股权结构与企业绩效：来自以色列的证据[外文翻译]

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1、外文翻译OwnershipStructureandFirmPerformance:EvidencefromIsraelMaterialSource:http://www.emeraldinsight.com/Author:ChristophKasererAEBenjaminMoldenhauer1.AbstractThestudyexaminestheeffectofownershipstructureonfirmperformance.Wedistinguishbetweenfamilyfirms,firmscontrolledbyp

2、artnershipsofindividuals,concerncontrolledfirms,andfirmswhereblockholdershavelessthan50%ofthevote.Theempiricalworkanalyzesdataon280IsraelifirmsandemploysthetechniqueofDataEnvelopmentAnalysis.Itisfoundthatowner-managerfirmsarelessefficientingeneratingnetincomethanfirmsman

3、agedbyaprofessional(non-owner)manager,andthatfamilyfirmsrunbytheirownersperform(relatively)theworst.Thisevidencesuggeststhatthemodernformofbusinessorganization,namelytheopencorporationwithdisperseownershipandnon-ownermanagers,promotesfirmperformance2.IntroductionFormanyy

4、earsandinmanyeconomies,mostofthebusinessactivitywasconductedbyproprietorships,partnershipsorclosedcorporations.Intheseformsofbusinessorganization,asmallandcloselyrelatedgroupofindividualsbelongingtothesamefamilyorcooperatinginbusinessforlengthyperiodsrunsthefirmandshares

5、itsprofits.However,overtherecentcentury,anewformofbusinessorganizationflourishedasnon-concentrated-ownershipcorporationsemerged.Themoderndiverse-ownershipcorporationhasbrokenthelinkbetweentheownershipandactivemanagementofthefirm.Moderncorporationsarerunbyprofessionalmana

6、gerswhotypicallyownonlyaverysmallfractionoftheshares.Inaddition,ownershipisdisperse,thatisthecorporationisownedbyanditsprofitsaredistributedamongManystockholders.Theadvantagesofthemoderncorporationarenumerous.Itrelievesfinancingproblems,whichenablesthefirmtoassumelarger-

7、scaleoperationsandutilizeEconomiesofscale.Italsofacilitatescomplex-operationsallowingthemostskilledorexpertmanagerstocontrolbusinessevenwhenthey(theprofessionalmangers)donothaveenoughfundstoownthefirm.Moderncorporationsraisemoney(sellcommonstocks)inthecapitalmarketsandas

8、signittotheproductiveactivitiesofprofessionalmanagers.Thisiswhyitisplausibletohypothesizethatthemodernd