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《最優(yōu)資本結(jié)構(gòu)對(duì)經(jīng)濟(jì)及其它價(jià)值的作用【外文翻譯】》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫(kù)。
1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：OptimalCapitalStructureReflectionsonEconomicandOtherValuesOverthelastfewdecadesstudieshavebeenproducedontheeffectofotherstakeholders’interestsoncapitalstructure.Well-knownexamplesaretheinterestsofcustomerswhoreceiveproductorserviceguaranteesfromthecompany.
2、Anotherareathathasreceivedconsiderableattentionistherelationbetweenmanagerialincentivesandcapitalstructure(Ibid.).Furthermore,theissueofcorporatecontrol1and,related,theissueofcorporategovernance,receivealion’spartofthemorerecentacademicattentionforcapitalstructuredecisions
3、.Fromallthesestudies,onethingisclear:Thecapitalstructuredecision(orrather,themanagementofthecapitalstructureovertime)involvesmoreissuesthanthemaximizationofthe?rm’smarketvaluealone.Inthispaper,wegiveanoverviewofthedifferentobjectivesandconsiderationsthathavebeenproposedint
4、heliterature.Wemakeadistinctionbetweentwobroadlyde?nedsituations.The?rstisthetraditionalcaseofthe?rmthatstrivesforthemaximizationofthevalueofthesharesforthecurrentshareholders.Wheneverotherconsiderationsthanvaluemaximizationentercapitalstructuredecisions,theseconsideration
5、shavetobeinstrumentaltothegoalofvaluemaximization.Thesecondcaseconcernsthe?rmthatexplicitlychoosesformoreobjectivesthanvaluemaximizationalone.Thismaybebecausetheshareholdersadoptamultiplestakeholdersapproachorbecauseofadifferentownershipstructurethantheusualcorporatestruct
6、uredominating?nanceliterature.Anexampleofthelatteristhecooperation,alegalentitywhichcanbefound,inamongothers,manyEuropeancountries.Foradiscussiononwhy?rmsarefacingmultiplegoals,werefertoHallerbachandSpronk。Accordingtotheneoclassicalviewontheroleofthe?rm,the?rmhasonesingleo
7、bjective:maximizationofshareholdervalue.Shareholderspossessthepropertyrightsofthe?rmandarethusentitledtodecidewhatthe?rmshouldaimfor.Sinceshareholdersonlyhaveoneobjectiveinmind-wealthmaximization-thegoalofthe?rmismaximizationofthe?rm’scontributiontothe?nancialwealthofitssh
8、are-holders.The?rmcanaccomplishthisbyinvestinginprojectswithapositivenetpresentvalue.Part
