加纳上市公司资本结构对盈利能力的实证研究外文文献中英文中英文翻译.doc

对加纳上市公司盈利的实证分析外文翻译The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana selection Material Source: The Journal of Risk Finance Vol. 6 No. 5, 2005 Author: Joshua Abor Abstract Purpose ? This paper seeks to investigate the relationship between capital structure and profitability of listed firms on the Ghana Stock Exchange GSE during a five-year period. Design/methodology/approach ? Regression analysis is used in the estimation of functions relating the return on equity ROE with measures of capital structure. Findings ? The results reveal a significantly positive relation between the ratio of short-term debt to total assets and ROE. However, a negative relationship between the ratio of long-term debt to total assets and ROE was found. With regard to the relationship between total debt and return rates, the results show a significantly positive association between the ratio of total debt to total assets and return on equity. Originality/value ? The research suggests that profitable firms depend more on debt as their main financing option. In the Ghanaian case, a high proportion 85 percent of the debt is represented in short-term debt. Keywords Capital structure, Profit, Gearing, Ghana Introduction The capital structure decision is crucial for any business organization. The decision is important because of the need to imize returns to various organizational constituencies, and also because of the impact such a decision has on a firm’s ability to deal with its competitive environment. The capital structure of a firm is actually a mix of different securities. In general, a firm can choose among many alternative capital structures. It can issue a large amount of debt or very little debt. It can arrange lease financing, use warrants, issue convertible bonds, sign forward contracts or trade bond swaps. It can issue dozens of distinct securities in countless combinations; however, it attempts to find the particular com