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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
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