股权结构与公司业绩[外文翻译]

《股权结构与公司业绩[外文翻译]》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、外文翻译OwnershipStructureandFirmPerformance:EvidencefromIsraelMaterialSource:JournalofManagementandGovernanceAuthor:BeniLauterbachandAlexanderVaninsky1.IntroductionFormanyyearsandinmanyeconomies,mostofthebusinessactivitywasconductedbyproprietorships,partnershipsorclose

2、dcorporations.Intheseformsofbusinessorganization,asmallandcloselyrelatedgroupofindividualsbelongingtothesamefamilyorcooperatinginbusinessforlengthyperiodsrunsthefirmandsharesitsprofits.However,overtherecentcentury,anewformofbusinessorganizationflourishedasnon-concen

3、trated-ownershipcorporationsemerged.Themoderndiverseownershipcorporationhasbrokenthelinkbetweentheownershipandactivemanagementofthefirm.Moderncorporationsarerunbyprofessionalmanagerswhotypicallyownonlyaverysmallfractionoftheshares.Inaddition,ownershipisdisperse,that

4、isthecorporationisownedbyanditsprofitsaredistributedamongmanystockholders.Theadvantagesofthemoderncorporationarenumerous.Itrelievesfinancingproblems,whichenablesthefirmtoassumelarger-scaleoperationsandutilizeeconomiesofscale.Italsofacilitatescomplex-operationsallowi

5、ngthemostskilledorexpertmanagerstocontrolbusinessevenwhenthey(theprofessionalmangers)donothaveenoughfundstoownthefirm.Moderncorporationsraisemoney(sellcommonstocks)inthecapitalmarketsandassignittotheproductiveactivitiesofprofessionalmanagers.Thisiswhyitisplausibleto

6、hypothesizethatthemoderndiverse-ownershipcorporationsperformbetterthanthetraditional“closelyheld”businessforms.Moderatingfactorsexist.Forexample,closelyheldfirmsmayissueminoritysharestoraisecapitalandexpandoperations.Moreimportantly,moderncorporationsfaceaseverenewp

7、roblemcalledtheagencyproblem:thereisachancethattheprofessionalmangersgoverningthedailyoperationsofthefirmwouldtakeactionsagainstthebestinterestsoftheshareholders.Thisagencyproblemstemsfromtheseparationofownershipandcontrolinthemoderncorporation,andittroubledmanyecon

8、omistsbefore(e.g.,BerleandMeans,1932;JensenandMeckling,1976;FamaandJensen1983).Theconclusionwasthatthereneedstoexistamonitoringsystemorcon