资源描述：
《企业治理对资本结构和企业价值关系的影响-外文翻译.doc》由会员上传分享，免费在线阅读，更多相关内容在应用文档-天天文库。
1、外文文献翻译译文一、外文原文原文：TheinfluenceofcorporategovernanceontherelationbetweencapitalstructureandvalueCapitalstructure:relationwithcorporatevalueandmainresearchstreamsWhenlookingatthemostimportanttheoreticalcontributionsontherelationbetweencapitalstructureandvalue,asillustratedinFigure1
2、,itbecomesimmediatelyevidentthatthereisasubstantialdifferencebetweentheearlytheoriesandthemorerecentones.ModiglianiandMiller(1958),whohadoriginallyassertedthattherewasnorelationshipbetweencapitalstructureandvalue;in1963,instead,reachedtheparadoxicalandprovocativeconclusionthatam
3、aximumlevelofdebtwouldmeanamaximumleveloffirmvalue,duetothefactthatinterestistaxdeductible.Manylatercontributionspointedoutthatthiseffectiscompensatedwhenconsideringpersonaltaxes(Miller,1977),aneventuallackoftaxcapacity,duetothepresenceofeconomicloss,theeffectofothertypesoftaxsh
4、ields(DeAngeloandMasulis,1980),aswellastheintroductionofthecosts(directandindirect)offinancialdistress;allthesesituationsendupcreatingatrade-offbetweendebtcostsandbenefits.PointL’inFigure1cindicatesanoptimallevelofdebt,beyondwhichanyriseinleveragewouldcauseanincreaseinthebenefit
5、sofdebtthatwouldbelessthanproportionalwithrespecttothecostsoffinancialdistress.Furthermore,thisnonmonotonicrelationwouldbemodifiedevenmorewhenconsideringagencycostsaswellasthecostsoffinancialdistress.Finally,onelaststreamofresearch(Myers,1984,Myers1984)pointsoutmanagerialprefere
6、nceswhenchoosingfinancingresources.Inthiscasenooptimallevelofdebtbecomes‘‘objectively’’evident,butthisisduetothevarioussituationsthemanagerhadtodealwithovertime.Thefunctionofmanagerialpreferencehasparticularrelevanceduetoinformationasymmetries,thereforetheleveloffirmindebtedness
7、willbedeterminedbythetangentbetweenthefirmvaluefunctionandthecurveofmanagerindifference.Furthermore,itcanbeobservedthatdebtincreasesincorrespondencewiththebetterthefirm’sreputationisonthemarket(Chevalier,1995).Researchhasshownsimilaritiesbetweenfirmsthatbelongtothesamesector(Tit
8、manandWessels,1988);inotherwords,capitalstructu
