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1、西安工业大学北方信息工程学院毕业设计(论文)外文翻译资料系别管理信息系专业财务管理班级B080510姓名郭静学号B08051019导师王化中OptimalCapitalStructure:ReflectionsoneconomicandothervaluesByMarcSchauten&JaapSpronk11.IntroductionDespiteavastliteratureonthecapitalstructureofthefirm(seeHarrisandRaviv,1991,GrahamandHarvey,2001,Bravetal.,2005,f
2、oroverviews)therestillisabiggapbetweentheoryandpractice(seee.g.Cools,1993,Tempelaar,1991,Boot&Cools,1997).StartingwiththeseminalworkbyModigliani&Miller(1958,1963),muchattentionhasbeenpaidtotheoptimalityofcapitalstructurefromtheshareholders’pointofview.Overthelastfewdecadesstudiesha
3、vebeenproducedontheeffectofotherstakeholders’interestsoncapitalstructure.Well-knownexamplesaretheinterestsofcustomerswhoreceiveproductorserviceguaranteesfromthecompany(seee.g.Grinblatt&Titman,2002).Anotherareathathasreceivedconsiderableattentionistherelationbetweenmanagerialincenti
4、vesandcapitalstructure(Ibid.).Furthermore,theissueofcorporatecontrol2(seeJensen&Ruback,1983)and,related,theissueofcorporategovernance3(seeShleifer&Vishney,1997),receivealion’spartofthemorerecentacademicattentionforcapitalstructuredecisions.Fromallthesestudies,onethingisclear:Thecap
5、italstructuredecision(orrather,themanagementofthecapitalstructureovertime)involvesmoreissuesthanthemaximizationofthefirm’smarketvaluealone.Inthispaper,wegiveanoverviewofthedifferentobjectivesandconsiderationsthathavebeenproposedintheliterature.Wemakeadistinctionbetweentwobroadlydef
6、inedsituations.Thefirstisthetraditionalcaseofthefirmthatstrivesforthemaximizationofthevalueofthesharesforthecurrentshareholders.Wheneverotherconsiderationsthanvaluemaximizationentercapitalstructuredecisions,theseconsiderationshavetobeinstrumentaltothegoalofvaluemaximization.Theseco
7、ndcaseconcernsthefirmthatexplicitlychoosesformoreobjectivesthanvaluemaximizationalone.Thismaybebecausetheshareholdersadoptamultiplestakeholdersapproachorbecauseofadifferentownershipstructurethantheusualcorporatestructuredominatingfinanceliterature.Anexampleofthelatteristheco-operat
8、ion,alegalentitywhichcanbe
