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1、外文文献翻译译文一、外文原文原文：TheinfluenceofcorporategovernanceontherelationbetweencapitalstructureandvalueCapitalstructure:relationwithcorporatevalueandmainresearchstreamsWhenlookingatthemostimportanttheoreticalcontributionsontherelationbetweencapitalstructureandvalue
2、,asillustratedinFigure1,itbecomesimmediatelyevidentthatthereisasubstantialdifferencebetweentheearlytheoriesandthemorerecentones.ModiglianiandMiller(1958),whohadoriginallyassertedthattherewasnorelationshipbetweencapitalstructureandvalue;in1963,instead,reach
3、edtheparadoxicalandprovocativeconclusionthatamaximumlevelofdebtwouldmeanamaximumleveloffirmvalue,duetothefactthatinterestistaxdeductible.Manylatercontributionspointedoutthatthiseffectiscompensatedwhenconsideringpersonaltaxes(Miller,1977),aneventuallackofta
4、xcapacity,duetothepresenceofeconomicloss,theeffectofothertypesoftaxshields(DeAngeloandMasulis,1980),aswellastheintroductionofthecosts(directandindirect)offinancialdistress;allthesesituationsendupcreatingatrade-offbetweendebtcostsandbenefits.PointL’inFigure
5、1cindicatesanoptimallevelofdebt,beyondwhichanyriseinleveragewouldcauseanincreaseinthebenefitsofdebtthatwouldbelessthanproportionalwithrespecttothecostsoffinancialdistress.Furthermore,thisnonmonotonicrelationwouldbemodifiedevenmorewhenconsideringagencycosts
6、aswellasthecostsoffinancialdistress.Finally,onelaststreamofresearch(Myers,1984,Myers1984)pointsoutmanagerialpreferenceswhenchoosingfinancingresources.Inthiscasenooptimallevelofdebtbecomes‘‘objectively’’evident,butthisisduetothevarioussituationsthemanagerha
7、dtodealwithovertime.Thefunctionofmanagerialpreferencehasparticularrelevanceduetoinformationasymmetries,thereforetheleveloffirmindebtednesswillbedeterminedbythetangentbetweenthefirmvaluefunctionandthecurveofmanagerindifference.Furthermore,itcanbeobservedtha
8、tdebtincreasesincorrespondencewiththebetterthefirm’sreputationisonthemarket(Chevalier,1995).Researchhasshownsimilaritiesbetweenfirmsthatbelongtothesamesector(TitmanandWessels,1988);inotherwords,capitalstructu
