捷克共和国的公司股权结构与经营绩效的关系【外文翻译】

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

2、erleandMeans（1933），whocontendthatdiffuseownershipyieldssignificantpowerinthehandsofmanagerswhoseinterestsdonotcoincidewiththeinterestofshareholders.Asaresult，corporateresourcesarenotusedforthemaximizationofshareholders’value.Severalstudiesfindastrongpositiverelationbetweenownershipconcentrationandc

3、orporateperformanceintheUnitedStatesandothermarketeconomiesandattributeittotheimpactofbettermonitoring.Intransitioneconomies，empiricalstudiesfindapositiverelationshipbetweenconcentratedownershipandbothvoucherpricesandstockmarketpricesintheCzechRepublicandChina.Otherstudiesfindapositiverelationbetwe

4、enactualfirmperformanceandownershipconcentrationinRussia.Muchoftheempiricalworkontherelationbetweenownershipstructureandcorporateperformancehashaddifficultycontrollingforthepossiblefeedbackoffirmcharacteristictoownership,especiallysinceithasfocusedmainlyonmarketeconomieswithlowtransactionscostsinch

5、angingownership.Usingadatasetthat,byconstruction,alleviatestheendogeneityproblemcancontributetothedabateonthedirectionofcausality.ThedesignoftheCzechprivatizationprogramprecludedtheadjustmentofownershiptofirmcharacteristics.Inparticular,thedecisiontochangeownershipwastakenbythestate,whiletherulesof

6、thebiddingprocesspreventedparticipatingagentsfromobtainingoptimalownershipstructure.Thus,wecanstudythelinkbetweenconcentratedownershipandfirmperformancefollowingvoucherprivatization.TheCzechvoucherschemepreventedinsidersfromacquiringlargeownershipstakes,asfewdirectsalesofassetstookplacebeforethevou

7、cherprivatization.Theshorttimebeforeprivatization,withthefirstroundstartingonlythreemonthsaftertheinitialannouncement,madeitdifficultforinvestorswithinsiderknowledgetoaccumulatesufficientcapitaltobuysignifi