毕业论文外文翻译-财务风险的重要性.doc

　　How Important is Financial Risk? 　　作者： Sohnke M. Bartram, Gregory W. Brown, and Murat Atamer起止页码： 1-7 出版日期（期刊号） ： September 2009,Vol. 2, No. 4（Serial No. 11） 出版单位： Theory and Decision, DOI 10.1007/s11238-005-4590-0 Abstract： This paper examines the determinants of equity price risk for a largesample of non-financial corporations in the United States from 1964 to 2008. Weestimate both structural and reduced form models to examine the endogenous natureof corporate financial characteristics such as total debt, debt maturity, cash holdings,and dividend policy. We find that the observed levels of equity price risk areexplained primarily by operating and asset characteristics such as firm age, size, assettangibility, as well as operating cash flow levels and volatility. In contrast, impliedmeasures of financial risk are generally low and more stable than debt-to-equity ratios. 　　Our measures of financial risk have declined over the last 30 years even as measuresof equity volatility （e.g. idiosyncratic risk） have tended to increase. Consequently,documented trends in equity price risk are more than fully accounted for by trends inthe riskiness of firms’ assets. Taken together, the results suggest that the typical U.S. 　　firm substantially reduces financial risk by carefully managing financial policies. As aresult, residual financial risk now appears negligible relative to underlying economicrisk for a typical non-financial firm. 　　Keywords： Capital structure； financial risk； risk management； corporate finance1 Introduction 　　The financial crisis of 2008 has brought significant attention to the effects offinancial leverage. There is no doubt that the high levels of debt financing by financialinstitutions and households significantly contributed to the crisis. Indeed, evidenceindicates that excessive leverage orchestrated by major global banks （e.g., through themortgage lending and collateralized debt obligations） and the so-called “shadowbanking system” may be the underlyi