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1、外文翻译原文ThebalanceofpowerincloselyheldcorporationsMaterialSource:JournalofFinancialEconomics58(2000)Author:MortenBennedsen,DanielWolfenzonThevastmajorityoffirmsindevelopingandtransitionaleconomiesdonothavetheirsharestradedinanexchange.EvenintheU.S.,outofalmost4millioncor
2、porationsthatfledtaxesin1993(StatisticsofIncome),amere7842corporationswerelistedintheNYSE,NasdaqandAmexcombined(1994NasdaqFactBook).Closelyheldcorporationstypicallyhaveanownershipstructurecomprisedofseveralsignifcantshareholders.However,thecorporatefinanceliteraturehas
3、focusedonfirmswitheitheradispersedownershipstructure(BerleandMeans,1932;GrossmanandHart,1980)orasinglecontrollingshareholder(JensenandMeckling,1976;ShleiferandVishny,1986;Burkartetal.,1997).Intheformercase,shareholdersaretoosmallanddisorganizedtoimposetheirwill.Asaresu
4、lt,controlresidesinthehandsofthemanager.Inthelatter,thedominantshareholderdictatescorporatepolicyeitherbymanagingthefirmdirectlyorbycloselymonitoringthemanagingteam.Remainingshareholderslackeitherthepowerortheincentivestoopposethecontrollingshareholder’sdecisions.Inthi
5、spaper,wefocusonfirmsinwhichshareholdersarelargeenoughnottosurrendercontroltothemanagereventhoughnoindividualshareholderislargeenoughtocontrolthefirmalone.Inthesefirms,corporatepolicyistheresultofinteractionamongshareholders.Inthemodelwedevelop,aninitialownerchoosesano
6、wnershipstructurewithmultiplelargeshareholderstopreventasingleshareholderfromtakingunilateralactionsthatmighthurtothershareholders.Forinstance,inthepresenceofmultiplelargeshareholders,adecisiontodivertfundsfromthefirmrequirestheconsentofacoalitionofshareholders.Sinceac
7、oalitionofshareholdersdivertsfewerfundsthanwouldanyofitsindividualmembers,theinitialownercancommittolowlevelsoffunddiversionbyseekingtheparticipationofotherlargeshareholders.Inother9words,bydilutingherpower,theinitialownercommitsnottoundertakeunilateralactions.Inourmod
8、el,afirm’sinitialowner,inneedofexternalcapital,sellsvotesandcashflowstowealthconstrainedoutsideinvestors.Oncetheowner
