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1、资本结构与企业绩效外文翻译外文翻译CapitalStructureandFirmPerformanceMaterialSource:BoardofGovernorsoftheFederalReserveSystemAuthor:AllenN.BergerAgencycostsrepresentimportantproblemsincorporategovernanceinbothfinancialandnonfinancialindustries.Theseparationofownershipandcontrolinaprofessionallymanagedfirmma
2、yresultinmanagersexertinginsufficientworkeffort,indulginginperquisites,choosinginputsoroutputsthatsuittheirownpreferences,orotherwisefailingtoimizefirmvalue.Ineffect,theagencycostsofoutsideownershipequalthelostvaluefromprofessionalmanagersimizingtheirownutility,ratherthanthevalueofthefirm.
3、Theorysuggeststhatthechoiceofcapitalstructuremayhelpmitigatetheseagencycosts.Undertheagencycostshypothesis,highleverageoralowequity/assetratioreducestheagencycostsofoutsideequityandincreasesfirmvaluebyconstrainingorencouragingmanagerstoactmoreintheinterestsofshareholders.Sincetheseminalpap
4、erbyJensenandMeckling1976,avastliteratureonsuchagency-theoreticexplanationsofcapitalstructurehasdevelopedseeHarrisandRaviv1991andMyers2001forreviews.Greaterfinancialleveragemayaffectmanagersandreduceagencycoststhroughthethreatofliquidation,whichcausespersonallossestomanagersofsalaries,repu
5、tation,perquisites,etc.e.g.,GrossmanandHart1982,Williams1987,andthroughpressuretogeneratecashflowtopayinterestexpensese.g.,Jensen1986.Higherleveragecanmitigateconflictsbetweenshareholdersandmanagersconcerningthechoiceofinvestmente.g.,Myers1977,theamountofrisktoundertakee.g.,JensenandMeckli
6、ng1976,Williams1987,theconditionsunderwhichthefirmisliquidatede.g.,HarrisandRaviv1990,anddividendpolicye.g.,Stulz1990.Atestablepredictionofthisclassofmodelsisthatincreasingtheleverageratioshouldresultinloweragencycostsofoutsideequityandimprovedfirmperformance,allelseheldequal.However,whenl
7、everagebecomesrelativelyhigh,furtherincreasesgeneratesignificantagencycostsofoutsidedebt?includinghigherexpectedcostsofbankruptcyorfinancialdistress?arisingfromconflictsbetweenbondholdersandshareholders.1Becauseitisdifficulttodistinguishempiricallybetweenthetw
