【精品文档】309关于上市公司企业资产资本结构和财务绩效业绩有关的外文文献翻译成品：津巴布韦证券交易所上市公司的资本结构和财务绩效（中英文双语对照）.docx

此文档是毕业设计外文翻译成品（ 含英文原文+中文翻译），无需调整复杂的格式！下载之后直接可用，方便快捷！本文价格不贵,也就几十块钱！一辈子也就一次的事！外文标题：Capital Structure and the Financial Performance of Listed Firms on the Zimbabwe Stock Exchange外文作者：Chinoda, Whatmore. Dennis.文献出处: University of Zimbabwe Faculty of Social Studies Department of Economics,2018(如觉得年份太老，可改为近2年，毕竟很多毕业生都这样做)英文6454单词，40325字符(字符就是印刷符)，中文9564汉字如果字数多了，可自行删减，大多数学校都是要求选取外文的一部分内容进行翻译的Capital Structure and the Financial Performance of Listed Firms on the Zimbabwe Stock ExchangeABSTRACT:The main objective of this study was to investigate the impact of capital structure on financial performance of firms listed on the Zimbabwe Stock Exchange. Total leverage to asset ratio, short term leverage to asset ratio and long term leverage to asset ratio were used as proxies for capital structure while return on asset (ROA) and return on equity (ROE) were used as firm performance evaluation measures. Control variables included in the study were firm age (AGE), firm size (BVTA), asset tangibility (TANG), asset turnover (TURNO) and risk (RISK_ROA and RISK_ROE). The study made use of panel data that were gathered from annual statements of 16 firms, for the period from 2009 to 2013. Four performance equations were estimated using the pooled-OLS estimation technique. The Pearson’s correlation approach was used to test for multicollinearity while the restricted F-test or partial F-test was used to determine the model of best fit, between the unrestricted and the restricted models. Econometric estimates revealed that short term leverage to asset ratio (SLA) has a significant impact on firm performance measures ROA and ROE, while long term leverage to asset ratio (LLA) has a significant influence on ROA only. Total leverage to asset ratio (TLA) was found to have an insignificant impact on all firm performance evaluation measures while all the control variables (BVTA, AGE, GROW, RISK_ROA, RISK_ROE), save for asset tangibility (TANG), had significant impacts on ROA and ROE.ixCHAPTER 1: INTRODUCTION TO THE STUDY1.0. IntroductionAn efficient economic system is built upon a dependable mechanism of allocating scarce resources. This entails an optimal utilisation of the factors of production namely, land, labour, entrepreneurship and capital. Salehi and Biglar (2009) submitted that in a free market economy with flexible prices, the process of allocating scarce resources largely hinges on a set of private decisions.The same authors also submitted that, capital investment decisions are among this important set of private decisions. This is because capital investment decisions are critical for the future success of individual firms making the investment and also benefits the whole economy. Capital investment decisions have serious consequences, at firm level, for many aspects of operations, and often exert an important impact on profitability, survival and growth of a firm. An efficient utilisation of the resources of a nation also depends on the proper planning and allocation of capital. Properly placed capital investment decisions enhance productivity of land and labour. As a result, the economy’s potential output increases.Capital can thus be said to be the lifeblood for every organisation and, as such, organisations always endeavor to get capital at optimum costs to maximise firm effectiveness. This will help a firm remain competitive in its relevant market. It is therefore important for firms to choose a capital structure that maximises firm performance and profitability at the minimum possible cost. In most cases, the dilemma for firms is selecting such capital structure. Capital structure can be defined as a mix of different securities issued by a firm for raising capital. Ahmadpour and Yahyazadehfar (2010) defined capital structure of a firm as a mixture of internal and external finances that make up the sources of a corporate’s total assets. They noted that companies with no debt will have their capital structure as only equity. Different companies will therefore have different capital structures.Titman and Grinblatt (1998) classified the main sources of finance available to the firm in two broad ways namely, internal and external sources. Internal sources include financing the firm using retained earnings, tightening credit controls among other sources. External sources of finance include issuing new shares, borrowing and debt factoring among others. The firm thus has to go through a painstaking process when electing an optimal capital structure. In the field of corporate finance there is still no clear consensus on the existence of an efficient or optimal capital structure, that is, a debt level which generates maximum revenue for the firm.Financial RatiosFinancial ratios can be grouped into four basic classes which are profitability, leverage, assets efficiency and liquidity ratios.ProfitabilityProfitability ratios show the firm’s ability to convert sales into profits. T。