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1、外文文献翻译译文一、外文原文原文：TheinfluenceofcorporategovernanceontherelationbetweencapitalstructureandvalueCapitalstructure:relationwithcorporatevalueandmainresearchstreamsWhenlookingatthemostimportanttheoreticalcontributionsontherelationbetweencapitalstructureandvalue,asillus
2、tratedinFigure1,itbecomesimmediatelyevidentthatthereisasubstantialdifferencebetweentheearlytheoriesandthemorerecentones.ModiglianiandMiller(1958),whohadoriginallyassertedthattherewasnorelationshipbetweencapitalstructureandvalue;in1963,instead,reachedtheparadoxical
3、andprovocativeconclusionthatamaximumlevelofdebtwouldmeanamaximumleveloffirmvalue,duetothefactthatinterestistaxdeductible.Manylatercontributionspointedoutthatthiseffectiscompensatedwhenconsideringpersonaltaxes(Miller,1977),aneventuallackoftaxcapacity,duetothepresen
4、ceofeconomicloss,theeffectofothertypesoftaxshields(DeAngeloandMasulis,1980),aswellastheintroductionofthecosts(directandindirect)offinancialdistress;allthesesituationsendupcreatingatrade-offbetweendebtcostsandbenefits.PointL’inFigure1cindicatesanoptimallevelofdebt,
5、beyondwhichanyriseinleveragewouldcauseanincreaseinthebenefitsofdebtthatwouldbelessthanproportionalwithrespecttothecostsoffinancialdistress.Furthermore,thisnonmonotonicrelationwouldbemodifiedevenmorewhenconsideringagencycostsaswellasthecostsoffinancialdistress.Fina
6、lly,onelaststreamofresearch(Myers,1984,Myers1984)pointsoutmanagerialpreferenceswhenchoosingfinancingresources.Inthiscasenooptimallevelofdebtbecomes‘‘objectively’’evident,butthisisduetothevarioussituationsthemanagerhadtodealwithovertime.Thefunctionofmanagerialprefe
7、rencehasparticularrelevanceduetoinformationasymmetries,thereforetheleveloffirmindebtednesswillbedeterminedbythetangentbetweenthefirmvaluefunctionandthecurveofmanagerindifference.Furthermore,itcanbeobservedthatdebtincreasesincorrespondencewiththebetterthefirm’srepu
8、tationisonthemarket(Chevalier,1995).Researchhasshownsimilaritiesbetweenfirmsthatbelongtothesamesector(TitmanandWessels,1988);inotherwords,capitalstructu
