Question

好心人帮我翻译下吧。。。万分感激

1 – Introduction
The determination of the level of a firm’s cash holdings is one of the major tasks financial management faces. In contrast to the related decisions on capital structure, dividend policy or corporate risk management, however, this topic received relatively little attention in the financial literature. Recently, a new debate on the determinants of corporate cash holdings has been initiated by the work of Opler et al. (1999) (see also Opler et al. 2001). They investigate the influence of the static tradeoff theory and the financing hierarchy model on corporate cash holdings. The static tradeoff model states that there is an optimal level of liquid assets (defined as corporate cash and marketable securities) which is given at the point where the marginal benefits of holding liquid assets equal the marginal costs of liquid assets holdings. The benefits of cash holdings include transaction cost savings for raising outside funds, particularly in the presence of high fixed costs (transaction cost motive), and the possibility of financing investments if outside funds are not available because of asymmetric information between firms and outside investors (precautionary motive). 1 Major costs associated with corporate cash holdings are both lower yields on these assets caused by liquidity premiums in capital markets and tax disadvantages2. The financing hierarchy model or pecking order model developed mainly by Myers (1984) and Myers and Majluf (1984) suggests that there is no optimal amount of cash. In the presence of asymmetric information, firms tend to follow a hierarchy in their financing policy in the sense that they prefer internal funds over informationally sensitive and more expensive external debt and equity financing. If they generate a surplus of internal funds, they stockpile cash and repay debt when it becomes due. Firms with low cash flows will use their cash reserves and raise debt to finance investment but will avoid issuing costly equity. The model, therefore, predicts that changes in corporate cash holdings are mainly determined by changes in internal funds.

Answer 1

1 - 简介
对一个企业的现金持有水平的确定是该公司金融管理所面临的主要任务之一。相反，在资金结构上的有关决定，关于股息政策和企业风险管理上，反而这个话题在金融文献上却被较少的关注。最近，新一轮的关于企业资金控股的决定已经由Opler工厂等人开始实施。（1999）（另见Opler et al. 2001）。他们调查了静态权衡理论的影响以及对企业现金持有融资层次模型。静态权衡模型状况，静态权衡模型州，有一个最佳水平的流动资产（如公司的现金和有价证券的定义），这是在点持有流动性资产的边际收益相等的持有流动性资产的边际成本定。持有现金的好处包括提高，特别是在高（交易成本的动机）固定成本的存在外部资金，交易成本节约，投资和融资的可能性，如果不是因为外部资金是企业间信息不对称和外部投资者可用（预防性动机）。1.与企业现金持有相关的主要费用是根据资本市场流动性溢价和税收不足导致这些资产既降低产量。2.这次融资的层次结构模型或啄食顺序模型开发主要由Myers (1984)和Myers and Majluf (1984) 建议，没有最佳的现金数量。在不对称信息的存在中，公司倾向于遵循它们在这个意义上，他们更喜欢信息上敏感和更昂贵的外部债务和股权融资内部资金融资政策的层次结构。 如果它们产生了内部资金盈余，当他们改变税金，他们就得库存现金和偿还债务。低现金流动的公司将使用自己的现金储备和提高债务金融投资，除非他们避免昂贵的股票发行。因此，这种模型，预测企业现金持有量的变化，主要是由内部资金的变化决定的。

Answer 2

确定一个公司的可动用资金水平是金融监管部门面临的主要任务之一，它与资金结构，效益政策以及企业风险管理方面的相关决策不同，这个课题在金融专业文献上受的关注度比较小，最近，由Opler et al （1999和2001）的学术著作引发了一场关于公司可动用资金的决定因素问题的讨论，他们调查了静态市场理论的影响，以及 公司可动用资金的金融等级模式，