2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、外文題目：OwnershipConcentrationCpatePerfmanceintheCzechRepublic出處：TheWilliamDavidsonInstitute作者：StijnClaessensSimeonDjankovTheassociationbetweenownershipstructurecpateperfmanceisamuchstudiedtopicinbothtransitionmarketeconomi

2、es.TheresearchonthistopicdatesbackmethansixtyyearstoBerleMeans（1933），whocontendthatdiffuseownershipyieldssignificantpowerinthehsofmanagerswhoseinterestsdonotcoincidewiththeinterestofshareholders.Asaresult，cpateresourcesa

3、renotusedfthemaximizationofshareholders’value.SeveralstudiesfindastrongpositiverelationbetweenownershipconcentrationcpateperfmanceintheUnitedStatesothermarketeconomiesattributeittotheimpactofbettermoniting.Intransitionec

4、onomies，empiricalstudiesfindapositiverelationshipbetweenconcentratedownershipbothvoucherpricesstockmarketpricesintheCzechRepublicChina.OtherstudiesfindapositiverelationbetweenactualfirmperfmanceownershipconcentrationinRu

5、ssia.Muchoftheempiricalwkontherelationbetweenownershipstructurecpateperfmancehashaddifficultycontrollingfthepossiblefeedbackoffirmacteristictoownershipespeciallysinceithasfocusedmainlyonmarketeconomieswithlowtransactions

6、costsinchangingownership.Usingadatasetthatbyconstructionalleviatestheendogeneityproblemcancontributetothedabateonthedirectionofcausality.ThedesignoftheCzechprivatizationprogramprecludedtheadjustmentofownershiptofirmacter

7、istics.Inparticularthedecisiontochangeownershipwastakenbythestatewhiletherulesofthebiddingprocesspreventedparticipatingagentsfromobtainingoptimalownershipstructure.Thuswecanstudythelinkbetweenconcentratedownershipfirmper

8、fmancefollowingvoucherprivatization.TheCzechvoucherschemepreventedinsidersfromacquiringlargeownershipstakesasfewdirectsalesofassetstookplaceeffectsofownershipstructures.Ftheempiricaltestsweuseprofitabilitylabproductivity

9、asindicatsofcpateperfmance.Profitabilityisdefinedasgrossoperatingprofitoverfixedassetsplusinventy.Table1showsitsincreaseovertimefrom14.4%in1993to16.9%in1995onaveragefollowedbyadeclinein1996.Sevenofthetopfirmsfirmswiththe

10、highestprofitabilityoperateintheengineeringarchitecturaldesignmanagementaccountingsects.Sixofthebottom10operateinthebasicmetalsthefabricatedmetalproductsincludingarmamentssects.Labproductivityisdefinedasvalueaddedperempl

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