资本结构和企业价值之间的关系对公司治理的影响外文翻译.docVIP

外文翻译 The influence of corporate governance on the relation between capital structure and value Material Source: Corporate Governance Author: Maurizio La Rocca Researches in Business Economics, and in particular, in Business economics and Finance have always analyzed the processes of economic value creation as their main field of studies. Starting from the provocative work of Modigliani and Miller (1958), capital structure became one of the main elements that following studies have shown as being essential in determining value. Half a century of research on capital structure attempted to verify the presence of an optimal capital structure that could amplify the company’s ability to create value. There is again quite a bit of interest in the topic of firm capital structure, on whether or not it is necessary to consider the important contribution offered by corporate governance as a variable that can explain the connection between capital structure and value, controlling opportunistic behavior in the economic relations between shareholders, debt holders and managers. In this sense, capital structure can influence firm value. Therefore, this paper examines the theoretical relationship between capital structure, corporate governance and value, formulating an interesting proposal for future research. The second paragraph describes the theoretical and empirical approach on capital structure and value, identifying the main threads of study. After having explained the concept of corporate governance and its connection with firm value, the relationship between capital structure, corporate governance and value, as well as the causes behind them, will be investigated. Capital structure: relation with corporate value and main research streams When looking at the most important theoretical contributions on the relation between capital structure and value, it becomes immediately evident that there is a substantial difference between the early theories and the more