代写-长期债务和非债务应税之间的关系。利息减税可能债务的关键优势确定最优债务水平影响通过其他非债权关系等税盾的存在供应、折旧、可疑帐户津贴和其他相关(Graham et al ., 2014)。较高的文献多数进一步提出了长期债务与非债务应税盾之间的负性关系，以及与短期债务相关的统计证据不足。然而，这一点通过维埃拉和诺娃(2010)得到了反驳，他们的大量文献表明，长期债务和非债务应税盾之间存在正相关关系，而短期债务和非债务应税盾之间存在负相关关系(Al-Najjar和Hussainey, 2011)。
Various studies of empirical nature have been done for analysing the factors that influence company’s capital structure in general basis. Within literature, several factors have been suggested which include the structure of assets, the tax shield with non-debt, their sizes, their profit making ability, their growth period, their liquidity perspective, their flow of cash and their industry (Frank et al., 2009). The structure of asset with regard to economic resource segregation owned through an organization is either tangible or is not tangible. According to Scott (1977), as well as Titman and Wessels (1988), it has been proposed that organizations with tangible based assets can be utilized as collateral within the situation of failure in company with the obligations of debt. These are under the expectation of issuing higher period of debt. Therefore, for such companies having high collateral levels, it becomes easy to access the debt of banking or other external sources of financing (Brun et al., 2013). Titman as well Wessels (1988) and Harris as well as Raviv (1990), further stated that the firms with majority of tangible asset have high value of liquidation and much more debts in consequent manner (Graham et al., 2011). Considering the assets as the existence for collateral to issue debt, they contribute towards organizations that increase the debt as it results in reducing the risk of the creditors within money lending process. There exists higher evidence that assets of tangible nature have a positive base of relationship with the scenario of LTDs (Long term debt). On the contrary, the results depicted for STD (short term debt) have contradiction on the tangible asset association with the ratio of debt. Certain researchers have engaged in suggesting a positive relationship while others have depicted a negative relationship (Booth et al., 2001). A recent theoretical research line, however done through Vieira and also Nova (2010), suggested that small and medium enterprises in UK with high tangible asset portion have a tendency to have low short term debt levels.
The company size is yet another characteristic which might impact the capital structure in a company. As per the perspective of Titman and Wessels (1988), the company size is also in positive relationship to debts. Extensive research since then has been conducted on such a concept, and this type of consensus yields that small and medium enterprises are expected for showing a positive type of relationship present between long term debt and size, but a negative relationship with short term debt. According to Warner (2007), it has been stated that a major company has low costs of transactions with financing in an external manner than a smaller organization (Gaud et al., 2005). This makes it problematic for organizations to follow a diversified business strategy allowing them to have stability in earning to be reduced through the bankruptcy risk and this contributes towards meeting the obligations of debt (Bancel and Mittoo, 2011). Small and medium enterprises moreover have aversive result towards risk, as they have lesser leverage and there is a preference of using higher self-finances.