财务杠杆

Since access to capital and other corporate financ问题补充: financing decisions depend on the extent of agency costs and asymmetric information (e.g., Titman and Wessels, 1988; Rajan and Zingales, 1995) and these attributes likely differ between public and private companies, we include financial leverage as a control variable.

由于资本和其他企业融资决策的的获取取决于业务成本和非对称信息的程度（例如，Titman和Wessels，1988年；Rajan和Zingales，1995年）而且这些属性可能在上市公司和私营公司之间有所不同，因此我们把包括财务杠杆也作为控制变量。

Author finds that ownership structure and organizational characteristics have significant impact on dividend policy;the large shareholders have stronger incentive to force management disgorges free cash flow.

本文发现，股权结构(股权集中度和大股东持股)和组织特征(盈利能力、盈余水平、现金拥有量、公司规模和财务杠杆)均对现金股利政策具有一定的影响(而且大多数影响在统计上是显著的)，大股东整体上具有分配现金股利的倾向和能力。

The author finds that both the ownership structure and organizational characteristics have significantly positive impacts on dividend policy; the large shareholders have stronger incentive to distribute corporate cash, and force management disgorges free cash flow.

本文发现，股权结构（第一大股东持股、前二大股东持股和前三大股东持股）对现金股利发放概率具有显著的正向影响。公司各项组织特征（成长性机会、每股收益、每股留存盈余、资产规模和财务杠杆）也对现金股利发放概率具有显著的影响。

However, you want reasonably determine the most superior capital structure must utilize its economic indicator finance release lever.

然而，要合理确定最优资本结构必须运用其经济指标——财务杠杆。

Misconception continues to recur in various guises in spite of a long history of real estate bubbles bursting.

市场达到繁荣的顶峰时，抵押品价值和财务杠杆的利用肯定也达到了极致。

The report ' s juiciest finding relates to Lehman ' s use of an accounting device called Repo 105, which allowed the bank to bring down its quarter-end leverage temporarily.

这份报告的最大发现同雷曼使用的叫做&回购105&的会计处理方法有关。根据&回购105&，雷曼可以暂时降低其季末的财务杠杆。

The report's juiciest finding relates to Lehman's use of an accounting device called Repo 105, which allowed the bank to bring down its quarter-end leverage temporarily.

该报告最有趣的发现和雷曼所使用的一种会计手段有关，这种叫做&回购105&的会计处理方式能让银行暂时地降低雷曼的季末财务杠杆比率（即资产负债表上债务所占比率）。

They are estimated to have a total of $25bn intended for the region, which with leverage provides a war chest for deals in excess of $100bn.

据估计，这些基金意欲投向亚洲的资金共计250亿美元，如果运用财务杠杆，则可为该地区的交易提供逾1000亿美元资金。

The debt management mayproduce the sound knot tax effect and the financial release leverbenefit, simultaneously also increased enterprise's economical burdenand the management risk.

负债经营可以产生节税效应和财务杠杆利益，同时也增加了企业的经济负担和经营风险。

"The investment team and I have carefully constructed a short credit portfolio made up of over 20 single-name industrial, cyclical businesses that have the dubious distinction of suffering from gigantic financial leverage and Asian/commodity overdependence," Mr Hendry wrote to investors in his monthly letter this week.

亨德利本周在月度致股东信中表示：&我和投资团队慎重构建了一个包含20多家周期性工业企业的short credit投资组合，这些企业具有背负巨大财务杠杆、过度依赖亚洲和大宗商品的可疑特征。&

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。