根深蒂固的管理，改变了的资本结构和企业价值【外文翻译】

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1、外文翻译原文Entrenchedmanagement,capitalstructurechangesandfirmvalueMaterialSource:http://springer.lib.tsinghua.edu.cn/content/e143697042062757/Author:LeonardL.LundstrumTherelationshipbetweenmanagerialshareownershipandthefirm’schangeinleveragearoundasecurit

2、yissuanceisexamined.Wefindthatentrenchedmanagersarenotmorelikelytoissueequity,howevertheydoaffectlowerleveragebychoosingdebtissuanceswhicharesmallerandequityissuancesthatarelargerthanthosechosenbymanagersthatarenotentrenched.Themagnitudeofthedeclinein

3、leveragethatoccursfrombeforetheissuancetoaftertheissuanceispositivelyrelatedtomanagerialshareownership.Inaddition,thisrelationshipisconfinedtoonlythe“entrenchment”rangeofmanagerialshareownership.Themarketreactsnegativelytoanissuanceannouncementwhenman

4、agerialshareownershipishigh.1IntroductionAnumberofinvestigators,includingBergeretal.(1997)andGarveyandHanka(1999)reportthatmanagerialentrenchmentaffectsthefirm’schoiceofleverage.Theoryimpliesthatdebtconstrainsmanagementdiscretionbyeitherreducingtheman

5、ager’sbargainingpower(NoeandRebello1996)orbyreducingdiscretionoverspending(Stulz1990).Zwiebel(1996)arguesthatentrenchedmanagersusetheirinfluencetolowerdebtlevelstothepointthatcapitalstructuremaximizesempirebuildingsubjecttosufficientefficiencytopreven

6、tatakeover.Agencycostswillbeincurredatthetimeofsecurityissuanceifthemanagermakesasub-optimalsecurityissuancechoice.JensenandMeckling(1976)findthatagencycostsaredecreasinginmanagerialshareownership.YetStulz(1988)arguesthatagencycostsarenotnecessarilymo

7、notonicallydecreasinginmanagerialshareownershipasthereexistsan“entrenchment”rangeoverwhichthemanager'sabilitytodetertakeovers10dominatesthe“incentive”effectofmanagerialshareownership.Weexaminetherelationbetweenmanagerialshareownershipandthelikelihood,

8、magnitude,andinformationcontentofsecurityissues.Whennegotiatingdebtcovenants,creditorsappeartorespondtothefractionofsharesheldbytheCEO.BegleyandFeltham(1999)findthatthenumberofcovenantsindebtcontractsisincreasinginthefractionofthefirm’ssharesh