【正文】 uggest that higher debt levels diminish this tendency because of the increased threat of bankruptcy. Managers of highly levered firms will also be less able to consume excessive perquisites since bondholders (or bankers) are inclined to closely monitor such firms. The costs associated with this agency relation may be higher for firms with assets that are less collateralized since monitoring the capital outlays of such firms is probably more difficult. For this reason, firms with less collateralized assets may choose higher debt levels to limit their managers39。 consumption of perquisites. The estimated model incorporates two indicators for the collateral value attribute. They include the ratio of intangible assets to total assets (INT/TA) and the ratio of inventory plus gross plant and equipment to total assets (IGP/TA). The first indicator is negatively related to the collateral value attribute, while the second is positively related to collateral value. B. NonDebt Tax Shields DeAngelo and Masulis present a model of optimal capital structure that incorporates the impact of corporate taxes, personal taxes, and nondebtrelated corporate tax shields. They argue that tax deductions for depreciation and investment tax credits are substitutes for the tax benefits of debt financing. As a result, firms with large nondebt tax shields relative to their expected cash flow include less debt in their capital structures. Indicators of nondebt tax shields include the ratios of investment tax credits over total assets (ITC/TA), depreciation over total assets (DITA), and a direct estimate of nondebt tax shields over total assets (NDT/TA). The latter measure is calculated from observed federal ine tax payments (T), operating ine (OI), interest payments (i), and the corporate tax rate during our sample period (48%), using the following equation: NDT = OIiT/ which follows from the equality T= (0I iNDT) These indicators measure the current tax deductions associated with capital equipment and, hence, only partially capture the nondebt tax shield variable suggested by DeAngelo and Masulis. First, this attribute excludes tax deductions that are not associated with capital equipment, such as research and development and selling expenses. (These variables, used as indicators of another attribute, are discussed later.) More important, our nondebt tax shield attribute represents tax deductions rather than tax 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。 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 。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)。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。 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)。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) 。 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)。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。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。 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)。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)。這不會(huì)非理性事實(shí)上如果資本結(jié)構(gòu)無關(guān)緊要。由于這些分歧 ,當(dāng)然 ,影響它們的股票的市場(chǎng)價(jià)值 ,這將產(chǎn)生的影響 ,造成公司更高的市場(chǎng) /賬面價(jià)值比有較