世界各地的資本結(jié)構(gòu)公司和國家因素在其中的影響外文及譯文(文件)
【正文】 國家的分析研究，使得國家因素對公司資本結(jié)構(gòu)決策重大影響得到公眾的認(rèn)同，他們發(fā)現(xiàn)了一些特別的國家因素（例如銀行業(yè)的發(fā)展程度、公平程度和證券市場）對資本結(jié)構(gòu)決策也具有深刻的影響。他們還觀察到，在發(fā)展中國家制度因素對財(cái)務(wù)杠桿作用的影響在大公司和小公司中是不同的。換句話說，國家特征或許可以解釋在某一國家內(nèi)對公司財(cái)務(wù)杠桿率的影響，但不能解釋對另一國家內(nèi)公司的影響。在這次的研究中我們證實(shí)，國家因素會通過兩種方式影響公司的資本結(jié)構(gòu)。 and Fan et al., 2006). By reporting the estimated coefficients for firmspecific determinants of leverage per country, these papers, on the one hand, acknowledge that the impact of firmlevel determinants does differ in terms of signs, magnitudes and significance levels. On the other hand, in the analysis of countryspecific determinants of corporate leverage, these papers also make use of country dummies in pooled firmyear regressions, thus forcing the firmspecific coefficients to have the same value. With an extremely large number of firmyear observations, it is more likely for this procedure to produce statistically significant results for many countryspecific variables. But, utilizing an alternative regression framework where a single average capital structure for each country is used as an observation, one hardly finds strong evidence on this issue. As an additional contribution of our paper, we show the invalidity of this implicit assumption. Our analysis without imposing such restriction thus provides a more reliable analysis on the importance of countryspecific variables.The study enpasses a large number of countries (42 in total) from every continent for the period 19972001. We construct a database of nearly 12,000 firms (about 60,000 firmyear observations). All types of firms – large and small – are included as long as a reasonable amount of data is available. We analyze the standard firmspecific determinants of leverage like firm size, asset tangibility, profitability, firm risk and growth opportunities. Besides, we incorporate a large number of countryspecific variables in our analysis, including legal enforcement, shareholder/creditor right protection, market/bankbased financial system, stock/bond market development and growth rate in a country’s gross domestic product (GDP). Firmspecific and countryspecific determinants are the two major types of variables that we take into account when analyzing the impacts on firms’ leverage choice. The firms in our sample cover 42 countries that are equally divided between developed and developing countries. Data for leverage and firmspecific variables are collected from COMPUSTAT Global database. We exclude financial firms and utilities. Data on countryspecific variables are collected from a variety of sources, mainly World Development Indicators files and Financial Structure Database of the World Bank. Few countryspecific variables are taken from previous studies including La Porta et al. (1998), Claessens and Klapper (2002) and Berkowitz et al. (2003). Our sample period covers the years 19972001. The selection of a timeperiod involves a tradeoff between the number of countries that can be included in the study and the availability of enough firmspecific data. Whenever needed, we resort to some other sources to collect any missing data. It is still impossible to obtain data for each and every variable from all 42 countries during this time period. The final sample consists of 59,225 observations on 11,845 firms. Even though we aim to keep the number of countries high enough and also maintain a reasonable number of firms, our dataset has unavoidably a limited number of firms in a few countries. Analyzing the direct impact of countryspecific factors on leverage, the evidence suggests that creditor right protection, bond market development, and GDP growth rate have a significant influence on corporate capital structure. In measuring the impact indirec
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