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1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：CapitalStructureDecisionsDuringaFirm’sLifeCycleInoneofthemostinterestingstudiesonthecapitalstructureofsmallbusiness,BergerandUdell(1998)assertedthatgeneralfinancialtheoryisnotapplicabletoallbusinesses.Instead,theparticularphaseofabusiness’slifecycledeterminesthena
2、tureofitsfinancialneeds,theavailabilityoffinancialresources,andtherelatedcostofcapital.Thisapproachsupportsfinancialbehaviorsthatarelife-cycle-specific.AsarguedbyKaplanandStromberg(2003),thechangingdegreeofinformationalopacitythatafirmfacesdrivesitsfinanciallifecycle.Fromitsincept
3、iontomaturity,thefinancialneedsofafirmchangeaccordingtoitsabilitytogeneratecash,itsgrowthopportunities,andtheriskinrealizingthem.Thiswillbereflectedbyevolvingfinancingpreferencesandthenatureofthespecificfinancialchoicesthatafirmmakesduringitslifecycle.Asaconsequence,firmsattheearl
4、ierstagesoftheirlifecycles,whicharguablytendtohavelargerlevelsofasymmetricinformation,moregrowthopportunities,andreducedsize,shouldhavespecificcapitalstructuredriversandshouldapplyspecificfinancingstrategiesastheyadvancethroughthedifferentphasesoftheirlifecycles.Despiterecentatten
5、tiontothistopic,dataonthefinancingstructureoffirmsduringthecourseoftheirlifecyclesisratherlimited,andresultsareinconclusive(Gregoryetal.2005).Thus,westillneedtoextendourunderstandingoffirms’financialchoicesinthisarea,verifying,inparticular,theexistenceofapro-temporeoptimalcapitals
6、tructureandthedriversthatarepotentiallyrelevanttoexplaincapitalstructuredecisionsasthefirmsprogressalongthedifferentphasesoftheirlifecycle.Insomecontexts,equity(specifically,venturecapital)hasbeenshowntoplayaroleintheearlystages,whiledebtbecomesrelevantonlyinthelatestages.Inotherc
7、ontexts,thesupportofafinancialintermediary(bank)isfundamentalintheearlystages,whereasthecapitalstructureisrebalancedinlaterstages.Thereiscommonconsensusregardingtheimportanceoftheinstitutionalenvironmentinwhichasmallfirmisbased(Becketal.2002,2005).TooperateintheUSAorinItaly,smallb
8、usinessesmusthaveaccesstoadiffere
