求高手帮忙翻译一篇会计专业英语论文摘要,千万不要在线翻译的,谢谢了.
来源:学生作业帮 编辑:神马作文网作业帮 分类:英语作业 时间:2024/09/20 12:04:23
求高手帮忙翻译一篇会计专业英语论文摘要,千万不要在线翻译的,谢谢了.
There are two tax incentives for corporations to hedge: to increase debt capacity
and interest tax deductions, and to reduce expected tax liability if the tax function
is convex. We test whether these incentives affect the extent of corporate hedging
with derivatives. Using an explicit measure of tax function convexity, we find no
evidence that firms hedge in response to tax convexity. Our analysis does, however,
indicate that firms hedge to increase debt capacity, with increased tax benefits
averaging 1.1 percent of firm value. Our results also indicate that firms hedge
because of expected financial distress costs and firm size.
There are two tax incentives for corporations to hedge: to increase debt capacity
and interest tax deductions, and to reduce expected tax liability if the tax function
is convex. We test whether these incentives affect the extent of corporate hedging
with derivatives. Using an explicit measure of tax function convexity, we find no
evidence that firms hedge in response to tax convexity. Our analysis does, however,
indicate that firms hedge to increase debt capacity, with increased tax benefits
averaging 1.1 percent of firm value. Our results also indicate that firms hedge
because of expected financial distress costs and firm size.
有企业套期保值两个税收激励措施:增加债务的能力
和扣除利息税,并减少预期的税收责任,如果税收作用
是凸的.我们测试这些激励措施是否影响企业套期保值的程度
衍生产品.使用显式的税收函数凸性的措施,我们没有发现
证据表明,响应于凸性对冲的公司税.我们的分析,然而,
表明公司对冲增加债务的能力,与增加的税收优惠
平均公司价值的百分之1.1.我们的研究结果还表明,公司对冲
由于预期财务困境成本和企业规模.
和扣除利息税,并减少预期的税收责任,如果税收作用
是凸的.我们测试这些激励措施是否影响企业套期保值的程度
衍生产品.使用显式的税收函数凸性的措施,我们没有发现
证据表明,响应于凸性对冲的公司税.我们的分析,然而,
表明公司对冲增加债务的能力,与增加的税收优惠
平均公司价值的百分之1.1.我们的研究结果还表明,公司对冲
由于预期财务困境成本和企业规模.
求高手帮忙翻译一篇会计专业英语论文摘要,千万不要在线翻译的,谢谢了.
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