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1、外文翻译CapitalStructureandFirmPerformanceMaterialSource:BoardofGovernorsoftheFederalReserveSystemAuthor:AllenN.BergerAgencycostsrepresentimportantproblemsincorporategovernanceinbothfinancialandnonfinancialindustries.Theseparationofownershipandcontrolinaprofessionallymanagedfirm
2、mayresultinmanagersexertinginsufficientworkeffort,indulginginperquisites,choosinginputsoroutputsthatsuittheirownpreferences,orotherwisefailingtomaximizefirmvalue.Ineffect,theagencycostsofoutsideownershipequalthelostvaluefromprofessionalmanagersmaximizingtheirownutility,rathe
3、rthanthevalueofthefirm.Theorysuggeststhatthechoiceofcapitalstructuremayhelpmitigatetheseagencycosts.Undertheagencycostshypothesis,highleverageoralowequity/assetratioreducestheagencycostsofoutsideequityandincreasesfirmvaluebyconstrainingorencouragingmanagerstoactmoreintheinte
4、restsofshareholders.SincetheseminalpaperbyJensenandMeckling(1976),avastliteratureonsuchagency-theoreticexplanationsofcapitalstructurehasdeveloped(seeHarrisandRaviv1991andMyers2001forreviews).Greaterfinancialleveragemayaffectmanagersandreduceagencycoststhroughthethreatofliqui
5、dation,whichcausespersonallossestomanagersofsalaries,reputation,perquisites,etc.(e.g.,GrossmanandHart1982,Williams1987),andthroughpressuretogeneratecashflowtopayinterestexpenses(e.g.,Jensen1986).Higherleveragecanmitigateconflictsbetweenshareholdersandmanagersconcerningthecho
6、iceofinvestment(e.g.,Myers1977),theamountofrisktoundertake(e.g.,JensenandMeckling1976,Williams1987),theconditionsunderwhichthefirmisliquidated(e.g.,HarrisandRaviv1990),anddividendpolicy(e.g.,Stulz1990).Atestablepredictionofthisclassofmodelsisthatincreasingtheleverageratiosho
7、uldresultinloweragencycostsofoutsideequityandimprovedfirmperformance,allelseheldequal.However,whenleveragebecomesrelativelyhigh,furtherincreasesgeneratesignificantagencycostsofoutsidedebt–includinghigherexpectedcostsofbankruptcyorfinancialdistress–arisingfromconflictsbetween
8、bondholdersandshareholders.1Becauseitisdifficulttodistinguishempiricallybet
