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帮翻译!不要机器译,请人工译
Stulz(1988)模型与Harris和Raviv(1988)模型相似,强调管理者对表决权的控制在决定公司价值中的作用.Stulz认为公司资本结构影响表决权的分布状 况,从而影响公司价值.模型突出了管理者对表决权的控制对收购方行为的影响,管理者所控制的表决权比例对收购中目标公司价值的影响是一把“双刃剑”:一方面,控制表决权过高时降低了公司被恶意收购的可能,造成目标公司的价值因缺少收购溢价而减少;另一方面,表决权比例太低,收购方又不愿意为取得公司控制权支付较高的收购溢价.因此,Stulz(1988)认为,确实
存在一个让公司价值最大化的唯一表决权比例值,从而存在最优资本结构.
翻译成英语~
Stulz(1988) model and Harris and Raviv(1988) model are similar,stressed that the superintendent the control in decides in the company value to the right to vote the function.Stulz reveals the corporate capital structure influence right to vote the distributed condition,thus influence company value.The model highlighted the superintendent the control to purchase the side behavior to the right to vote the influence,the right to vote proportion which the superintendent controlled to purchases the goal company value influence is “the double-edged sword”:,The control right to vote excessively is at the same time high when reduced the company by the malicious purchase possibility,causes the goal company's value because to lack the purchase premium to reduce; On the other hand,the right to vote proportion is too low,the purchase side is not willing to obtain the company domination payment high purchase premium.Therefore,Stulz(1988) believed that has one to let the company value maximization the only right to vote proportion value truly,thus has the most superior capital structure.