定義能增加企業(yè)價值的公司治理最佳實踐【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：DefiningcpategovernancebestpracticestoaddfirmvalueEuropeanfamilycontrolledpubliccompaniestendtoperfmlesswellinthestockmarketthantheirAmericancounterparts.Alsowhilememeinvestmentfundsthatfocusonfamilyf

2、irmopptunitiesarebeingfmedintheUnitedStatesinstitutionalinvestsremainreluctanttoinvestincontinentalEuropeanfamilycontrolledbusinesses.ThesetrendssuggestthatthebestpracticesfollowedbyfamilyfirmsintheUnitedStatesmayprovide

3、helpfulexamplesfsimilarenterprisesinEurope.Duetoanumberofreasonsthepositiveimpactofafamily’sentrepreneurialskillsonafirm’sstockpricetendstodeclineasleadershipispassedfromonegenerationtothenext.Newgenerationsmaylackmanage

4、rialabilitiesbecauseofthecomftablelifestyletheyalreadyenjoymaynotpossessthesamedrivefpersonalsuccessastheirfathersmothers.Lossofmotivationadeclineincapabilityinthethirdgenerationofafamilyarefrequentlyseenassignsofthe“Bud

5、denbrookseffect”thesequalitiesmaybeamajcauseoftheconservatismofyoungergenerationsregardinginnovationgrowth.Alsoasthecompanygrowsnewfinancialneedsemerge.Equityinjectionsbecomenecessarytoprovidewkingcapitalsupptexpansionsr

6、efreshcompetitivestrategies.Becausethefamily’sfinancialavailabilitymaybeinsufficienttomeetmarketdemsasecondthirdgenerationentrepreneurmayfgoabusinessopptunitythathasthepotentialtodiluteherstakeinaventure.Inothercasesnewg

7、enerationsmaynotsharethesamevisionaboutstrategicgoalsdisagreeonthedirectionthecompanyshouldtakeinthefuture.Whileownersmaybelinkedbybloodtheycanoftenlackacohesiveidentitylegacyacquisitiontargetfitscompetits.Giventhatsenim

8、anagersofsuchacompanyarelikelytolosetheirpositionifthetenderofferissuccessfulafunctioningmarketfcpatecontroloperatesasanincentivetoperfmefficientlydelivertangibleresultsfallconstituenciesofshareholders.Publicmarketsalsop

9、rovideapowerfuldisincentivefmembersofthecontrollingfamilytoattemptanexpropriationofwealth.Infactshouldthestockpricesufferasaresultofcontinuousextractionsofpersonalbenefitsbyadishoneststrategicshareholderthecontrollingpow

10、erofthatsameindividual(groupofindividuals)willalsobethreatenedbyahostiletakeoverinitiative.Pyraalstructuresinterlockingdirectshipsmultiplevotingsharesshareholders’votingagreementsotherlegalenhancementsofcpatecontrolshiel

11、dthecompanyfromthepublicacquisitionmarketasaresultnegativelyaffectstockperfmance.Inadditionwhentheacquisitionmarketiskeptstrictlyprivateahigherpremiumisrequiredfafriendlysaleofcontrollingpositions.Thispremiumcalculatedas

12、thedifferencebetweenthepersharepricepaidfthecontrolblockthepersharemarketpriceasoftwodaysaftertheannouncementofthesaletothepublicseverelylimitstheinterestaninvestmayhaveinthatcompany’spubliclytradedsharescanunderminelong

13、termstockvalue.WhiletheaveragetakeoverpremiumintheUnitedStatestheUnitedKingdomis2percentstatisticsindicatethatinsomeEuropeancountriessuchasItaly(37percent)Ptugal(20percent)asuccessfultakeovermayrequirebidsthatarefarabove

14、theactualmarketvalue.OverallhostiletakeoversarefarlessfrequentinEuropethanintheU.S.U.K.marketsincertaincontinentalcountriestheiruseasadisciplinarydeviceagainstinefficientmanagementisrare.FromthisstpointthelongawaitedEuro

15、peanTakeoverDirectiveof2004hasbeenadisappointment.EventhoughmatyfallmemberstatesoftheEuropeanUnionthenewregulationprovidesonlyageneralframewkfcarryingoutthesetransactionswhileachievingverylittleintermsofrestrictingmanage