治理機(jī)制與企業(yè)價(jià)值股權(quán)集中度和紅利的影響【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：GovernanceMechanismsFirmValue:TheImpactofOwnershipConcentrationDividendsOverthelastthreedecadestheideaofindependentdirectshasbecomeimptantparticularlywithstockmarketregulatsmanycpategovernanceadvocate

2、s(Farrar2001).Indeedfinancialeconomistsgenerallysuggestthattherepresentationofindependentdirectsonboardsincreasestheeffectivenessofboardsinmonitingmanagersexercisingcontrolonbehalfofshareholders(e.g.FamaWeisbach1988).The

3、mostwidelydiscussedquestionregardingboardcompositionistherefewhetherhavingmeindependentdirectsontheboardenhancesfirmperfmance.AnumberofstudieshavebeenconductedintheUSonthisissue.FexampleastudybyBaysingerButler(1985)found

4、thattheproptionofindependentdirectswaspositivelycrelatedwithaccountingmeasuresofperfmance.IncontrastBhagatBlack(2001)HermalinWeisbach(1991)Klein(1998)havefoundthatahigherpercentageofindependentdirectsontheboarddoesnothav

5、easignificantimpactonaccountingmeasuresoffirmperfmance.AstudybyAgrawalKnoeber(1996)showthattheproptionofindependentdirectshasanegativerelationshiptomarketmeasuresofperfmance.Conflictingevidenceonadirectrelationshipbetwee

6、nboardcompositionfirmperfmancehasalsobeenreptedfromAustralia.LawrenceStapledon(1999)foundthatindependentdirectsdonotappeartohaveaddedvaluetofirmsintheperiod19851995.AsimilarresultisreptedbyCotterSilvester(2003)whoexamine

7、thelargest200companiesin1997.IncontrastBonnYoshikawaPhan(2004)reptedthatahigherproptionofindependentenhancing.CotterSilvester(2003)howeverfindnosupptfapositiverelationshipbetweenauditcommitteeindependencefirmvalue.Meanwh

8、ilePsarosSeamer(2004)reptthattheauditcommitteeindependenceofAustralia’slargest250companiesappearstohavedeteriatedbetween19982001.Thepositiveimpactofanauditcommitteeonfirmvaluemaycomefromtheroleoftheauditcommitteeinconstr

9、ainingearningsmanagement.Anumberofstudiesprovidesupptfthisnotion.FexampleDavidsonGoodwinStewartKent(2005)showthatamajityofnonexecutivedirectsontheauditcommitteeisassociatedwithalowerlikelihoodofearningsmanagement.HsuKoh(

10、2005)findthatalongtermientedinstitutioncanactasacpategovernancemechanismtomitigateaggressiveearningsmanagementwhileChanFaffMatherRamsay(2007)documentedapositiverelationshipbetweenthelikelihoodfrequencyoffirmsissuingmanag

11、ementearningsfecastsauditcommitteeindependence.StewartMunro(2007)showthattheexistenceofanauditcommitteeisassociatedwithareductioninperceivedauditrisk.FinallyKrishnamothyWrightCohen(2002)ChenCarsonSimt(2007)suggestthataud

12、itcommitteeplaysanimptantroleinenhancingfinancialreptingquality.IndependentDirectsAuditCommitteeOwnershipConcentrationTherelationbetweenownershipconcentrationboardsofdirectscanbeexplainedbyagencythey.JensenMeckling(1976)

13、suggestthatagencyproblemswillbelowerwhentheinterestsofagents(i.e.managers)principals(i.e.shareholders)aremealignedthroughhighermanagerialshareownership.Agencyproblemsbetweenownersmanagersrelatetomanagerialconsumptionofpe

14、rquisitesshirkingmisallocationofcompanyfundsentrenchment(Shleifer&Vishny1997).Thepresenceofblockholdersmayalsoenhancecpategovernance.Sinceblockholdersholdasignificantpercentageoffirmequitytheyhaveanincentivetocollectinfm