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【精品文档】61中英文双语会计专业外文文献翻译成品:资本结构和公司绩效:来自约旦的证据.doc

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1、 外文标题:Capital structure and corporate performance: evidence from Jordan 外文作者:Rami Zeitun and Gary Gang Tian 文献出处: Australasian Accounting Business & Finance Journal, 2017 (如觉得年份太老,可改为近2年,毕竟很多毕业生都这样做) 英文1689单词, 10856字符(字符就是印刷符),中文2309汉字。 此文档是毕业设计外文翻译成品( 含英文原文+中文翻译),无。

2、需调整复杂的格式!下载之后直接可用,方便快捷!本文价格不贵,也就几十块钱!一辈子也就一次的事! Capital structure and corporate performance: evidence from Jordan Rami Zeitun and Gary Gang Tian The objective of the current paper is to examine the effect which capital structure has on corporate performance in Jordan. There is a lack of empir。

3、ical evidence about the effect of capital structure on the performance of firms in both developed and developing countries. Most of the previous evidence on capital structure comes from the determinants of corporate debt ratio. To the best of the authors’ knowledge, this research provides the first 。

4、attempt to investigate the effect of capital structure on corporate performance in Jordan. Our reason for choosing Jordan as a case for this topic is its uniqueness, which we discuss below. First, the Jordanian economy has been subject to a large number of external shocks in the Middle East regio。

5、n during the period of our study. Secondly, the banking system in Jordan also makes this study unique.Thirdly, it is worth noting that both Islamic and non-Islamic banks have a credit policy.The concept of performance is a controversial issue in finance largely due to its multi- dimensional meanings。

6、. Research on firm performance emanates from organization theory and strategic management (Murphy et al., 1996). Performance measures are either financial or organisational. Financial performance such as profit maximisation, maximising profit on assets, and maximising shareholders' benefits are at t。

7、he core of the firm’s effectiveness (Chakravarthy, 1986). Operational performance measures, such as growth in sales and growth in market share.Table 1 reports summary statistics for the variables used in the study. The average return to assets for the sample as a whole is 1.2%, while the average 。

8、return to equity is about - 14.2%. The two accounting measures of performance show that Jordanian companies have a very low accounting performance. The four measures of market performance show a high percentage of performance compared with the accounting measures. For example, the average values of 。

9、Tobin’s Q and MBVR are 170% and 195%, respectively. The high ratios for the market performance measures could be as a result of the increase in firms' share price and equity without any increase in the real activities performance of the firms. The results of the estimation of the panel data model。

10、s with each of the performance measures and for the full sample of observations for the period 1989-2003 are displayed in Tables 3 to 6. The regression model using price per share to earnings per share (P/E)10 is not significant using any measure of capital structure and, hence, is not reported. The。

11、 regression model using return on equity (ROE) is excluded from the analysis because the ROE measure does not have any significant variable in the estimation and the R-squared value using this measure in most cases was less than 0.1%11. The market value of equity to book value of equity (MBVE) is al。

12、so excluded from the analysis as the R-squared is very small and the result is very similar to Tobin’s Q12. These results make the ROA and Tobin’s Q the most powerful measures of performance in the Jordan case. Therefore, our discussion will concentrate on these two measures of performance beside th。

13、e MBVR and PROF measures. The significance of the variable TAX suggests that the better performance of Jordanian companies is related to the higher corporate income tax payment, and also to other factors such as the firm’s risk, size, and debt ratio (see Tables 3 to 6). This result indicates tha。

14、t firms with high tax payments have a higher performance rate. The composition of the asset structure (TANGB) has a negative and significant impact on the accounting measure of performance (ROA) and the market measure of performance (MBVR). This result indicates that firms with a high ratio of TANGB。

15、 have a lower performance ratio. The economic environment and policy and regional risk affect firms’ performance. Hypothesis 7 states that Political Instability around Jordan (regional crises) affects corporate performance. Table 8 presents the results of the estimation including Year (time) dumm。

16、y variables to control for the macroeconomic variables and economic environment and policy impact on firms' performance. The estimated coefficients on time dummies suggest a significant effect of macroeconomic variables on firms’ performance, implying that major changes to the overall economic envir。

17、onment may significantly affect corporate performance. From 1991 to 1994, time dummies had a positive and significant effect on the firm’s performance measured by ROA (using TDTA).This paper examines the impact which capital structure has had on corporate performance in Jordan in which we control th。

