資本結(jié)構(gòu)和企業(yè)價(jià)值之間的關(guān)系對(duì)公司治理的影響[外文翻譯]

1、外文翻譯TheinfluenceofcpategovernanceontherelationbetweencapitalstructurevalueMaterialSource:CpateGovernanceAuth:MaurizioLaRoccaResearchesinBusinessEconomicsinparticularinBusinesseconomicsFinancehavealwaysanalyzedtheprocesse

2、sofeconomicvaluecreationastheirmainfieldofstudies.StartingfromtheprovocativewkofModiglianiMiller(1958)capitalstructurebecameoneofthemainelementsthatfollowingstudieshaveshownasbeingessentialindeterminingvalue.Halfacentury

3、ofresearchoncapitalstructureattemptedtoverifythepresenceofanoptimalcapitalstructurethatcouldamplifythecompany’sabilitytocreatevalue.Thereisagainquiteabitofinterestinthetopicoffirmcapitalstructureonwhethernotitisnecessary

4、toconsidertheimptantcontributionofferedbycpategovernanceasavariablethatcanexplaintheconnectionbetweencapitalstructurevaluecontrollingopptunisticbehaviintheeconomicrelationsbetweenshareholdersdebtholdersmanagers.Inthissen

5、secapitalstructurecaninfluencefirmvalue.Therefethispaperexaminesthetheeticalrelationshipbetweencapitalstructurecpategovernancevaluefmulatinganinterestingproposalffutureresearch.Thesecondparagraphdescribesthetheeticalempi

6、ricalapproachoncapitalstructurevalueidentifyingthemainthreadsofstudy.Afterhavingexplainedtheconceptofcpategovernanceitsconnectionwithfirmvaluetherelationshipbetweencapitalstructurecpategovernancevalueaswellasthecausesbeh

7、indthemwillbeinvestigated.Capitalstructure:relationwithcpatevaluemainresearchstreamsWhenlookingatthemostimptanttheeticalcontributionsontherelationbetweencapitalstructurevalueitbecomesimmediatelyevidentthatthereisasubstan

8、tialdifferencebetweentheearlytheiesthemerecentones.InfluenceofcpategovernanceontherelationbetweencapitalstructurevalueCapitalstructurecanbeanalyzedbylookingattherightsattributesthatacterizethefirm’sassetsthatinfluencewit

9、hdifferentlevelsofintensity‘‘reassure’’stakeholdersthatitsgovernancedecisionsare‘‘proper’’.TheBCArelationthatindicatestherelationbetweencapitalstructurevalueisactuallyexplainedthankstoathirdvariable(cpategovernance)that‘

10、‘intervenes’’(fthisreasoniscalledan‘‘interveningvariable’’)intherelationbetweencapitalstructurevalue.Thiswouldcreatea‘‘bridge’’bymediatingbetweenleveragevaluethusshowingaconnectionthatotherwisewouldnotbevisible.Itcannotb

11、esaidthatthereisnorelationbetweencapitalstructurevalue(ModiglianiMiller1958)buttheconnectionismediatedinaneconomicsenseitisfmalizedthroughacausalchainbetweenvariables.Inotherwdsitisnotpossibletoseeadirectrelationbetweenc

12、apitalstructurevaluebutinrealitycapitalstructureinfluencesfirmgovernancethatisconnectedtofirmvalue.Furthermetherelationbetweencapitalstructurecpategovernancebecomesextremelyimptantwhenconsideringitsfundamentalroleinvalue

13、generationdistribution(BhagatJefferis2002).Throughitsinteractionwithotherinstrumentsofcpategovernancefirmcapitalstructurebecomescapableofprotectinganefficientvaluecreationprocessbyestablishingthewaysinwhichthegeneratedva

14、lueislaterdistributed(Zingales1998)inotherwdsthesurpluscreatedisinfluenced(Zingales2000).Therefetherelationbetweencapitalstructurevaluecouldbesetupdifferentlyifitweremediatedmoderatedbycpategovernance.Nohelesscapitalstru

15、cturecouldalsointerveneinteractintherelationbetweencpategovernancevalue.Inthismanneracomplementaryrelationshiponewheresubstitutionispossiblecouldemergebetweencapitalstructureothercpategovernancevariables.Debtcouldhaveama

16、rginalroleofdiscipliningmanagementwhenthereisashareholderparticipatinginownershipwhenthereisstateparticipation.Tothecontrarywhenotherfmsofdisciplinearelackinginthegovernancestructurecapitalstructurecouldbeexactlythemecha

17、nismcapableofprotectingefficientcpategovernancewhilepreservingfirmvalue.ConclusionThispaperdefinesatheeticalapproachthatcancontributeinclearinguptherelationbetweencapitalstructurecpategovernancevaluewhiletheyalsopromotea