisirrelevanttotheindividualfirm’svalue.Thecapitalstructureofafirmconcernsthemixofdebtandequitythefirmusesinitsoperation.BrealeyandMyers（2003）contendthatthechoiceofcapitalstructureisfundamentallyamarketingproblem.Theystatethatthefirmcanissuedozensofdistinctsecuritiesincountlesscombinations,butitattemptstofindtheparticularcombinationthatmaximizesmarketvalue.AccordingtoWestonandBrigham（1992）,theoptimalcapitalstructureistheonethatmaximizesthemarketvalueofthefirm’soutstandingshares.

FamaandFrench（1998）,analyzingtherelationshipamongtaxes,financingdecisions,andthefirm’svalue,concludedthatthedebtdoesnotconcedetaxbenefits.Besides,thehighleveragedegreegeneratesagencyproblemsamongshareholdersandcreditorsthatpredictnegativerelationshipsbetweenleverageandprofitability.Therefore,negativeinformationrelatingdebtandprofitabilityobscuresthetaxbenefitofthedebt.Boothetal.（2001）developedastudyattemptingtorelatethecapitalstructureofseveralcompaniesincountrieswithextremelydifferentfinancialmarkets.Theyconcludedthatthevariablesthataffectthechoiceofthecapitalstructureofthecompaniesaresimilar,inspiteofthegreatdifferencespresentedbythefinancialmarkets.Besides,theyconcludedthatprofitabilityhasaninverserelationshipwithdebtlevelandsizeofthefirm.Graham（2000）concludedinhisworkthatbigandprofitablecompaniespresentalowdebtrate.MesquitaandLara（2003）foundintheirstudythattherelationshipbetweenratesofreturnanddebtindicatesanegativerelationshipforlong-termfinancing.However,theyfoundapositiverelationshipforshort-termfinancingandequity.

HadlockandJames（2002）concludedthatcompaniespreferloan（debt）financingbecausetheyanticipateahigherreturn.Taub（1975）alsofoundsignificantpositivecoefficientsforfourmeasuresofprofitabilityinaregressionofthesemeasuresagainstdebtratio.PetersenandRajan（1994）identifiedthesameassociation,butforindustries.Baker（1973）,whoworkedwithasimultaneousequationsmodel,andNerlove（1968）alsofoundthesametypeofassociationforindustries.RodenandLewellen（1995）foundasignificantpositiveassociationbetweenprofitabilityandtotaldebtasapercentageofthetotalbuyout-financingpackageintheirstudyonleveragedbuyouts.Champion（1999）suggestedthattheuseofleveragewasonewaytoimprovetheperformanceofanorganization.

Insummary,thereisnouniversaltheoryofthedebt-equitychoice.Differentviewshavebeenputforwardregardingthefinancingchoice.ThepresentstudyinvestigatestheeffectofcapitalstructureonprofitabilityoflistedfirmsontheGSE.

Methodology

ThisstudysampledallfirmsthathavebeenlistedontheGSEoverafive-yearperiod（1998-2002）.Twenty-twofirmsqualifiedtobeincludedinthestudysample.Variablesusedfortheanalysisincludeprofitabilityandleverageratios.Profitabilityisoperationalizedusingacommonlyusedaccounting-basedmeasure:

theratioofearningsbeforeinterestandtaxes（EBIT）toequity.Theleverageratiosusedinclude:

.short-termdebttothetotalcapital;

.long-termdebttototalcapital;

.totaldebttototalcapital.

Firmsizeandsalesgrowtharealsoincludedascontrolvariables.