18、e effect of industrial sectors, regional risk, such as the Gulf Crisis 1990-1991 and the outbreak of Intifadah in the West Bank in September 2000. This paper bridges the gap in the relevant literature as state and regional development varies from one country to another and this development could aff。

19、ect the validity of the theories as the environment changes. There is no single study formulated in the Middle East that investigates the impact of capital structure on a firm’s performance. This study tried to fill the gap in this field by investigating the effect of capital structure on corpora。

20、te performance by taking Jordan as a case study. Furthermore, this paper employed different measures of capital structure such as short- term debt, long-term debt, and total debt to total assets in order to investigate the effect of the debt structure on corporate performance. Investigating the effe。

21、ct of capital structure on corporate performance using market and accounting measures could be valuable as it provides evidence about whether the stock market is efficient or not. An unbalanced panel of 167 companies are studied in this paper, of which 47 firms defaulted due to severe financial d。

22、istress problems resulting in insolvency. A firm’s capital structure was found to have a significant and negative impact on the firm’s performance measures in both the accounting and market measures. An interesting finding is that the STDTA has a positive and significant effect on the market perform。

23、ance measure (Tobin’s Q), which could to some extent support Myers's (1977) argument that firms with high short-term debt to total assets have a high growth rate and high performance. The results also show that high performance is associated with a high tax rate. This indicates that profitable firms。

24、 pay a high tax rate. Firm size was found to have a positive impact on a firm’s performance, as large firms have low bankruptcy costs. In other words, bankruptcy costs increases as firm size decreases and, hence, bankruptcy costs negatively affects a firm’s performance. REFERENCES Abdel Shahid, 。

25、S. (2003), “Does Ownership Structure Affect Firm Value? Evidence from The Egyptian Stock Market”, Working Paper, [online], (www.ssrn.com). ASE (2002), Amman Stock Exchange, 2002, Fourth Annual Report, (Amman, Jordan). Ang, J. S., R. A. Cole, and Lin, J. W. (2000), “Agency Costs and Ownership Stru。

26、cture”, Journal of Finance 55, 81- 106. Barclay, M. J., and Smith, C. W. (1995), “The Maturity Structure of Corporate Debt”, Journal of Finance 50, 609-32. Bradley, M., G. A. Jarrell, and Kim, E. H. (1984), “On the Existence of an Optimal Capital Structure: Theory and Evidence”, Journal of Financ。

27、e 39, 857-878. Breusch, T., and Pagan, A. (1980), “The Lagrange-Multiplier Test and its Applications to Model Specification in Econometrics”, Review of Economic Studies 47, 239–253. Brick, I. E., and Ravid, S. A. (1985), “On the Relevance of Debt Maturity Structure”, Journal of Finance 40, 1423– 。

28、 37. Chakravarthy, B. S., (1986), “Measuring Strategic Performance”, Strategic Management Journal 7, 437-58. Demsetz, H., and K. Lehn, (1985), “The Structure of Corporate Ownership: Causes and Consequences”, Journal of Political Economy 93, 1155-1177. Durand, R., and R. Coeurderoy, (2001), “Age,。

29、 Order of Entry, Strategic Orientation, and Organizational Performance”, Journal of Business Venturing 16, 471-94. Fisher, F. M., and J. McGowan, (1983), “On the Misuse of Accounting Rates of Return to Infer Monopoly Profits”, American Economic Review 73, 82-97. Gleason, K. C., L. K Mathur, and 。

30、I. Mathur, (2000), “The Interrelationship between Culture, Capital Structure, and Performance: Evidence from European Retailers”, Journal of Business Research, 50, 185-191. Gorton, G., and R. Rosen, (1995), “Corporate Control, Portfolio Choice, and the Decline of Banking”, Journal of Finance 50, 。

31、1377-420. Greene, W. H., (2003). Econometrics Analysis (Prentice Hall, New York). Harris, M., A. Raviv, (1991), “The Theory of Capital Structure”, Journal of Finance 46, 297–355. Hoffer, C. W., and W. R. Sandberg, (1987), “Improving new venture performance: some guidelines for success”, American。

32、 Journal of Small Business 12, 11-25. Judge, George, W. E., R. Griffiths, Carter Hill, Helmut Liitkepohl, and Tsoung-Chao Lee, (1985). The Theory and Practice of Econometrics (John Wiley and Sons, New York). Kraus, A., and R. Litzenberger, (1973), “A State-Preference Model of Optimal Financial Le。

