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时间:2020-03-29
《股权结构与企业业绩外文翻译(可编辑).doc》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
1、股权结构与公司业绩外文翻译外文翻译OwnershipStructureandFirmPerformance:EvidencefromIsraelMaterialSource:JournalofManagementandGovernanceAuthor:BeniLauterbachandAlexanderVaninsky1.IntroductionFormanyyearsandinmanyeconomies,mostofthebusinessactivitywasconductedbyproprietorships,part
2、nershipsorclosedcorporations.Intheseformsofbusinessorganization,asmallandcloselyrelatedgroupofindividualsbelongingtothesamefamilyorcooperatinginbusinessforlengthyperiodsrunsthefirmandsharesitsprofits.However,overtherecentcentury,anewformofbusinessorganizationflour
3、ishedasnon-concentrated-ownershipcorporationsemerged.Themoderndiverseownershipcorporationhasbrokenthelinkbetweentheownershipandactivemanagementofthefirm.Moderncorporationsarerunbyprofessionalmanagerswhotypicallyownonlyaverysmallfractionoftheshares.Inaddition,owner
4、shipisdisperse,thatisthecorporationisownedbyanditsprofitsaredistributedamongmanystockholders.Theadvantagesofthemoderncorporationarenumerous.Itrelievesfinancingproblems,whichenablesthefirmtoassumelarger-scaleoperationsandutilizeeconomiesofscale.Italsofacilitatescom
5、plex-operationsallowingthemostskilledorexpertmanagerstocontrolbusinessevenwhentheytheprofessionalmangersdonothaveenoughfundstoownthefirm.Moderncorporationsraisemoneysellcommonstocksinthecapitalmarketsandassignittotheproductiveactivitiesofprofessionalmanagers.Thisi
6、swhyitisplausibletohypothesizethatthemoderndiverse-ownershipcorporationsperformbetterthanthetraditional“closelyheld”businessforms.Moderatingfactorsexist.Forexample,closelyheldfirmsmayissueminoritysharestoraisecapitalandexpandoperations.Moreimportantly,moderncorpor
7、ationsfaceaseverenewproblemcalledtheagencyproblem:thereisachancethattheprofessionalmangersgoverningthedailyoperationsofthefirmwouldtakeactionsagainstthebestinterestsoftheshareholders.Thisagencyproblemstemsfromtheseparationofownershipandcontrolinthemoderncorporatio
8、n,andittroubledmanyeconomistsbeforee.g.,BerleandMeans,1932;JensenandMeckling,1976;FamaandJensen1983.Theconclusionwasthatthereneedstoexistamonitoringsyst
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