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ID:9905619
大小:52.00 KB
页数:12页
时间:2018-05-14
《日本的股权集中度,代理冲突及股息政策[外文翻译]》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、原文:Ownershipconcentration,agencyconflicts,anddividendpolicyinJapan1.IntroductionAgencyconflictsplayanimportantroleincorporatedecisions.Intheirseminalpaper,JensenandMeckling(1976)showthatdecisionmakersmayselectvalue-decreasingoutcomesthatarejustifiedonlybecauseofthewealthtransfer
2、fromotherstakeholders.Togiveawell-knownexample,managersmayinvestinunprofitableprojectswhosecostsarebornebyshareholdersifdoingsoenhancestheirownstatusandbringthemprivatebenefits.Likewise,shareholdersmaytakeexcessiveriskknowingthatthedownsideisassumedbydebtholders,whiletheybenefit
3、fromtheupside.Agencyconflictscantakemanyotherforms.MyersandMajluf(1984)arguethatfirmsactingintheinterestofcurrentshareholdersshouldrationallypassupprofitableinvestmentprojectsifthebenefitsarecapturedbyoutsideinvestors.ShleiferandVishny(1997)emphasizetheagencyconflictsbetweenmajo
4、rityandminorityshareholders,promptedbyrecentevidencethatdominantshareholdersextractrentsattheexpenseofsmallshareholdersthroughthetunnelingofassetsandprofits,suchastheuseofunfairtransferpricingbetweencontrolledentities.Johnsonetal.(2000)provideafewexamplesofexpropriationtakingpla
5、ceindevelopedcountries.Payoutpolicyisoneareaofcorporatedecisionsthatcannotescapetheinfluenceofagencyconflicts.Infact,Easterbrook(1984)arguesthatdividendscanbeeithertheresultorthesolutiontoagencyconflicts.Becausemanagersprefertoretainearningstoincreaseprivateconsumptionorreduceth
6、eriskontheirhumancapital,lowgovernancestandardsandpoorshareholderprotectionarelikelytoresultinlowerpayout.Thisviewisclearlyestablishedinthecross-countryanalysisofLaPortaetal.(2000).Conversely,dividendpayoutcancontributetomitigateagencyconflicts.Jensen(1986)advocatestolowerthefre
7、ecashflowsavailabletomanagersinordertoincreasefinancialdiscipline.Payinghighdividendspreciselyachievesthispurpose,thusprovidingacosteffectivesubstitutetoshareholdermonitoring.Morerecently,GuglerandYurtoglu(2003)highlighttheimportanceofagencyconflictsbetweenshareholdersbylookinga
8、tthedividendpolicyofGermanfirms.Sincedominantsh
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