33、verage”, Journal of Finance 28, 923-931. Krishnan, V. S., and R. C. Moyer, (1997), “Performance, Capital Structure and Home Country: An Analysis of Asian Corporations”. Global Finance Journal 8, 129-143. Lauterbach, B., and A. Vaninsky, (1999), “Ownership Structure and Firm Performance: Evidence。

34、 from Israel”, Journal of Management and Governance 3, 189-201. Long, W. F., D. J. Ravenscraft, (1984), “The Misuse of Accounting Rates of Return: Comment”, American Economic Review 74, 494-500. Mehran, H., (1995), “Executive Compensation Structure, Ownership, and Firm Performance”, Journal of F。

35、inancial Economics 38, 163-184 译文: 资本结构和公司绩效:来自约旦的证据 Rami Zeitun and Gary Gang Tian 本文研究的主要目的是考察资本结构对约旦公司绩效的影响。 在包含发达国家和发展中国家关于资本结构对公司业绩的影响仍然缺乏实证证据。 以前的有关资本结构的证据大多来自公司债务比率等决定性因素。 依作者所知,这项研究首次尝试考察资本结构对约旦企业绩效的影响。 我们选择约旦作为研究案例的理由是由于它的独特性,我们将在下面的章节中讨论它。 首先,在我们的研究期间,约旦的经济受到了来自中东地区的大量外部冲。

36、击。其次,约旦银行体系也使得这项研究具有独特性。第三,值得注意的是伊斯兰教与非伊斯兰银行都有信贷政策。绩效的概念在金融领域是一直是一个具有争议的话题,很大程度上是由于其多层面的含义。 企业绩效研究源于组织理论和战略管理(墨菲等人,1996)。 对绩效的衡量标准既有财务层面也有组织层面的。 诸如利润最大化、资产利润最大化和股东利益最大化等财务绩效是公司效率的核心(Chakravarthy,1986)。 运营绩效的衡量主要是诸如销售额的增长和市场份额的增长。表1报告了研究中使用的变量的汇总统计。 在整个研究的样本中,其平均资产回报率为1.2%,股权平均回报率约为 - 14.2%。 对这两。

37、种会计绩效的衡量表明约旦公司的会计绩效很低。与会计衡量指标相比,对市场绩效的四个衡量指标表现出很高的比例。 例如,托宾Q和MBVR的平均值分别为170%和195%。 市场绩效指标的高比率可能是公司股票价格和股票价格上涨的结果,而不会增加公司的实际活动表现。 表3至表6显示的是1989-2003年期间每一个业绩指标和全部观察样本的面板数据模型的估值结果。使用每股价格与每股收益(P / E)10建立的回归模型并不重要,对资本结构的衡量因此也未被报告出来。使用股本回报率(ROE)建立起来的回归模型被排除在此次分析之外,因为对ROE的测量在估值中没有任何的显著变量,并且在大多数情况下使用此测。

38、量方法的R平方值小于0.1%11。 由于R平方非常小,结果与托宾Q12的值非常相似,因此在此次的分析中将股权的市场价值与股权的账面价值(MBVE)排除在外。 这些结果使得ROA值和托宾Q的值成为约旦公司案例中最有力的绩效指标。 因此,我们的讨论将集中在除MBVR和PROF之外的这两种绩效的衡量。 税收这一变量的存在表明约旦公司的更好绩效表现与较高的企业所得税纳税额以及公司的风险、规模和债务比率等其他因素息息相关(见表3至表6)。 这一结果表明,高税率的公司具有更高的绩效率。 资产结构的组成(TANGB)对会计绩效衡量指标(ROA)和市场绩效衡量指标(MBVR)具有负面以及显著的影响。 这。

39、一结果表明TANGB比例高的公司绩效率较低。 企业所处的经济环境、政策以及区域风险会影响企业的绩效。假设7指出表明约旦周边的政治动荡(地区危机)影响着公司绩效。表8列出了估算结果,包括控制宏观经济变量和经济环境的年度(时间)虚拟变量以及政策对企业绩效的影响。估算的时间虚拟系数表明宏观经济变量对企业绩效有显著的影响,这意味着整体经济环境的重大变化可能会显着影响企业绩效。从1991年到1994年,时间虚拟变量对企业绩效的ROA值的(使用TDTA)衡量具有积极的显著影响。本文考察了资本结构对约旦企业绩效的影响,我们控制了工业部门的影响以及区域性风险,如1990年至1991年的海湾危机和20。

