英语翻译When an asset with a life of l-period,which must be repl

英语翻译
When an asset with a life of l-period,which must be replaced every period over the planning horizon,is financed with debt,the hedging strategy involves a sequence of l-period loans,and the same type of covariance effects are present as are associated with the short maturity policy for financing longer lived assets.Conversely,if the short term asset is financed with longer term borrowing,then interest costs are stabilized over several lives of the asset,and the covariance effects of short term borrowing are eliminated.
\x05This paper has explored two aspects of the risks associated with alternative debt maturity policies:the effects of debt maturity upon variance of net income,and upon the systematic risk of the firms equity.It was shown that if interest rates are highly correlated with the firm's net operating income,then with short term borrowing interest costs take on the aspect of variable,rather than fixed costs.Thus,even though a policy of financing with a sequence of short term loans increases the uncertainty of the interest costs in future periods,it can,under certain conditions,decrease the uncertainty of net income by decreasing the variance of net income.For example,with a high covariance between interest rates and net operating income,in recessionary periods interest rates and net operating income may tend to decrease simultaneously,so that with a short maturity policy interest costs will decrease with net operating income,mitigating the decline in net income.In periods of prosperity NOI and interest rates may tend to increase together so that the increase in net income is limited.The result is that,with the short term borrowing policy,the variation of net income tends to be smaller for those firms where the covariance of NOI and interest costs is large.These same conclusions can be stated in terms of the first differences in interest rates,net operating income and net income.
\x05Relating debt maturity to asset life,a hedging policy where the debt maturity is approximately equal to the asset life is not necessarily the least risky maturity policy.For long term assets,the hedging policy decreases the uncertainty of interest costs over the life of the asset,but a shorter debt maturity policy may decrease the uncertainty of net income derived from the asset.For an asset with a short life,a hedging policy would involve short term borrowing,and would offer the potential benefits of less variable net income,available when there is a high covariance between Net Operating Income and interest costs.
\x05Between interest rates and the return on the market portfolio was positive,then the systematic risk of the stock could be reduced with short term borrowing.In the multi-period context of the Bogue and Roll model,it was shown that if the covariance between short term interest rates and the value of the market portfolio was positive,then short term borrowing would increase the market value of equity.

当资产l-period的生活,必须更换每个阶段规划、资金和债务,对冲策略涉及到一系列的l-period贷款,和相同类型的协方差的影响表现为相关的融资期限短政策不再住资产.相反,如果短期资产是由长期借款,然后利息成本依然稳定在几个生活的资产,和协方差的影响短期借贷被淘汰的.
本文探讨了两方面的相关风险的替代债务期限政策:债务期限的影响在方差的净收益时,系统风险的公司股票.结果表明,如果利率是高度相关的与公司的净营业收入,然后用短期借款利息成本方面承担变量,而不是固定成本.因此,即使一个政策的融资与一个序列的短期贷款增加利息成本的不确定性在未来时期,它可以,在一定的条件下,降低不确定性的净收益减少方差的净收益.例如,拥有很高的利率之间的协方差和净营业收入,在经济衰退时期的利率和净营业收入可能倾向于同时减少、以便期限短政策利息成本将会降低净营业收入、减少净收益下降.在河内的昌盛时期,利率可能会增加一起,这样增加的净收益是有限的.其结果是,在短期借贷政策,变异的净收益往往是较小的那些公司的协方差NOI和利息成本是巨大的.这些相同的结论能表述上的差异在利率首次净营业收入和净利润.
债务期限与资产相关的生活,一个对冲政策,债务到期日是约等于资产生活不一定是风险最小的成熟度的政策.对于长期资产,对冲政策减少了不确定性的利息成本的整个生命周期中,资产,但更短的债务期限政策,可能会减少不确定性的净收益源自资产.为资产与人生短暂,一个对冲政策将包括短期借款,将提供的潜在好处变化较少的净收入,可用中高协方差之间净营业收入和利息成本.
之间的利率和市场投资组合回报率是积极的,那么系统风险的股票可能减少的短期借款.在多阶段的背景下的伯格和卷模型显示如果短期利率之间的协方差和市场投资组合的价值是积极的,那么短期借贷会增加股本的市值.