【正文】 的債務(wù)水平是一個(gè)最佳的盈利波動的減函數(shù)。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)。 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。 他們的工人和供應(yīng)商可能會有職業(yè)技能訓(xùn)練和資本 ,以及他們客戶會發(fā)現(xiàn)很難找到替代服務(wù)對于他們相當(dāng)特別的產(chǎn)品。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。）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 費(fèi)用。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。 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 。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。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。本科畢業(yè)論文（設(shè)計(jì)） 外 文 翻 譯 原文 ： The Determinants of Capital Structure Choice I. Determinants of Capital Structure In this section, we present a brief discussion of the attributes that different theories of capital structure suggest may affect the firm39。s total work force that voluntarily left their jobs in the sample years. It is postulated that RD/S measures uniqueness because firms that sell products with close substitutes ar39。 A、 資產(chǎn)抵押品的價(jià)值 大部分資本結(jié)構(gòu)理論認(rèn)為，由一個(gè)以某種方式公司國有資產(chǎn)的類型會影響其資本結(jié)構(gòu)的選擇。如果債務(wù)抵押證券 , 借款人僅限于使用特定項(xiàng)目的資金。它們包括以（ INT/TA）的總資產(chǎn)的比率無形資產(chǎn)和存貨加上機(jī)器及設(shè)備總值的比例（ IGP/TA）的總資產(chǎn)。（這些變量， 作為 其他屬性的指標(biāo)，在后面討論。詹森和麥克林，史密斯和華納，和 格林 認(rèn)為，該機(jī)構(gòu)將降低成本，如果公司發(fā)行可轉(zhuǎn)換債券。顧客，工人和生產(chǎn) 公司，具 有獨(dú)特性或?qū)I(yè)化的產(chǎn)品供應(yīng)商在事件可能遭受成本相對較高 。不過，預(yù)計(jì)在較高 退出 率 的 行業(yè)的公司可能是唯一的，因?yàn)楣鞠鄬^少，產(chǎn)生相對獨(dú)特的產(chǎn)品往往采用與特定工作的高層次 ， 因此有了它昂貴，給他們的工作人員人力資本。華納和卬 ，蔡和 康納 提供證據(jù)表明，直接破產(chǎn)成本似乎構(gòu)成了一個(gè)公司的 價(jià)值作為該值跌幅較大的比例。 將退出利率 ,例如大小的一個(gè)指標(biāo) ,反映出現(xiàn)象 ,并 經(jīng)常大公司提供了更廣泛的職業(yè)發(fā)展機(jī)會 ,對他們的員工有較低的退出率 。在這兩種情況下 ,公司的總利潤可保留 ,是重要的決定了其當(dāng)前的資本結(jié)構(gòu)。然而 ,鮑曼表明橫斷式相關(guān)性的市場價(jià)值的賬面價(jià)值和債務(wù)很大 ,由于使用賬面價(jià)值 誤差的 措施可能是相當(dāng)少。因?yàn)楣景l(fā)展機(jī)會和相對少量的抵押證券資產(chǎn)往往都有比較高的市值比率 ,賬面價(jià)值之間存在關(guān)系有可能虛假債務(wù) /市場價(jià)值和這些變量 ,創(chuàng)造統(tǒng)計(jì)學(xué)顯著性系數(shù)估計(jì)即使 賬面價(jià)值的債務(wù)比例是隨機(jī)選擇。先考慮這樣的情形 ,管理者樹