治理机制与企业价值：股权集中度和红利的影响【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：GovernanceMechanismsandFirmValue:TheImpactofOwnershipConcentrationandDividendsOverthelastthreedecades,theideaofindependentdirectorshasbecomeimportant,particularlywithstockmarketregulatorsandmanycorporategovernanceadvocates(Farrar,2001).Indeed,financialeconomistsgenera

2、llysuggestthattherepresentationofindependentdirectorsonboardsincreasestheeffectivenessofboardsinmonitoringmanagersandexercisingcontrolonbehalfofshareholders(e.g.,Fama&Jensen,1983;Weisbach,1988).Themostwidelydiscussedquestionregardingboardcompositionisthereforewhetherhavingmoreindepend

3、entdirectorsontheboardenhancesfirmperformance.AnumberofstudieshavebeenconductedintheUSonthisissue.Forexample,astudybyBaysingerandButler(1985)foundthattheproportionofindependentdirectorswaspositivelycorrelatedwithaccountingmeasuresofperformance.Incontrast,BhagatandBlack(2001),Hermalina

4、ndWeisbach(1991),andKlein(1998)havefoundthatahigherpercentageofindependentdirectorsontheboarddoesnothaveasignificantimpactonaccountingmeasuresoffirmperformance.AstudybyAgrawalandKnoeber(1996)showthattheproportionofindependentdirectorshasanegativerelationshiptomarketmeasuresofperforman

5、ce.ConflictingevidenceonadirectrelationshipbetweenboardcompositionandfirmperformancehasalsobeenreportedfromAustralia.LawrenceandStapledon(1999)foundthatindependentdirectorsdonotappeartohaveaddedvaluetofirmsintheperiod1985-1995.AsimilarresultisreportedbyCotterandSilvester(2003),whoexam

6、inethelargest200companiesin1997.Incontrast,Bonn,Yoshikawa,andPhan(2004)reportedthatahigherproportionofindependentdirectorsontheboardleadstostrongerfirmperformance.Whyarethefindingsontherelationshipbetweenboardcompositionandfirmperformanceinconclusive?Onepossibleexplanationisthatmostof

7、thecorporategovernanceisbotharesultofthedecisionsmadebypreviousdirectorsand,itselfafactorthatpotentiallyaffectsthechoiceofsubsequentdirectors.Studiesofboardsoftenneglectthisissueandthereforeproduceconfusingresults(Hermalin&Weisbach,2003).Animportantroleofboardsistoestablishsub-committ

8、eesto