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1、西安工业大学北方信息工程学院毕业设计论文外文翻译资料系别管理信息系专业财务管理班级B080510姓名郭静学号B08051019导师王化中OptimalCapitalStructure:ReflectionsoneconomicandothervaluesByMarcSchautcn&JaapSpronkl1.IntroductionDespiteavastliteratureonthecapitalstructureofthefirmseeHarrisandRaviv,1991,GrahamandHarvey,2001,Bravetal.
2、,2005,foroverviewstherestil1isabiggapbetweentheoryandpracticeseee.g.Cools,1993,Tempelaar,1991,Boot&Cools,1997.StartingwiththeseminalworkbyModigliani&M订ler195&1963,muchattentionhasbeenpaidtotheoptimalityofcapitalstructurefromtheshareholderspointofviewOverthelastfewdecadess
3、tudieshavebeenproducedontheeffectofotherstakeholders^interestsoncapitalstructure.Well-knownexamplesaretheinterestsofcustomerswhoreceiveproductorserviceguaranteesfromthecompanyseee.g.Grinblatt&Titman,2002.Anotherareathathasreceivedconsiderableeittentionistherelationbetween
4、managerialincentivesandcapitalstructureIbid..Furthermore,theissueofcorporatecontrol2seeJensen&Ruback,1983and，related,theissueofcorporategovernance3seeShleifer&Vishney,1997,receivealion，spartofthemorerecentacademicattentionforcapitalstructuredecisionsFromallthesestudies,on
5、ethingisclear:Thecapitalstructuredecisionorrather,themanagementofthecapitalstructureovertimeinvolvesmoreissuesthantheimizationofthefirm"smeirketvaluealone.Inthispaper,wegiveanoverviewofthedifferentobjectivesandconsiderationsthathavebeenproposedinthe1iterature.Wemakeadisti
6、nctionbetweentwobroadlydefinedsituations.Thefirstisthetraditionalcaseofthefirmthatstrivesfortheimizationofthevalueofthesharesforthecurrentshareholders.Wheneverotherconsiderationsthanvalueimizationentercapitalstructuredecisions,theseconsiderationshavetobeinstrumentdltotheg
7、oalofvalueimization.Thesecondcaseconcernsthefirmthatexplicitlychoosesformoreobjectivesthanvalueimizationalone-Thismaybebecausetheshareholdersadoptamultiplestakeholdersapproachorbecauseofadifferentownershipstructurethantheusualcorporatestructuredominatingfinanceliterature.
8、Anexampleofthelatteristheco-operation,alegalentitywhichcanbefoundina.o.manyEuropeancountries.For
