股权结构与公司业绩外文翻译（可编辑）

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1、股权结构与公司业绩外文翻译外文翻译OwnershipStructureandFirmPerformance:EvidencefromIsraelMaterialSource:JournalofManagementandGovernanceAuthor:BeniLauterbachandAlexanderVaninsky1.IntroductionFormanyyearsandinmanyeconomies,mostofthebusinessactivitywasconductedbyproprietorships,partnershipsorclosedcorporations.Inthes

2、eformsofbusinessorganization,asmallandcloselyrelatedgroupofindividualsbelongingtothesamefamilyorcooperatinginbusinessforlengthyperiodsrunsthefirmandsharesitsprofits.However,overtherecentcentury,anewformofbusinessorganizationflourishedasnon-concentrated-ownershipcorporationsemerged.Themoderndiverseo

3、wnershipcorporationhasbrokenthelinkbetweentheownershipandactivemanagementofthefirm.Moderncorporationsarerunbyprofessionalmanagerswhotypicallyownonlyaverysmallfractionoftheshares.Inaddition,ownershipisdisperse,thatisthecorporationisownedbyanditsprofitsaredistributedamongmanystockholders.Theadvantage

4、softhemoderncorporationarenumerous.Itrelievesfinancingproblems,whichenablesthefirmtoassumelarger-scaleoperationsandutilizeeconomiesofscale.Italsofacilitatescomplex-operationsallowingthemostskilledorexpertmanagerstocontrolbusinessevenwhentheytheprofessionalmangersdonothaveenoughfundstoownthefirm.Mod

5、erncorporationsraisemoneysellcommonstocksinthecapitalmarketsandassignittotheproductiveactivitiesofprofessionalmanagers.Thisiswhyitisplausibletohypothesizethatthemoderndiverse-ownershipcorporationsperformbetterthanthetraditional“closelyheld”businessforms.Moderatingfactorsexist.Forexample,closelyheld

6、firmsmayissueminoritysharestoraisecapitalandexpandoperations.Moreimportantly,moderncorporationsfaceaseverenewproblemcalledtheagencyproblem:thereisachancethattheprofessionalmangersgoverningthedailyoperationsofthefirmwouldtakeactionsagainstthebestinterestsoftheshareholders.Thisagencyproblemstemsfromt

7、heseparationofownershipandcontrolinthemoderncorporation,andittroubledmanyeconomistsbeforee.g.,BerleandMeans,1932;JensenandMeckling,1976;FamaandJensen1983.Theconclusionwasthatthereneedstoexistamonitoringsyst