新兴市场领域，股权结构与公司价值的关系【外文翻译】

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1、外文翻译原文OwnershipandFirmValueinEmergingMarketsMaterialSource：http://home.business.utah.edu/finkvl/LinsJFQA2003.pdfAuthor:KarlV.LinsAbstractThispaperinvestigateswhethermanagementstockownerahipandlargenon-managemcotblockholdershareowneishiparerelatedtofirmvalueacrossasampleof1433firmsfrom18em

2、ergingmaikets.Whenamanagementgroup'scontrollig^exceeditscashflawtights,Ifindthatfinnvaluesarelower.Ialsofindthatlargenon-managementcontrollimitsblockholdingsarepositivelyrelatedtofirmvalue.Bothofthesee£fectsaresignificantlymorepronouncedincountrieswithlowshareholderprotection.Oneinterpret

3、ationoftheseresultsisthatextemalshareholderprotectionmechanismsplayaroleinrestrainingmanagerialagencycostsandthatlaigenon-managementblockholderscanactasapaitialsubstituteformissinginstitutionalgovernancemechanistns.I.IntroductionRecentresearchshowsthatlargeblockholdersdominatetheownership

4、structuresoffirmsnotdomiciledintheU.S.orafewotherdevelopedcountries(ShleiferndandVishny(1997),LaPorta,Lopez-de-Silanes,Shleifer,andVishny(LLSV)(1998),LaPorta,Lopez-de-Silanes,andShleifer(1999),Claessens,Djankov,andLang(2000),andDenisandMcConnell(2003)).Thisresearchsuggeststhatsuchconcentr

5、atedownershipcoincideswithalackofinvestorprotectionbecauseownerswhoarenotprotectedfromcontrollerswillseektoprotectthemselvesbybecomingcontrollers.Whencontrolhasincrementalvaluebeyondanycashflowrightsassociatedwithequityownership,shareholderswillseektoobtaincontrolrightsthatexceedcashflowr

6、ightsinagivenfirm.Aroundtheworld,controlinexcessofproportionalownershipisusuallyachievedthroughpyramidstructuresinwhichonefirmiscontrolledbyanotherfirm,whichmayitselfbecontrolledbysomeotherentity.Themanagementgroup(anditsfamilymembers)isusuallythelargestblockholderofafirmatthetopofthepyra

7、midandthereissignificantoverlapbetweenthetopfirm'smanagementgroupandthemanagersofeachfirmdownthelineinthepyramid.Thus,thecontrollingmanagersatthetopofapyramidaregenerallyabletoexerciseeffectivecontrolofallthefirmsinthepyramid,whiletheybearrelativelylessofthecashflow