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