最优资本结构对经济及其它价值的作用【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：OptimalCapitalStructureReflectionsonEconomicandOtherValuesOverthelastfewdecadesstudieshavebeenproducedontheeffectofotherstakeholders’interestsoncapitalstructure.Well-knownexamplesaretheinterestsofcustomerswhoreceiveproductorserviceguaranteesfromthecompany.

2、Anotherareathathasreceivedconsiderableattentionistherelationbetweenmanagerialincentivesandcapitalstructure(Ibid.).Furthermore,theissueofcorporatecontrol1and,related,theissueofcorporategovernance,receivealion’spartofthemorerecentacademicattentionforcapitalstructuredecisions

3、.Fromallthesestudies,onethingisclear:Thecapitalstructuredecision(orrather,themanagementofthecapitalstructureovertime)involvesmoreissuesthanthemaximizationofthefirm’smarketvaluealone.Inthispaper,wegiveanoverviewofthedifferentobjectivesandconsiderationsthathavebeenproposedint

4、heliterature.Wemakeadistinctionbetweentwobroadlydefinedsituations.Thefirstisthetraditionalcaseofthefirmthatstrivesforthemaximizationofthevalueofthesharesforthecurrentshareholders.Wheneverotherconsiderationsthanvaluemaximizationentercapitalstructuredecisions,theseconsideration

5、shavetobeinstrumentaltothegoalofvaluemaximization.Thesecondcaseconcernsthefirmthatexplicitlychoosesformoreobjectivesthanvaluemaximizationalone.Thismaybebecausetheshareholdersadoptamultiplestakeholdersapproachorbecauseofadifferentownershipstructurethantheusualcorporatestruct

6、uredominatingfinanceliterature.Anexampleofthelatteristhecooperation,alegalentitywhichcanbefound,inamongothers,manyEuropeancountries.Foradiscussiononwhyfirmsarefacingmultiplegoals,werefertoHallerbachandSpronk。Accordingtotheneoclassicalviewontheroleofthefirm,thefirmhasonesingleo

7、bjective:maximizationofshareholdervalue.Shareholderspossessthepropertyrightsofthefirmandarethusentitledtodecidewhatthefirmshouldaimfor.Sinceshareholdersonlyhaveoneobjectiveinmind-wealthmaximization-thegoalofthefirmismaximizationofthefirm’scontributiontothefinancialwealthofitssh

8、are-holders.Thefirmcanaccomplishthisbyinvestinginprojectswithapositivenetpresentvalue.Part