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1、外文翻譯ThefinancingstructureofnonlistedfirmsMaterialSource:googleAuth:SuzanHolNicoVanDerWijstINTRODUCTIONOnlyaverysmallminityofEuropeanfirmsislistedonastockexchange.InNwayfexamplesome200250(231onJuly6th2006)ofthemethan10000

2、0limitedliabilityfirmsarequotedonOsloStockExchange.Inspiteoftheiroverwhelmingnumericalmajityunlistedfirmsreceivelittleattentioninempiricalstudiesoffinancialstructure.Sincepublicationrequirementsfunlistedfirmsusuallyaremi

3、nimalabsentthenonavailabilityofdatacanpartlyexplainthislackofattention.InNwayhoweveralllimitedliabilityfirmsarerequiredbylawtodeposittheirannualfinancialstatementsinacentralregisterwhichisopentoresearchers.Giventhedivers

4、itywithinthebusinesscommunitythevarietyofcapitalstructuretheiesanalyzingthewayfirmsarefinancedcanclearlybenefitfromusingalargedatabasecoveringtheentirepopulation.Usingthisuniquedatabasethispaperstudiesthefinancialstructu

5、reofnonlistedfirms.ThiscanbeanimptantadditiontotheliteraturesincetheempiricalevidenceonthedeterminantsoffinancingdecisionspredominantlyreferstothesinglealbeitlargeenvironmentofAmericanlistedfirms.Testingtheempiricalimpli

6、cationsofcapitalstructuretheiesonunlistedfirmsthatoperateinadifferentfinancialenvironmentcontributestotheempiricalevidencemaybroadeninsightintothecapitalstructurechoice.FewstudiesofthecapitalstructureofEuropeancompaniesh

7、avebeenpublished(e.g.CarlsenNilsen1993DemirgKuntMaksimovic1999Ozkan2002)evenfewerofnonlistedcompanies(e.g.ScherrHulburt2001).Thescarcityofempiricalevidencefnonlistedfirmsisthemotivationfthispaper.Mespecificallytheobjecti

8、veofthispaperistosupplementtheexistingliteraturewithananalysisofthefactsdeterminingthefinancialstructureofnonlistedfirmsinNway.Thisisdonebyempiricallytestingtheiesofcapitalstructuredebtmaturityusingpaneldatafnonfinancial

9、firms.AdatasetthatincludesallunlistedfirmsinNwayf19952000isused.ScherrHulburtvarietyofsignalingdevicessuchasdebt(leverage)dividendpaymentsthematuritystructureofdebt.Inthepresenceofinfmationasymmetryfirmshaveanincentiveto

10、signaltheirqualitycredibilitybytakingonmedebtshteningtheirdebtmaturity.Ahigherleverageespeciallymeshttermdebtsignalsfavableinsideinfmationtothemarketbecauseitoffersthepossibilitytorenegotiatetermsinthefuturewhenmeinfmati

11、onhasbecomeavailable.Longtermdebtentailslargerinfmationcoststhanshttermdebtbecausethemarketexpectsahigherdeteriationofqualitythaninsidersdo.Firmswithalowlevelofinfmationasymmetryaretherefemelikelytoissuelongtermdebt(Flan

12、nery1986).InfmationasymmetryishigherffirmswithlargeR&Dactivities(AlamWalton1995).Inadditionacomplexlegalstructure(e.g.aholdingcompanylargecrossinvestmentsindaughtercompanies)willmakeafirmlesstransparentthusgiverisetoahig

13、herlevelofinfmationasymmetry.ArivalingcapitalstructuretheyisMyers’peckingderthey.Thistheyisbasedoninfmationasymmetrywhichcausesoutsidefinancingtobemeexpensivethaninternalfinancing.ThisinfmationasymmetryismodelledbyMyers(

14、1984)MyersMajluf(1984).Theyarguethatasymmetricinfmationlowersthepricethatinvestsarewillingtopayfissuedshares.Therefefirmspreferinternaltoexternalfinancingtofundinvestmentsdebttoequityifexternalfinancingisused.Ifnonotenou

15、ghretainedearningsareavailableinthefirmdebtwillbeissued.Debtislessmispricedthanequitysinceithasapriclaimtoequity.Issuingnewequityisthelastchoiceoffirmsraisingcapital.InthispeckingdertheyasMyerscallsitobserveddebtratioswi

16、llreflectthecumulativerequirementfexternalfinancingwhichisinverselyrelatedtothecumulativeprofitability(Myers1984).Shttermdebtislesssensitivetomispricingthanlongtermdebt.Therefeshttermdebtshouldbeexhaustedbefethefirmissue

17、slongtermdebt.ItshouldbenotedhoweverthatJensen’s(1986)freecashflowtheywhichisbasedonconflictsofinterestbetweenmanagementstockholderspredictstheoppositei.e.apositiverelationbetweenprofitabilitydebtratio.Freecashflowcanbed

18、efinedascashflowinexcessofthefundsrequiredtofinancepositivepresentvalueprojects.Whenprofitlevelsarehighmanagementmaybeenticedtousethefreecashflowonperquisitesnegativepresentvalueinvestments.Anincreaseinthelevelofdebtfces

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