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1、CapitalStructureandFirmPerformance1.IntroductionAgencycostsrepresentimportantproblemsincorporategovernanceinbothfinancialandnonfinancialindustries.Theseparationofownershipandcontrolinaprofessionallymanagedfirmmayresultinmanagersexertinginsufficientworkeffort,ind
2、ulginginperquisites,choosinginputsoroutputsthatsuittheirownpreferences,orotherwisefailingtomaximizefirmvalue.Ineffect,theagencycostsofoutsideownershipequalthelostvaluefromprofessionalmanagersmaximizingtheirownutility,ratherthanthevalueofthefirm.Theorysuggeststha
3、tthechoiceofcapitalstructuremayhelpmitigatetheseagencycosts.Undertheagencycostshypothesis,highleverageoralowequity/assetratioreducestheagencycostsofoutsideequityandincreasesfirmvaluebyconstrainingorencouragingmanagerstoactmoreintheinterestsofshareholders.Sinceth
4、eseminalpaperbyJensenandMeckling(1976),avastliteratureonsuchagency-theoreticexplanationsofcapitalstructurehasdeveloped(seeHarrisandRaviv1991andMyers2001forreviews).Greaterfinancialleveragemayaffectmanagersandreduceagencycoststhroughthethreatofliquidation,whichca
5、usespersonallossestomanagersofsalaries,reputation,perquisites,etc.(e.g.,GrossmanandHart1982,Williams1987),andthroughpressuretogeneratecashflowtopayinterestexpenses(e.g.,Jensen1986).Higherleveragecanmitigateconflictsbetweenshareholdersandmanagersconcerningthechoi
6、ceofinvestment(e.g.,Myers1977),theamountofrisktoundertake(e.g.,JensenandMeckling1976,Williams1987),theconditionsunderwhichthefirmisliquidated(e.g.,HarrisandRaviv1990),anddividendpolicy(e.g.,Stulz1990).Atestablepredictionofthisclassofmodelsisthatincreasingtheleve
7、rageratioshouldresultinloweragencycostsofoutsideequityandimprovedfirmperformance,allelseheldequal.However,whenleveragebecomesrelativelyhigh,furtherincreasesgeneratesignificantagencycostsofoutsidedebt–includinghigherexpectedcostsofbankruptcyorfinancialdistress–ar
8、isingfromconflictsbetweenbondholdersandshareholders.1Becauseitisdifficulttodistinguishempiricallybetweenthetwosourcesofagencycosts,wefollowtheliteratureandallowtherel
