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1、CapitalStructureandFirmPerformance1.IntroductionAgencycostsrepresentimportantproblemsincorporategovernanceinbothfinancialandnonfinancialindustries.Theseparationofownershipandcontrolinaprofessionallymanagedfirmmayresultinmanagersexertinginsufficientworkeffort,indulginginperquisites,
2、choosinginputsoroutputsthatsuittheirownpreferences,orotherwisefailingtomaximizefirmvalue.Ineffect,theagencycostsofoutsideownershipequalthelostvaluefromprofessionalmanagersmaximizingtheirownutility,ratherthanthevalueofthefirm.Theorysuggeststhatthechoiceofcapitalstructuremayhelpmitig
3、atetheseagencycosts.Undertheagencycostshypothesis,highleverageoralowequity/assetratioreducestheagencycostsofoutsideequityandincreasesfirmvaluebyconstrainingorencouragingmanagerstoactmoreintheinterestsofshareholders.SincetheseminalpaperbyJensenandMeckling(1976),avastliteratureonsuch
4、agency-theoreticexplanationsofcapitalstructurehasdeveloped(seeHarrisandRaviv1991andMyers2001forreviews).Greaterfinancialleveragemayaffectmanagersandreduceagencycoststhroughthethreatofliquidation,whichcausespersonallossestomanagersofsalaries,reputation,perquisites,etc.(e.g.,Grossman
5、andHart1982,Williams1987),andthroughpressuretogeneratecashflowtopayinterestexpenses(e.g.,Jensen1986).Higherleveragecanmitigateconflictsbetweenshareholdersandmanagersconcerningthechoiceofinvestment(e.g.,Myers1977),theamountofrisktoundertake(e.g.,JensenandMeckling1976,Williams1987),t
6、heconditionsunderwhichthefirmisliquidated(e.g.,HarrisandRaviv1990),anddividendpolicy(e.g.,Stulz1990).Atestablepredictionofthisclassofmodelsisthatincreasingtheleverageratioshouldresultinloweragencycostsofoutsideequityandimprovedfirmperformance,allelseheldequal.However,whenleveragebe
7、comesrelativelyhigh,furtherincreasesgeneratesignificantagencycostsofoutsidedebt–includinghigherexpectedcostsofbankruptcyorfinancialdistress–arisingfromconflictsbetweenbondholdersandshareholders.1Becauseitisdifficulttodistinguishempiricallybetweenthetwosourcesofagencycosts,wefollowt
8、heliteratureandallowtherel
