资本结构的影响：对加纳上市公司盈利的实证分析外文翻译（可编辑）

资本结构的影响对加纳上市公司盈利的实证分析外文翻译外文翻译原文THEEFFECTOFCAPITALSTRUCTUREONPROFITABILITYANEMPIRICALANALYSISOFLISTEDFIRMSINGHANASELECTIONMATERIALSOURCETHEJOURNALOFRISKFINANCEVOL6NO5,2005AUTHORJOSHUAABORABSTRACTPURPOSETHISPAPERSEEKSTOINVESTIGATETHERELATIONSHIPBETWEENCAPITALSTRUCTUREANDPROFITABILITYOFLISTEDFIRMSONTHEGHANASTOCKEXCHANGEGSEDURINGAFIVEYEARPERIODDESIGN/METHODOLOGY/APPROACHREGRESSIONANALYSISISUSEDINTHEESTIMATIONOFFUNCTIONSRELATINGTHERETURNONEQUITYROEWITHMEASURESOFCAPITALSTRUCTUREFINDINGSTHERESULTSREVEALASIGNIFICANTLYPOSITIVERELATIONBETWEENTHERATIOOFSHORTTERMDEBTTOTOTALASSETSANDROEHOWEVER,ANEGATIVERELATIONSHIPBETWEENTHERATIOOFLONGTERMDEBTTOTOTALASSETSANDROEWASFOUNDWITHREGARDTOTHERELATIONSHIPBETWEENTOTALDEBTANDRETURNRATES,THERESULTSSHOWASIGNIFICANTLYPOSITIVEASSOCIATIONBETWEENTHERATIOOFTOTALDEBTTOTOTALASSETSANDRETURNONEQUITYORIGINALITY/VALUETHERESEARCHSUGGESTSTHATPROFITABLEFIRMSDEPENDMOREONDEBTASTHEIRMAINFINANCINGOPTIONINTHEGHANAIANCASE,AHIGHPROPORTION85PERCENTOFTHEDEBTISREPRESENTEDINSHORTTERMDEBTKEYWORDSCAPITALSTRUCTURE,PROFIT,GEARING,GHANAINTRODUCTIONTHECAPITALSTRUCTUREDECISIONISCRUCIALFORANYBUSINESSORGANIZATIONTHEDECISIONISIMPORTANTBECAUSEOFTHENEEDTOIMIZERETURNSTOVARIOUSORGANIZATIONALCONSTITUENCIES,ANDALSOBECAUSEOFTHEIMPACTSUCHADECISIONHASONAFIRMSABILITYTODEALWITHITSCOMPETITIVEENVIRONMENTTHECAPITALSTRUCTUREOFAFIRMISACTUALLYAMIXOFDIFFERENTSECURITIESINGENERAL,AFIRMCANCHOOSEAMONGMANYALTERNATIVECAPITALSTRUCTURESITCANISSUEALARGEAMOUNTOFDEBTORVERYLITTLEDEBTITCANARRANGELEASEFINANCING,USEWARRANTS,ISSUECONVERTIBLEBONDS,SIGNFORWARDCONTRACTSORTRADEBONDSWAPSITCANISSUEDOZENSOFDISTINCTSECURITIESINCOUNTLESSCOMBINATIONSHOWEVER,ITATTEMPTSTOFINDTHEPARTICULARCOMBINATIONTHATIMIZESITSOVERALLMARKETVALUEANUMBEROFTHEORIESHAVEBEENADVANCEDINEXPLAININGTHECAPITALSTRUCTUREOFFIRMSDESPITETHETHEORETICALAPPEALOFCAPITALSTRUCTURE,RESEARCHERSINFINANCIALMANAGEMENTHAVENOTFOUNDTHEOPTIMALCAPITALSTRUCTURETHEBESTTHATACADEMICSANDPRACTITIONERSHAVEBEENABLETOACHIEVEAREPRESCRIPTIONSTHATSATISFYSHORTTERMGOALSFOREXAMPLE,THELACKOFACONSENSUSABOUTWHATWOULDQUALIFYASOPTIMALCAPITALSTRUCTUREHASNECESSITATEDTHENEEDFORTHISRESEARCHABETTERUNDERSTANDINGOFTHEISSUESATHANDREQUIRESALOOKATTHECONCEPTOFCAPITALSTRUCTUREANDITSEFFECTONFIRMPROFITABILITYTHISPAPEREXAMINESTHERELATIONSHIPBETWEENCAPITALSTRUCTUREANDPROFITABILITYOFCOMPANIESLISTEDONTHEGHANASTOCKEXCHANGEDURINGTHEPERIOD19982002THEEFFECTOFCAPITALSTRUCTUREONTHEPROFITABILITYOFLISTEDFIRMSINGHANAISASCIENTIFICAREATHATHASNOTYETBEENEXPLOREDINGHANAIANFINANCELITERATURETHEPAPERISORGANIZEDASFOLLOWSTHEFOLLOWINGSECTIONGIVESAREVIEWOFTHEEXTANTLITERATUREONTHESUBJECTTHENEXTSECTIONDESCRIBESTHEDATAANDJUSTIFIESTHECHOICEOFTHEVARIABLESUSEDINTHEANALYSISTHEMODELUSEDINTHEANALYSISISTHENESTIMATEDTHESUBSEQUENTSECTIONPRESENTSANDDISCUSSESTHERESULTSOFTHEEMPIRICALANALYSISFINALLY,THELASTSECTIONSUMMARIZESTHEFINDINGSOFTHERESEARCHANDALSOCONCLUDESTHEDISCUSSIONLITERATUREONCAPITALSTRUCTURETHERELATIONSHIPBETWEENCAPITALSTRUCTUREANDFIRMVALUEHASBEENTHESUBJECTOFCONSIDERABLEDEBATETHROUGHOUTTHELITERATURE,DEBATEHASCENTEREDONWHETHERTHEREISANOPTIMALCAPITALSTRUCTUREFORANINDIVIDUALFIRMORWHETHERTHEPROPORTIONOFDEBTUSAGEISIRRELEVANTTOTHEINDIVIDUALFIRMSVALUETHECAPITALSTRUCTUREOFAFIRMCONCERNSTHEMIXOFDEBTANDEQUITYTHEFIRMUSESINITSOPERATIONBREALEYANDMYERS2003CONTENDTHATTHECHOICEOFCAPITALSTRUCTUREISFUNDAMENTALLYAMARKETINGPROBLEMTHEYSTATETHATTHEFIRMCANISSUEDOZENSOFDISTINCTSECURITIESINCOUNTLESSCOMBINATIONS,BUTITATTEMPTSTOFINDTHEPARTICULARCOMBINATIONTHATIMIZESMARKETVALUEACCORDINGTOWESTONANDBRIGHAM1992,THEOPTIMALCAPITALSTRUCTUREISTHEONETHATIMIZESTHEMARKETVALUEOFTHEFIRMSOUTSTANDINGSHARESTHESEMINALWORKBYMODIGLIANIANDMILLER1958INCAPITALSTRUCTUREPROVIDEDASUBSTANTIALBOOSTINTHEDEVELOPMENTOFTHETHEORETICALFRAMEWORKWITHINWHICHVARIOUSTHEORIESWEREABOUTTOEMERGEINTHEFUTUREMODIGLIANIANDMILLER1958CONCLUDEDTOTHEBROADLYKNOWNTHEORYOF“CAPITALSTRUCTUREIRRELEVANCE”WHEREFINANCIALLEVERAGEDOESNOTAFFECTTHEFIRMSMARKETVALUEHOWEVERTHEIRTHEORYWASBASEDONVERYRESTRICTIVEASSUMPTIONSTHATDONOTHOLDINTHEREALWORLDTHESEASSUMPTIONSINCLUDEPERFECTCAPITALMARKETS,HOMOGENOUSEXPECTATIONS,NOTAXES,ANDNOTRANSACTIONCOSTSTHEPRESENCEOFBANKRUPTCYCOSTSANDFAVORABLETAXTREATMENTOFINTERESTPAYMENTSLEADTOTHENOTIONOFAN“OPTIMAL”CAPITALSTRUCTUREWHICHIMIZESTHEVALUEOFTHEFIRM,ORRESPECTIVELYMINIMIZESITSTOTALCOSTOFCAPITALMODIGLIANIANDMILLER1963REVIEWEDTHEIREARLIERPOSITIONBYINCORPORATINGTAXBENEFITSASDETERMINANTSOFTHECAPITALSTRUCTUREOFFIRMSTHEKEYFEATUREOFTAXATIONISTHATINTERESTISATAXDEDUCTIBLEEXPENSEAFIRMTHATPAYSTAXESRECEIVESAPARTIALLYOFFSETTINGINTEREST“TAXSHIELD”INTHEFORMOFLOWERTAXESPAIDTHEREFORE,ASMODIGLIANIANDMILLER1963PROPOSE,FIRMSSHOULDUSEASMUCHDEBTCAPITALASPOSSIBLEINORDERTOIMIZETHEIRVALUEALONGWITHCORPORATETAXATION,RESEARCHERSWEREALSOINTERESTEDINANALYZINGTHECASEOFPERSONALTAXESIMPOSEDONINDIVIDUALSMILLER1977,BASEDONTHETAXLEGISLATIONOFTHEUSA,DISCERNSTHREETAXRATESTHATDETERMINETHETOTALVALUEOFTHEFIRMTHESEARE1THECORPORATETAXRATE2THETAXRATEIMPOSEDONTHEINCOMEOFTHEDIVIDENDS3THETAXRATEIMPOSEDONTHEINCOMEOFINTERESTINFLOWSACCORDINGTOMILLER1977,THEVALUEOFTHEFIRMDEPENDSONTH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