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1、外文翻译原文OwnershipstructureandcorporateperformanceMaterialSource:www.elsevier.comrlocatereconbaseAuthor:HaroldDemsetz,BelenVillalongaAbstractThispaperinvestigatestherelationbetweentheownershipstructureandtheperformanceofcorporationsifownershipismademulti-dimensionalan
2、dalsoistreatedasanendogenousvariable.Toourknowledge,nopriorstudyhastreatedthecorporatecontrolproblemthisway.Wefindnostatisticallysignificantrelationbetweenownershipstructureandfirmperformance.Thisfindingisconsistentwiththeviewthatdiffuseownership,whileitmayexacerba
3、tesomeagencyproblems,lsoyieldscompensatingadvantagesthatgenerallyoffsetsuchproblems.Consequently,fordatathatreflectmarket-mediatedownershipstructures,nosystematicrelationbetweenownershipstructureandfirmperformanceistobeexpected.2001ElsevierScienceB.V.Allrightsreser
4、ved.1.IntroductionTheconnectionbetweenownershipstructureandperformancehasbeenthesubjectofanimportantandongoingdebateinthecorporatefinanceliterature.ThedebategoesbacktotheBerleandMeans(1932).thesis,whichsuggeststhataninversecorrelationshouldbeobservedbetweenthediffu
5、senessofshareholdingsandfirmperformance.TheirviewhasbeenchallengedbyDemsetz(1983),whoarguesthattheownershipstructureofacorporationshouldbethoughtofasanendogenousoutcomeofdecisionsthatreflecttheinfluenceofshareholdersandoftradingonthemarketforshares.Whenownersofapri
6、vatelyheldcompanydecidetosellshares,andwhenshareholdersofapubliclyheldcorporationagreetoanewsecondarydistribution,theyare,ineffect,decidingtoaltertheownershipstructureoftheirfirmsand,withhighprobability,tomakethatstructuremorediffuse.Subsequenttradingofshareswillre
7、flectthedesireofpotentialandexistingownerstochangetheirownershipstakesinthefirm.Inthecaseofacorporatetakeover,thosewhowouldbeownershaveadirectanddominatinginfluenceonthefirm’sownership5structure.Intheseways,afirm’sownershipstructurereflectsdecisionsmadebythosewhoow
8、norwhowouldownshares.Theownershipstructurethatemerges,whetherconcentratedordiffuse,oughttobeinfluencedbytheprofit-maximizinginterestsofshareholde
