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1、外文文献翻译译文一、外文原文原文：TheinfluenceofcorporategovernanceontherelationbetweencapitalstructureandvalueCapitalstructure:relationwithcorporatevalueandmainresearchstreamsWhenlookingatthemostimportanttheoreticalcontributionsontherelationbetweencapitalstructureandvalue,asillustratedi
2、nFigure1,itbecomesimmediatelyevidentthatthereisasubstantialdifferencebetweentheearlytheoriesandthemorerecentones.ModiglianiandMiller(1958),whohadoriginallyassertedthattherewasnorelationshipbetweencapitalstructureandvalue;in1963,instead,reachedtheparadoxicalandprovocative
3、conclusionthatamaximumlevelofdebtwouldmeanamaximumleveloffirmvalue,duetothefactthatinterestistaxdeductible.Manylatercontributionspointedoutthatthiseffectiscompensatedwhenconsideringpersonaltaxes(Miller,1977),aneventuallackoftaxcapacity,duetothepresenceofeconomicloss,thee
4、ffectofothertypesoftaxshields(DeAngeloandMasulis,1980),aswellastheintroductionofthecosts(directandindirect)offinancialdistress;allthesesituationsendupcreatingatrade-offbetweendebtcostsandbenefits.PointL’inFigure1cindicatesanoptimallevelofdebt,beyondwhichanyriseinleverage
5、wouldcauseanincreaseinthebenefitsofdebtthatwouldbelessthanproportionalwithrespecttothecostsoffinancialdistress.Furthermore,thisnonmonotonicrelationwouldbemodifiedevenmorewhenconsideringagencycostsaswellasthecostsoffinancialdistress.Finally,onelaststreamofresearch(Myers,1
6、984,Myers1984)pointsoutmanagerialpreferenceswhenchoosingfinancingresources.Inthiscasenooptimallevelofdebtbecomes‘‘objectively’’evident,butthisisduetothevarioussituationsthemanagerhadtodealwithovertime.Thefunctionofmanagerialpreferencehasparticularrelevanceduetoinformatio
7、nasymmetries,thereforetheleveloffirmindebtednesswillbedeterminedbythetangentbetweenthefirmvaluefunctionandthecurveofmanagerindifference.Furthermore,itcanbeobservedthatdebtincreasesincorrespondencewiththebetterthefirm’sreputationisonthemarket(Chevalier,1995).Researchhassh
8、ownsimilaritiesbetweenfirmsthatbelongtothesamesector(TitmanandWessels,1988);inotherwords,capitalstructu
