中英文外文文献翻译财务杠杆与企业绩效的关系研究2017.doc

本科毕业设计（论文） 中英文对照翻译 (此文档为word格式,下载后您可任意修改编辑!) 文献出处：Brammer S. The study on the relationship between financial leverage and performance of enterprises [J]. Strategic Management Journal, 2017, 2(12): 135-143. 原文 The study on the relationship between financial leverage and performance of enterprises Brammer S Abstract Widely adopted the current enterprise debt financing means for its survival, barely exist only rely on their own capital for liabilities to meet the capital needs of enterprises, so in some ways, the capital structure problem can be interpreted as the proportion of debt capital in the capital structure, the enterprise must through to continuously adjust and optimize the capital structure, reasonable use of debt capital to reduce the enterprise cost of capital and obtain financial leverage.Financial leverage is the enterprise in the capital structure decisions on the use of debt financing.Enterprise use of financial leverage, is hope to get more benefits through debt, but because of the internal and external environment of enterprises is not stable, financing there must be a certain risk. If enterprise for debt financing for common shareholders earnings per share rise, means that enterprises financing decision is reasonable; conversely, when debt financing to lower corporate common shareholder earnings per share, enterprise financing decision is to be adjusted. As you can see, the place of the degree of product market competition and enterprise competitive strategy taken by the response to market changes will affect the performance of the enterprise. Keywords: financial leverage, business performance, competitive strategy 1 Introduction In theory, financial leverage and there is a connection between enterprise performance, but they present what correlation does not yet exist. Many scholars began after the MM theory put forward a lot of research to explain the financial leverage and corporate performance relationship of. Such as Jensen and Mecing (1976