外文翻译公司治理对资本结构和企业价值关系的影响.doc
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毕业设计(论文)
外文翻译
题目公司治理对企业价值的影响
专业财务管理
班级10财管1班
学生姜波(21002137)
指导教师王向静
职称讲师
高科学院
2014年
Theinfluenceofcorporategovernanceontherelationbetweencapitalstructureandvalue
Capitalstructure:
relationwithcorporatevalueandmainresearchstreams
Whenlookingatthemostimportanttheoreticalcontributionsontherelationbetweencapitalstructureandvalue,asillustratedinFigure1,itbecomesimmediatelyevidentthatthereisasubstantialdifferencebetweentheearlytheoriesandthemorerecentones.
ModiglianiandMiller(1958),whohadoriginallyassertedthattherewasnorelationshipbetweencapitalstructureandvalue;in1963,instead,reachedtheparadoxicalandprovocativeconclusionthatamaximumlevelofdebtwouldmeanamaximumleveloffirmvalue,duetothefactthatinterestistaxdeductible.Manylatercontributionspointedoutthatthiseffectiscompensatedwhenconsideringpersonaltaxes(Miller,1977),aneventuallackoftaxcapacity,duetothepresenceofeconomicloss,theeffectofothertypesoftaxshields(DeAngeloandMasulis,1980),aswellastheintroductionofthecosts(directandindirect)offinancialdistress;allthesesituationsendupcreatingatrade-offbetweendebtcostsandbenefits.PointL’inFigure1cindicatesanoptimallevelofdebt,beyondwhichanyriseinleveragewouldcauseanincreaseinthebenefitsofdebtthatwouldbelessthanproportionalwithrespecttothecostsoffinancialdistress.Furthermore,thisnonmonotonicrelationwouldbemodifiedevenmorewhenconsideringagencycostsaswellasthecostsoffinancialdistress.Finally,onelaststreamofresearch(Myers,1984,Myers1984)pointsoutmanagerialpreferenceswhenchoosingfinancingresources.Inthiscasenooptimallevelofdebtbecomes‘‘objectively’’evident,butthisisduetothevarioussituationsthemanagerhadtodealwithovertime.Thefunctionofmanagerialpreferencehasparticularrelevanceduetoinformationasymmetries,thereforetheleveloffirmindebtednesswillbedeterminedbythetangentbetweenthefirmvaluefunctionandthecurveofmanagerindifference.
Furthermore,itcanbeobservedthatdebtincreasesincorrespondencewiththebetterthefirm’sreputationisonthemarket(Chevalier,1995).Researchhasshownsimilaritiesbetweenfirmsthatbelongtothesamesector(TitmanandWessels,1988);inotherwords,capitalstructuretendstobeindustry-specific.
Theempiricalcomparisonbetweenthetrade-offtheoryandthepeckingordertheoryseemstobecontroversial.Ononehand,empiricalevidenceshowsmoderatecoherencewiththetrade-offtheory,whenrevenueandagencyproblemsaretakenintoconsiderationcontextually;ontheotherhand,thenegativerelationbetweenleverageandfirmprofitdoesnotseemtosupportthetrade-offtheory,asitconfirmsahierarchicalorderinfinancialdecisionmaking.
Itis,thus,clearthatthetopicofcapitalstructureisanythingbutdefinedandthattherearestillmanyopenproblemsregardingit.
Asmanyauthorshavenoted(RajanandZingales,1995)capitalstructureisa‘‘hot’’topicinfinance.Byanalyzinginternationalliteraturethemainresearchprioritiesandnewanalyticalapproachesarerelatedto:
theimportantcomparisonbetween‘‘rational’’and‘‘behavioural’’finance(BarberisandThaler,2002);alivelycomparisonmadebetweenthepeckingordertheoryandthetrade-offtheory(Shyam-SunderandMyers,1999);theattempttoapplythesetheoriestosmallfirms(BergerandUdell,1998,Fluck,2001);theroleofcorporategovernanceontherelationbetweencapitalstructureandvalue(Heinrich,2000,BhagatandJefferis,2002,Brailsfordetal.,2004,Mahrt-Smith,2005).
Thebehaviouralapproach,thatconsidersthepeckingorderoffinancialresourcesintermsof‘‘irrational’’preferences,causedanimmediatereactionfromStewartMyersin2000and2001andjointlywithShyam-Sunderin1999(Myers,2000;2001;Shyam-SunderandMyers,1999).StewartMyersisthefounderofthepeckingordertheory[7].Problemsofinformationasymmetry,togetherwithtransactioncosts,wouldbeabletoofferarationalexplanationtomanagerialbehaviourwhenfinancialchoicesaremadefollowingahierarchicalorder(FamaandFrench,2002).Inotherwords,accordingtoMyersandFama,thereshouldbea‘‘rational’’explanationtothephenomenonobservedbyStein,Baker,Wrugler,BarberisandThaler.
Moreover,studiesoncapitalstructurehavealsobeendonelookingatsmallandmediumsizefirms(BergerandUdell,1998,Michaelasetal.,1999,Romanoetal.,2000,Fluck,2001),duetotherelevanteconomicroleofthesefirms(inEuropetheyare95percentofthetotalfirmsoperating).Zingales(2000)aswellhasemphasizedthefactthattoday‘‘...theattenti