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1、外文文獻翻譯譯文一、外文原文原文：TheinfluenceofcorporategovernanceontherelationbetweencapitalstructureandvalueCapitalstructure:relationwithcorporatevalueandmainresearchstreamsWhenlookingatthemostimportanttheoreticalcontributionsontherelationbetweencapitalstructureandvalue,asillustrated
2、inFigure1,itbecomesimmediatelyevidentthatthereisasubstantialdifferencebetweentheearlytheoriesandthemorerecentones.ModiglianiandMiller(1958),whohadoriginallyassertedthattherewasnorelationshipbetweencapitalstructureandvalue;in1963,instead,reachedtheparadoxicalandprovocati
3、veconclusionthatamaximumlevelofdebtwouldmeanamaximumleveloffirmvalue,duetothefactthatinterestistaxdeductible.Manylatercontributionspointedoutthatthiseffectiscompensatedwhenconsideringpersonaltaxes(Miller,1977),aneventuallackoftaxcapacity,duetothepresenceofeconomicloss,t
4、heeffectofothertypesoftaxshields(DeAngeloandMasulis,1980),aswellastheintroductionofthecosts(directandindirect)offinancialdistress;allthesesituationsendupcreatingatrade-offbetweendebtcostsandbenefits.PointL’inFigure1cindicatesanoptimallevelofdebt,beyondwhichanyriseinleve
5、ragewouldcauseanincreaseinthebenefitsofdebtthatwouldbelessthanproportionalwithrespecttothecostsoffinancialdistress.Furthermore,thisnonmonotonicrelationwouldbemodifiedevenmorewhenconsideringagencycostsaswellasthecostsoffinancialdistress.Finally,onelaststreamofresearch(My
6、ers,1984,Myers1984)pointsoutmanagerialpreferenceswhenchoosingfinancingresources.Inthiscasenooptimallevelofdebtbecomes‘‘objectively’’evident,butthisisduetothevarioussituationsthemanagerhadtodealwithovertime.Thefunctionofmanagerialpreferencehasparticularrelevanceduetoinfo
7、rmationasymmetries,thereforetheleveloffirmindebtednesswillbedeterminedbythetangentbetweenthefirmvaluefunctionandthecurveofmanagerindifference.Furthermore,itcanbeobservedthatdebtincreasesincorrespondencewiththebetterthefirm’sreputationisonthemarket(Chevalier,1995).Resear
8、chhasshownsimilaritiesbetweenfirmsthatbelongtothesamesector(TitmanandWessels,1988);inotherwords,capitalstructu
