捷克共和国的公司股权结构与经营绩效的关系[文献翻译]

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1、外文题目：OwnershipConcentrationandCorporatePerformanceintheCzechRepublic出处：TheWilliamDavidsonInstitute作者：StijnClaessensandSimeonDjankovTheassociationbetweenownershipstructureandcorporateperformanceisamuchstudiedtopicinbothtransitionandmarketeconomies.Theresearchonthistopicdate

2、sbackmorethansixtyyearstoBerleandMeans（1933），whocontendthatdiffuseownershipyieldssignificantpowerinthehandsofmanagerswhoseinterestsdonotcoincidewiththeinterestofshareholders.Asaresult，corporateresourcesarenotusedforthemaximizationofshareholders’value.Severalstudiesfindastr

3、ongpositiverelationbetweenownershipconcentrationandcorporateperformanceintheUnitedStatesandothermarketeconomiesandattributeittotheimpactofbettermonitoring.Intransitioneconomies，empiricalstudiesfindapositiverelationshipbetweenconcentratedownershipandbothvoucherpricesandstoc

4、kmarketpricesintheCzechRepublicandChina.OtherstudiesfindapositiverelationbetweenactualfirmperformanceandownershipconcentrationinRussia.Muchoftheempiricalworkontherelationbetweenownershipstructureandcorporateperformancehashaddifficultycontrollingforthepossiblefeedbackoffirm

5、characteristictoownership,especiallysinceithasfocusedmainlyonmarketeconomieswithlowtransactionscostsinchangingownership.Usingadatasetthat,byconstruction,alleviatestheendogeneityproblemcancontributetothedabateonthedirectionofcausality.ThedesignoftheCzechprivatizationprogram

6、precludedtheadjustmentofownershiptofirmcharacteristics.Inparticular,thedecisiontochangeownershipwastakenbythestate,whiletherulesofthebiddingprocesspreventedparticipatingagentsfromobtainingoptimalownershipstructure.Thus,wecanstudythelinkbetweenconcentratedownershipandfirmpe

7、rformancefollowingvoucherprivatization.TheCzechvoucherschemepreventedinsidersfromacquiringlargeownershipstakes,asfewdirectsalesofassetstookplacebeforethevoucherprivatization.Theshorttimebeforeprivatization,withthefirstroundstartingonlythreemonthsaftertheinitialannouncement

8、,madeitdifficultforinvestorswithinsiderknowledgetoaccumulatesufficientcapitaltobuysignifi