40、00年9月西岸爆发的起义。本研究填补了相关文献中的空白,因为各个国家和地区的发展情况各不相同,这种发展可能会随着环境的变化影响到理论的有效性。1357 在中东,没有进行单一的研究来调查资本结构对公司绩效的影响。 本研究试图通过以约旦为个案研究调查资本结构对企业绩效的影响以填补这一领域的空白。 此外,为了调查债务结构对企业绩效的影响,本文采用了短期债务、长期债务和总债务等资本结构的不同指标。 利用市场和会计措施研究资本结构对企业绩效的影响这可能是有价值的,因为它提供了证券市场是否有效的证据。 本文研究了一个由167家公司组成的非均衡面板数据,其中47家公司因严重的财务困境问题。

41、导致破产。 研究发现公司的资本结构对公司在会计和市场衡量方面的绩效指标有显著的负面影响。 一个有趣的发现是,STDTA对市场绩效指标(Tobin's Q)具有积极和显着的影响,这在一定程度上支持了Myers(1977)的观点,即短期债务高的企业会带来总资产的稿增长率以及高绩效。 结果还显示高绩效与高税率相关。 这表明有高利润的公司会支付高税率。 由于大型企业的破产成本很低,因此企业规模对企业绩效也有积极的影响。 换句话说就是破产成本随着企业规模的减小而增加,因此破产成本对企业绩效产生会负面的影响。 REFERENCES Abdel Shahid, S. (2003), “Does 。

42、Ownership Structure Affect Firm Value? Evidence from The Egyptian Stock Market”, Working Paper, [online], (www.ssrn.com). ASE (2002), Amman Stock Exchange, 2002, Fourth Annual Report, (Amman, Jordan). Ang, J. S., R. A. Cole, and Lin, J. W. (2000), “Agency Costs and Ownership Structure”, Journal o。

43、f Finance 55, 81- 106. Barclay, M. J., and Smith, C. W. (1995), “The Maturity Structure of Corporate Debt”, Journal of Finance 50, 609-32. Bradley, M., G. A. Jarrell, and Kim, E. H. (1984), “On the Existence of an Optimal Capital Structure: Theory and Evidence”, Journal of Finance 39, 857-878. B。

44、reusch, T., and Pagan, A. (1980), “The Lagrange-Multiplier Test and its Applications to Model Specification in Econometrics”, Review of Economic Studies 47, 239–253. Brick, I. E., and Ravid, S. A. (1985), “On the Relevance of Debt Maturity Structure”, Journal of Finance 40, 1423– 37. Chakravarth。

45、y, B. S., (1986), “Measuring Strategic Performance”, Strategic Management Journal 7, 437-58. Demsetz, H., and K. Lehn, (1985), “The Structure of Corporate Ownership: Causes and Consequences”, Journal of Political Economy 93, 1155-1177. Durand, R., and R. Coeurderoy, (2001), “Age, Order of Entry, 。

46、Strategic Orientation, and Organizational Performance”, Journal of Business Venturing 16, 471-94. Fisher, F. M., and J. McGowan, (1983), “On the Misuse of Accounting Rates of Return to Infer Monopoly Profits”, American Economic Review 73, 82-97. Gleason, K. C., L. K Mathur, and I. Mathur, (2000)。

47、, “The Interrelationship between Culture, Capital Structure, and Performance: Evidence from European Retailers”, Journal of Business Research, 50, 185-191. Gorton, G., and R. Rosen, (1995), “Corporate Control, Portfolio Choice, and the Decline of Banking”, Journal of Finance 50, 1377-420. Greene。

48、, W. H., (2003). Econometrics Analysis (Prentice Hall, New York). Harris, M., A. Raviv, (1991), “The Theory of Capital Structure”, Journal of Finance 46, 297–355. Hoffer, C. W., and W. R. Sandberg, (1987), “Improving new venture performance: some guidelines for success”, American Journal of Small。

49、 Business 12, 11-25. Judge, George, W. E., R. Griffiths, Carter Hill, Helmut Liitkepohl, and Tsoung-Chao Lee, (1985). The Theory and Practice of Econometrics (John Wiley and Sons, New York). Kraus, A., and R. Litzenberger, (1973), “A State-Preference Model of Optimal Financial Leverage”, Journal 。

50、of Finance 28, 923-931. Krishnan, V. S., and R. C. Moyer, (1997), “Performance, Capital Structure and Home Country: An Analysis of Asian Corporations”. Global Finance Journal 8, 129-143. Lauterbach, B., and A. Vaninsky, (1999), “Ownership Structure and Firm Performance: Evidence from Israel”, J。

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