【正文】 rate(Lasfer, 1995。 Malitz, 1985). Jensen, Solberg, and Zorn (1992) provide empirical support for the positive impact on leverage of assets available for collateral. The nondebt tax shield variable is also important as firms with high levels of nondebt tax shields are expected to have lower debt levels (Kim amp。本科畢業(yè)論文（設(shè)計(jì)） 外 文 翻 譯 原文： Capital structure, dividend policy, and multinational: Theory versus empirical evidence influencing capital structure and dividend policy It is important to examine the factors that impact capital structure and dividend policy so that appropriate control variables can be included in the examination of the impact of multinational on capital structure and dividend policy. The list of these control variables must be based on extant theories and empirical evidence related to capital structure and dividend policy. Theories in these areas generally start with the well known results presented in Modigliani and Miller (1958) note that in an efficient markets world with no taxes or bankruptcy costs, the value of a firm is invariant to its capital structure. This theory has since been modified and extended so that capital structure does matter to include not only the impact of taxes and bankruptcy costs, but also the real world costs related to agency problems, asymmetric information, moral hazard, and other frictions and deviations from perfect markets. . Operating leverage and other influences The operating leverage of a firm reflects its business risk. Firms with higher operating leverage face higher bankruptcy probabilities and should have lower financial leverage. However, higher operating leverage is generally associated with higher levels of fixed tangible assets — indeed the proportion of such assets is widely used in the literature as a measure of operating leverage. A firm39。 Long amp。 Graham, 2020). Therefore, the tradeoff theory suggests a negative relationship between leverage and bankruptcy costs and a positive relationship between leverage and firm39。 Meckling, 1976). To protect against this managerial suboptimal behavior, firms with higher level of cash flow should use higher leverage. The asymmetric information model of Ross (1977) also notes that there should be a positive relationship between use debt and the firm39。s capital structure. They argue that, except for firms at or near their debt capacity, pecking order predicts that the deficits will be filled entirely with new debt issues. Therefore, we can expect a positive relationship between funding deficit and leverage assuming that the firms are still below their debt capacity. between capital structure and dividend policy Many of the factors discussed above have been shown to influence not only capital structure but also dividend policy. Easterbrook (1984)documents that dividends exists because they induce firms to float new securities suggesting that firm39。s hypothesis. They find that dividend payout ratios of a sample of all equity firms are significantly higher than those of a control group of levered firms. Jensen et al. (1992) posits that firms with high dividend payouts might find debt financing less attractive than equity financing leading to a negative relation between debt and dividends. As noted in the prehensive survey on payout policy by Allen and Michaely (2020), firms also might not want to pay high dividends when they are obligated to pay high levels of other fixed finance charges. Thus, while the direction of the debt ratio–dividend policy relationship is not clear, it is clear that corporate capital structure is determined simultaneously with its dividend policy. Consequently, any examination of the impact of multinational on capital structure must account for the impact of dividend policy. Recognizing the endogenous nature of some of the variables being tested, some studies do use simultaneous equation models to study the interdependen