资本结构和企业价值之间的关系对公司治理的影响[外文翻译]

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1、外文翻译TheinfluenceofcorporategovernanceontherelationbetweencapitalstructureandvalueMaterialSource:CorporateGovernanceAuthor:MaurizioLaRoccaResearchesinBusinessEconomics,andinparticular,inBusinesseconomicsandFinancehavealwaysanalyzedtheprocessesofeconomicva

2、luecreationastheirmainfieldofstudies.StartingfromtheprovocativeworkofModiglianiandMiller(1958),capitalstructurebecameoneofthemainelementsthatfollowingstudieshaveshownasbeingessentialindeterminingvalue.Halfacenturyofresearchoncapitalstructureattemptedtove

3、rifythepresenceofanoptimalcapitalstructurethatcouldamplifythecompany’sabilitytocreatevalue.Thereisagainquiteabitofinterestinthetopicoffirmcapitalstructure,onwhetherornotitisnecessarytoconsidertheimportantcontributionofferedbycorporategovernanceasavariabl

4、ethatcanexplaintheconnectionbetweencapitalstructureandvalue,controllingopportunisticbehaviorintheeconomicrelationsbetweenshareholders,debtholdersandmanagers.Inthissense,capitalstructurecaninfluencefirmvalue.Therefore,thispaperexaminesthetheoreticalrelati

5、onshipbetweencapitalstructure,corporategovernanceandvalue,formulatinganinterestingproposalforfutureresearch.Thesecondparagraphdescribesthetheoreticalandempiricalapproachoncapitalstructureandvalue,identifyingthemainthreadsofstudy.Afterhavingexplainedtheco

6、nceptofcorporategovernanceanditsconnectionwithfirmvalue,therelationshipbetweencapitalstructure,corporategovernanceandvalue,aswellasthecausesbehindthem,willbeinvestigated.Capitalstructure:relationwithcorporatevalueandmainresearchstreamsWhenlookingatthemos

7、timportanttheoreticalcontributionsontherelationbetweencapitalstructureandvalue,itbecomesimmediatelyevidentthatthereisasubstantialdifferencebetweentheearlytheoriesandthemorerecentones.Influenceofcorporategovernanceontherelationbetweencapitalstructureandva

8、lueCapitalstructurecanbeanalyzedbylookingattherightsandattributesthatcharacterizethefirm’sassetsandthatinfluence,withdifferentlevelsofintensity,governanceactivities.Equityanddebt,therefore,mustbeconsideredasbothfinancialin