譯文（字數 5075）：

 財務風險重要性分析

摘  要：本文探討了美國大型非金融企業從1964年至2008年股票價格風險的決定小性因素。我們通過相關結構以及簡化模型，研究諸如債務總額，債務期限，現金持有量，及股利政策等公司財務特征，我們發現，股票價格風險主要通過經營和資產特點，如企業年齡，規模，有形資產，經營性現金流及其波動的水平來體現。與此相反，隱含的財務風險普遍偏低，且比產權比率穩定。在過去30年，我們對財務風險采取的措施有所減少，反而對股票波動（如獨特性風險）采取的措施逐漸增加。因此，股票價格風險的記載趨勢比公司的資產風險趨勢更具代表性。綜合二者，結果表明，典型的美國公司謹慎管理的財政政策大大降低了財務風險。因此，現在看來微不足道的剩余財務風險相對底層的非金融公司為一典型的經濟風險。

關鍵詞：資本結構；財務風險；風險管理；企業融資

外文原文（字符數 16117）：

How Important Is Financial Risk?

Abstract：This paper examines the determinants of equity price risk for a large sample of non-financial corporations in the United States from 1964 to 2008. We estimate both structural and reduced form models to examine the endogenous nature of corporate financial characteristics such as total debt, debt maturity, cash holdings, and dividend policy. We find that the observed levels of equity price risk are explained primarily by operating and asset characteristics such as firm age, size, asset tangibility, as well as operating cash flow levels and volatility. In contrast, implied measures of financial risk are generally low and more stable than debt-to-equity ratios. Our measures of financial risk have declined over the last 30 years even as measures of equity volatility (e.g. idiosyncratic risk) have tended to increase. Consequently, documented trends in equity price risk are more than fully accounted for by trends in the riskiness of firms’ assets. Taken together, the results suggest that the typical U.S. firm substantially reduces financial risk by carefully managing financial policies. As a result, residual financial risk now appears negligible relative to underlying economic risk for a typical non-financial firm.

Keywords：Capital structure； financial risk； risk management；corporate finance