This paper analyses the impact of export’s intensity on capital structure choices of 647 Portuguese firms of the mold industry, for the period 2010-2017. Not only exports intensity variables are considered, but also variables to deal with firm specific characteristics and macroeconomic factors to fulfill the paper’s aim. Four alternative proxies of capital structure are used: total, long-term, short-term debt and bank loans. Analyzing an unbalanced sample of 4225 observations, using a panel data methodology and estimating the models with fixed effects for firms, the findings of the study reveal that the reliable determinants for leverage are asset structure, growth opportunities, non-debt tax shields, liquidity, risk, size, age and macroeconomic factors. Export’s intensity is only relevant to explain debt through bank loans, while export’s intensity to countries outside Europe is relevant to explain both total and short-term debt. The main results are consistent with the pecking order theory which propose a hierarchy of funds. The trade-off theory is also relevant. Finally, this study shows that firms from the mold industry are more indebted than other Portuguese firms (in mean), and short-term debt is more relevant in the total leverage

中文翻译：

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资本结构的选择与出口：以葡萄牙模具业为例

本文分析了2010-2017年期间出口强度对647家葡萄牙模具行业公司资本结构选择的影响。不仅要考虑出口强度变量，还要考虑满足公司特定特征和宏观经济因素的变量，以实现本文的目标。使用了四种替代的资本结构代理：总债务，长期债务，短期债务和银行贷款。使用面板数据方法分析了不平衡的4225个观察值样本，并估计了对公司具有固定影响的模型，研究结果表明，影响杠杆率的可靠决定因素是资产结构，增长机会，非债务避税盾，流动性，风险，规​​模，年龄和宏观经济因素。出口强度仅与通过银行贷款解释债务有关，而向欧洲以外国家/地区出口的强度与解释总债务和短期债务有关。主要结果与提出资金等级的啄序理论相一致。权衡理论也很重要。最后，这项研究表明，与其他葡萄牙公司相比，模具行业的公司负债更多（平均而言），短期债务与总杠杆率更相关