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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