Thepanelcharacterofthedataallowsfortheuseofpaneldatamethodology.Paneldatainvolvesthepoolingofobservationsonacross-sectionofunitsoverseveraltimeperiodsandprovidesresultsthataresimplynotdetectableinpurecross-sectionsorpuretime-seriesstudies.Ageneralmodelforpaneldatathatallowstheresearchertoestimatepaneldatawithgreatflexibilityandformulatethedifferencesinthebehaviorofthecross-sectionelementsisadopted.Therelationshipbetweendebtandprofitabilityisthusestimatedinthefollowingregressionmodels:

ROEi,t=β0+β1SDAi,t+β2SIZEi,t+β3SGi,t+ëi,t

（1）

ROEi,t=β0+β1LDAi,t+β2SIZEi,t+β3SGi,t+ëi,t

（2）

ROEi,t=β0+β1DAi,t+β2SIZEi,t+β3SGi,t+ëi,t（3）

where:

.ROEi,tisEBITdividedbyequityforfirmiintimet;

.SDAi,tisshort-termdebtdividedbythetotalcapitalforfirmiintimet;

.LDAi,tislong-termdebtdividedbythetotalcapitalforfirmiintimet;

.DAi,tistotaldebtdividedbythetotalcapitalforfirmiintimet;

.SIZEi,tisthelogofsalesforfirmiintimet;

.SGi,tissalesgrowthforfirmiintimet;and

.ëi,tistheerrorterm.

Empiricalresults

TableIprovidesasummaryofthedescriptivestatisticsofthedependentandindependentvariablesforthesampleoffirms.Thisshowstheaverageindicatorsofvariablescomputedfromthefinancialstatements.Thereturnratemeasuredbyreturnonequity（ROE）revealsanaverageof36.94percentwithmedian28.4percent.Thispicturesuggestsagoodperformanceduringtheperiodunderstudy.TheROEmeasuresthecontributionofnetincomepercedi（localcurrency）investedbythefirms’stockholders;ameasureoftheefficiencyoftheowners’investedcapital.ThevariableSDAmeasurestheratioofshort-termdebttototalcapital.Theaveragevalueofthisvariableis0.4876withmedian0.4547.Thevalue0.4547indicatesthatapproximately45percentoftotalassetsarerepresentedbyshort-termdebts,attestingtothefactthatGhanaianfirmslargelydependonshort-termdebtforfinancingtheiroperationsduetothedifficultyinaccessinglong-termcreditfromfinancialinstitutions.Anotherreasonisduetotheunder-developednatureoftheGhanaianlong-termdebtmarket.Theratiooftotallong-termdebttototalassets（LDA）alsostandsonaverageat0.0985.Totaldebttototalcapitalratio（DA）presentsameanof0.5861.Thissuggeststhatabout58percentoftotalassetsarefinancedbydebtcapital.Theabovepositionrevealsthatthecompaniesarefinanciallyleveragedwithalargepercentageoftotaldebtbeingshort-term.

TableI.

Descriptivestatistics

MeanSDMinimumMedianMaximum

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

ROE0.36940.5186-1.04330.28363.8300

SDA0.48760.22960.09340.45471.1018

LDA0.09850.18030.00000.01860.7665

DA0.58610.20320.20540.55711.1018

SIZE18.21241.649514.187518.236122.0995

SG0.32880.345720.75000.25611.3597

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━

RegressionanalysisisusedtoinvestigatetherelationshipbetweencapitalstructureandprofitabilitymeasuredbyROE.Ordinaryleastsquares（OLS）regressionresultsarepresentedinTableII.Theresultsfromtheregressionmodels

（1）,

（2）,and（3）denotethattheindependentvariablesexplainthedebtratiodeterminationsofthefirmsat68.3,39.7,and86.4percent,respectively.TheF-statisticsprovethevalidityoftheestimatedmodels.Also,thecoefficientsarestatisticallysignificantinlevelofconfidenceof99percent.

Theresultsinregression

（1）revealasignificantlypositiverelationshipbetweenSDAandprofitability.Thissuggeststhatshort-termdebttendstobelessexpensive,andthereforeincreasingshort-termdebtwitharelativelylowinterestratewillleadtoanincreaseinprofitlevels.Theresultsalsoshowthatprofitabilit