毕业论文外文翻译-优化资本结构：思考经济和其他价值

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1、OptimalCapitalStructure:ReflectionsoneconomicandothervaluesByMarcSchauten&JaapSpronki1.IntroductionDespiteavastliteratureonthecapitalstructureofthefirm(seeHarrisandRaviv，1991，GrahamandHarvey，2001，Bravetal.，2005,foroverviews)therestillisabiggapbetweentheoryandpractice(seee.g.Cools，1993,Tempela

2、ar,1991，Boot&Cools，1997).StartingwiththeseminalworkbyModigliani&Miller(1958，1963)，muchattentionhasbeenpaidtotheoptimalityofcapitalstructurefromtheshareholders’pointofview.Overthelastfewdecadesstudieshavebeenproducedontheeffectofotherstakeholders’interestsoncapitalstructure.Well-knownexamplesa

3、retheinterestsofcustomerswhoreceiveproductorserviceguaranteesfromthecompany(seee.g.Grinblatt&Titman，2002).Anotherareathathasreceivedconsiderableattentionistherelationbetweenmanagerialincentivesandcapitalstructure(Ibid.).Furthermore，theissueofcorporatecontroh(seeJensen&Ruback，1983)and，related，

4、theissueofcorporategovernances(seeShleifer&Vishney,1997)，receivealion’spartofthemorerecentacademicattentionforcapitalstructuredecisions.Fromallthesestudies，onethingisclear:Thecapitalstructuredecision(orrather，themanagementofthecapitalstructureovertime)involvesmoreissuesthanthemaximizationofth

5、efirm’smarketvaluealone.Inthispaper,wegiveanoverviewofthedifferentobjectivesandconsiderationsthathavebeenproposedintheliterature.Wemakeadistinctionbetweentwobroadlydefinedsituations.Thefirstisthetraditionalcaseofthefirmthatstrivesforthemaximizationofthevalueofthesharesforthecurrentshareholder

6、s.Wheneverotherconsiderationsthanvaluemaximizationentercapitalstructuredecisions，theseconsiderationshavetobeinstrumentaltothegoalofvaluemaximization.Thesecondcaseconcernsthefirmthatexplicitlychoosesformoreobjectivesthanvaluemaximizationalone.Thismaybebecausetheshareholdersadoptamultiplestakeh

7、oldersapproachorbecauseofadifferentownershipstructurethantheusualcorporatestructuredominatingfinanceliterature.Anexampleofthelatteristheco-operation,alegalentitywhichcanbefoundina.o.manyEuropeancountries.Foradiscussiononwhyfirmsarefacingmulti