英语翻译The first and foremost purpose of the present study is t

英语翻译
The first and foremost purpose of the present study is to determine the firm characteristics that affect capital structure.This will clarified the extent of optimal debt and equity used in financing the firms' activity in emerging market such as Malaysia.Thus,it is hoped that the present study will details and shed light on the Malaysian capital structure ambiguous area so that it can somehow lead the way for the financial manager in determine the right choices in capital structure's policy in the future.
The rest of the paper proceeds as follows.Section 2 is a review of various theories in capital structure.Section 3 describes the data,research methodology and the rationalize measurements of leverage choose to evaluate and analyze the determinants of capital structure.The empirical results and analysis are presented in Section 4,and the final section concludes the findings.
2.Literature Review
Theories of Capital Structure Fifty years ago,Modigliani and Miller (1958) initiates the theory of capital structure in their influential seminal work on the effects of capital structure on the firm value.They demonstrate and finally conclude that the "capital structure is irrelevance" in a perfect financial market,considering no-tax case in the "pie model",which literally means that
firm's value,is independent of it financing or financial structure.They argue that the size of the pie does not depend on how it is sliced but depends only on the level and risk of its future cash flows.Modigliani and Miller (1963) even illustrate how firms should utilize 'all' debt financing because interest is deductible for tax purpose.This "tax shield" allows firms to pay lower taxes than they should if equity financing is used,thus attaining optimal capital structure through tax saving.Surprisingly,despite all the criticism and controversial issues arises from M&M proposition,empirical work by Hatfield,Cheng and Davidson (1994) support the M&M theorem.

The first and foremost purpose of the present study is to determine the firm characteristics that affect capital structure.This will clarified the extent of optimal debt and equity used in financing the firms' activity in emerging market such as Malaysia.Thus,it is hoped that the present study will details and shed light on the Malaysian capital structure ambiguous area so that it can somehow lead the way for the financial manager in determine the right choices in capital structure's policy in the future.
本文研究的首要目的是确定影响资本结构的公司特征,阐述最佳负债和在兼并市场股本被用来融资的市场活动的范围,例如在马来西亚.因此,本文希望能对马来西亚的模糊不清的资本结构能给予一些详细的说明及阐述,以便在一定程度上可以指引财务经理人在未来能够在资本结构政策上做出正确的决定
The rest of the paper proceeds as follows.Section 2 is a review of various theories in capital structure.Section 3 describes the data,research methodology and the rationalize measurements of leverage choose to evaluate and analyze the determinants of capital structure.The empirical results and analysis are presented in Section 4,and the final section concludes the findings.
本文剩余部分如下：第2部分对资本结构的各种理论进行了回顾；第3部分通过数据分析,研究方法论及杠杆效应的合理数据,来评估和分析资本结构的决定因素.第4部分列举了以往的结果和分析.最后一部分得出结论
2.Literature Review
文献综述
Theories of Capital Structure Fifty years ago,Modigliani and Miller (1958) initiates the theory of capital structure in their influential seminal work on the effects of capital structure on the firm value.
在50年前的《资本结构理论》中,Modigliani and Miller 在他们的颇具影响的一篇学期论文中提出了资本结构的理论,这篇论文主要是研究资本结构对公司价值的影响
They demonstrate and finally conclude that the "capital structure is irrelevance" in a perfect financial market,considering no-tax case in the "pie model",which literally means that
firm's value,is independent of it financing or financial structure.They argue that the size of the pie does not depend on how it is sliced but depends only on the level and risk of its future cash flows.
他们证明并最终得出结论,在一个完美的金融市场上“资本结构没有相关性”,考虑到在“圆饼模型”中无关税情形的存在,表面上来看,这个理论认为公司价值是独立于它的财务或财务结构之外的.他们辩论称圆饼的大小并不取决于如何切割,而是取决于它未来现金流的水平和风险.
Modigliani and Miller (1963) even illustrate how firms should utilize 'all' debt financing because interest is deductible for tax purpose.
Modigliani and Miller (1963)甚至举例说明公司应该如何利用所有的负债财务,因为从税务的目的来看,利息是可以扣除的
This "tax shield" allows firms to pay lower taxes than they should if equity financing is used,thus attaining optimal capital structure through tax saving.Surprisingly,despite all the criticism and controversial issues arises from M&M proposition,empirical work by Hatfield,Cheng and Davidson (1994) support the M&M theorem.
这个税收盾牌允许企业在发行股票进行融资的情况下,缴纳较低的税金,通过减少税负而获得最佳资本结构.令人惊奇的是,尽管Modigliani and Miller的提议遭到了众多的批评,引起了众多的争议性问题,但依然得到了Cheng and Davidson (1994)的支持