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1、TheinfluenceofcorporategovernanceontherelationbetweencapitalstructureandvalueCapitalstructure:relationwithcorporatevalueandmainresearchstreamsWhenlookingatthemostimportanttheoreticalcontributionsontherelationbetweencapitalstructureandvalue,asillustratedinFigure1,itbecome
2、simmediatelyevidentthatthereisasubstantialdifferencebetweentheearlytheoriesandthemorerecentones.ModiglianiandMiller(1958),whohadoriginallyassertedthattherewasnorelationshipbetweencapitalstructureandvalue;in1963,instead,reachedtheparadoxicalandprovocativeconclusionthatama
3、ximumlevelofdebtwouldmeanamaximumleveloffirmvalue,duetothefactthatinterestistaxdeductible.Manylatercontributionspointedoutthatthiseffectiscompensatedwhenconsideringpersonaltaxes(Miller,1977),aneventuallackoftaxcapacity,duetothepresenceofeconomicloss,theeffectofothertypes
4、oftaxshields(DeAngeloandMasulis,1980),aswellastheintroductionofthecosts(directandindirect)offinancialdistress;allthesesituationsendupcreatingatrade-offbetweendebtcostsandbenefits.PointL’inFigure1cindicatesanoptimallevelofdebt,beyondwhichanyriseinleveragewouldcauseanincre
5、aseinthebenefitsofdebtthatwouldbelessthanproportionalwithrespecttothecostsoffinancialdistress.Furthermore,thisnonmonotonicrelationwouldbemodifiedevenmorewhenconsideringagencycostsaswellasthecostsoffinancialdistress.Finally,onelaststreamofresearch(Myers,1984,Myers1984)poi
6、ntsoutmanagerialpreferenceswhenchoosingfinancingresources.Inthiscasenooptimallevelofdebtbecomes‘‘objectively’’evident,butthisisduetothevarioussituationsthemanagerhadtodealwithovertime.Thefunctionofmanagerialpreferencehasparticularrelevanceduetoinformationasymmetries,ther
7、eforetheleveloffirmindebtednesswillbedeterminedbythetangentbetweenthefirmvaluefunctionandthecurveofmanagerindifference.Furthermore,itcanbeobservedthatdebtincreasesincorrespondencewiththebetterthefirm’sreputationisonthemarket(Chevalier,1995).Researchhasshownsimilaritiesbe
8、tweenfirmsthatbelongtothesamesector(TitmanandWessels,1988);inotherwords,capitalstructuretendstobeindust