【正文】 deductions of true economic depreciation and expenses, which is the economic attribute suggested by theory. Unfortunately, this preferable attribute would be very difficult to measure. C. Growth As we mentioned previously, equitycontrolled firms have a tendency to invest suboptimally to expropriate wealth from the firm39。e likely to do less research and development since their innovations can be more easily duplicated. In addition, successful research and development projects lead to new products that differ from those existing in the market. Firms with relatively unique products are expected to advertise more and, in general, spend more in promoting and selling their products. Hence, SE/S is expected to be positively related to uniqueness. However, it is expected that firms in industries with high quit rates are probably relatively less unique since firms that produce relatively unique products tend to employ workers with high levels of jobspecific human capital who will thus find it costly to leave their jobs. It is apparent from two of the indicators of uniqueness, RD/S and SEIS, that this attribute may also be related to nondebt tax shields and collateral value. Research and development and some selling expenses (such as advertising) can be considered capital goods that are immediately expensed and cannot be used as collateral. Given that our estimation technique can only imperfectly control for these other attributes, the uniqueness attribute may be negatively related to the observed debt ratio because of its positive correlation with nondebt tax shields and its negative correlation with collateral value. E. Industry Classification Titman suggests that firms that make products requiring the availability of specialized servicing and spare parts will find liquidation especially costly. This indicates that firms manufacturing machines and equipment should be financed with relatively less debt. To measure this, we include a dummy variable equal to one for firms with SIC codes between 3400 and 4000 (firms producing machines and equipment) and zero otherwise as a separate attribute affecting the debt ratios. F. Size A number of authors have suggested that leverage ratios may be related to firm size. Warner and Ang, Chua, and McConnell provide evidence that suggests that direct bankruptcy costs appear to constitute a larger proportion of a firm39。 Roberto Wessels,1988.“The Determinants of Capital Structure Choice”. The Journal of Finance. , , . 譯文 ： 資本結(jié)構(gòu)的影響因素 I、 資本結(jié)構(gòu)的決定因素 在本節(jié)中，我們提出了一個(gè)簡(jiǎn)短討論資本結(jié)構(gòu)的不同理論認(rèn)為 可能會(huì)影響公司的債務(wù)權(quán)益選擇 的屬性 。斯科特認(rèn)為，通過出售抵押債務(wù)，公司增加了其現(xiàn)有的無抵押債權(quán)人的財(cái)富，他們的股票價(jià)值。出于這個(gè)原因，那些能用作抵押的資產(chǎn)的公司將利用這個(gè)機(jī)會(huì)可能會(huì)發(fā)行更多的債務(wù)預(yù)計(jì)。 因?yàn)闆]有這樣的保證抵押證券 ， 債權(quán)人 可能需要更多的有利條件 ,從而可能導(dǎo)致這些公司使用股權(quán)而不 能 債務(wù)融資 。與此相關(guān)的代理關(guān)系可能對(duì)資產(chǎn)較少，因?yàn)檫@類公司的監(jiān)管資本支出 債券資本更高的成本是企業(yè)可能更加困難。第一個(gè)指標(biāo)是負(fù)相關(guān)抵押品的價(jià)值屬性，而第二個(gè)是正相關(guān)的抵押品價(jià)值。 非債務(wù)稅盾 的指標(biāo)包括總資產(chǎn)超過（ ITC/TA）， 折舊 超過 （ DITA）總資產(chǎn)投資稅收抵免 比例，以及 非債務(wù)稅盾 以上（ NDT/TA）的總資產(chǎn)的直接估計(jì)。）更重要的是，我們的非債務(wù)稅 盾的屬性表示減稅 再 減稅，而不是真正的經(jīng)濟(jì)折舊和 建議變動(dòng) 費(fèi)用。因此，預(yù)計(jì)未來的增長(zhǎng)長(zhǎng)期的債務(wù)水平 應(yīng)該是負(fù)相關(guān) 。這表明，可轉(zhuǎn)換債券的比例可能是正相關(guān)的發(fā)展機(jī)遇。 由于企業(yè)普遍從事研究和開發(fā)，以創(chuàng)造未來的投資，研究和超過銷售的發(fā)展，也可作為屬性指標(biāo)的增長(zhǎng)。 他們的工人和供應(yīng)商可能會(huì)有職業(yè)技能訓(xùn)練和資本 ,以及他們客戶會(huì)發(fā)現(xiàn)很難找到替代服務(wù)對(duì)于他們相當(dāng)特別的產(chǎn)品。此外，成功的研究 和發(fā)展項(xiàng)目導(dǎo)致從市場(chǎng)上現(xiàn)有的這些不同的新產(chǎn)品。 很明顯的獨(dú)特性，從兩個(gè)指標(biāo)， RD/S 的和 SE/S，這個(gè)屬性也可能與非負(fù)債稅盾和抵押品價(jià)值。這表明，公司生產(chǎn)的機(jī)器和設(shè)備應(yīng)以相對(duì)較少的債務(wù)融資。這也是比較大的情況是，企業(yè)往往更多樣化，更不容易破產(chǎn)。這表明，小企業(yè)可能比大公司可能更愿意 使用 杠桿和短期借款（通過銀行貸款），而不是發(fā)行長(zhǎng)期 貸款 ，因?yàn)榕c此相關(guān)的債務(wù)降低固定成本。 G、 波動(dòng) 許多作者還建議，公司的債務(wù)水平是一個(gè)最佳的盈利波動(dòng)的減函數(shù)。 H、 盈利能力 引用唐納森 、布來雷 和梅爾斯 的見解 指出 ， 表明公司募集資金 方式 ,首先從留存收益 ,第二從債務(wù)中 ,第 三發(fā)放新的股權(quán)。我們使用比例 是 營(yíng)業(yè)收入銷售和運(yùn)營(yíng)收入超過總資產(chǎn)的指標(biāo)的盈利能力。此外 ,測(cè)量誤 差是非獨(dú)立變量的干擾歸入期限和 偏置回歸系數(shù)。此外 ,我們沒有理由懷疑橫向差異賬面