資本結構、股權結構與公司績效【外文翻譯】

資本結構、股權結構與公司績效【外文翻譯】

ID:10429203

大?。?9.00 KB

頁數(shù):7頁

時間:2018-07-06

資本結構、股權結構與公司績效【外文翻譯】_第1頁
資本結構、股權結構與公司績效【外文翻譯】_第2頁
資本結構、股權結構與公司績效【外文翻譯】_第3頁
資本結構、股權結構與公司績效【外文翻譯】_第4頁
資本結構、股權結構與公司績效【外文翻譯】_第5頁
資源描述:

《資本結構、股權結構與公司績效【外文翻譯】》由會員上傳分享,免費在線閱讀,更多相關內(nèi)容在學術論文-天天文庫

1、外文文獻:Capitalstructure,equityownershipandfirmperformanceDimitrisMargaritis,MariaPsillaki來源:JournalofBanking&Finance,2010(34):621–632,本文翻譯的是第二部分Abstract:Thispaperinvestigatestherelationshipbetweencapitalstructure,ownershipstructureandfirmperformanceusingasampleofFrenchmanufacturin

2、gfirms.Weemploynon-parametricdataenvelopmentanalysis(DEA)methodstoempiricallyconstructtheindustry’s‘bestpractice’frontierandmeasurefirmefficiencyasthedistancefromthatfrontier.Usingtheseperformancemeasuresweexamineifmoreefficientfirmschoosemoreorlessdebtintheircapitalstructure.We

3、summarizethecontrastingeffectsofefficiencyoncapitalstructureintermsoftwocompetinghypotheses:theefficiency-riskandfranchisevaluehypotheses.Usingquantileregressionswetesttheeffectofefficiencyonleverageandthustheempiricalvalidityofthetwocompetinghypothesesacrossdifferentcapitalstru

4、cturechoices.WealsotestthedirectrelationshipfromleveragetoefficiencystipulatedbytheJensenandMeckling(1976)agencycostmodel.Throughoutthisanalysisweconsidertheroleofownershipstructureandtypeoncapitalstructureandfirmperformance.Firmperformance,capitalstructureandownershipConflictso

5、finterestbetweenowners-managersandoutsideshareholdersaswellasthosebetweencontrollingandminorityshareholderslieattheheartofthecorporategovernanceliterature(BerleandMeans,1932;JensenandMeckling,1976;ShleiferandVishny,1986).Whilethereisarelativelylargeliteratureontheeffectsofowners

6、hiponfirmperformance(seeforexample,Morcketal.,1988;McConnellandServaes,1990;Himmelbergetal.,1999),therelationshipbetweenownershipstructureandcapitalstructureremainslargelyunexplored.Ontheotherhand,avoluminousliteratureisdevotedtocapitalstructureanditseffectsoncorporateperformanc

7、e–seethesurveysbyHarrisandRaviv(1991)andMyers(2001).Anemergingconsensusthatcomesoutofthecorporategovernanceliterature(seeMahrt-Smith,2005)isthattheinteractionsbetweencapitalstructureandownershipstructureimpactonfirmvalues.Yettheoreticalargumentsalonecannotunequivocallypredictthe

8、serelationships(seeMorcketal.,1988)andtheempiri

當前文檔最多預覽五頁,下載文檔查看全文

此文檔下載收益歸作者所有

當前文檔最多預覽五頁,下載文檔查看全文
溫馨提示:
1. 部分包含數(shù)學公式或PPT動畫的文件,查看預覽時可能會顯示錯亂或異常,文件下載后無此問題,請放心下載。
2. 本文檔由用戶上傳,版權歸屬用戶,天天文庫負責整理代發(fā)布。如果您對本文檔版權有爭議請及時聯(lián)系客服。
3. 下載前請仔細閱讀文檔內(nèi)容,確認文檔內(nèi)容符合您的需求后進行下載,若出現(xiàn)內(nèi)容與標題不符可向本站投訴處理。
4. 下載文檔時可能由于網(wǎng)絡波動等原因無法下載或下載錯誤,付費完成后未能成功下載的用戶請聯(lián)系客服處理。