代写-管理者和股东之间的冲突原因分析

　　代写-管理者和股东之间的冲突原因分析。根据Harris和Raviv(1991)的观点，可以认为管理者和股东之间的冲突出现是因为管理者持有的剩余索取权少于总剩余索取权。由于所有权分离，管理者并不能从改善利润活动中获得全部收益，但这种行为肯定会产生一定的成成本。因此，代理人在不考虑主要利益的情况下追求个人利益是有动机的(Allen and Gale, 2000)。这意味着，管理人员的动机是投入较少的努力来管理公司的资源，他们可能有能力追求和转移公司的资源，使其为个人利益服务。接下来论文范文代写-管理者和股东之间的冲突原因分析分享给留学生阅读。

　　According to Harris and Raviv (1991), it can be argued that conflicts present between managers and shareholders come forward because managers are those which hold lesser than total residual claim vale. Due to the ownership separation, full gain from the profit activities to improve is not obtained by the managers but certain costs are certainly bore from such acts (Huang et al., 2006). Due to this, there is an incentive for agents for pursuing their individual interest without taking into consideration the principal interest (Allen and Gale, 2000). This implies that managers consist of an incentive to devote lesser effort for managing the resources of firms and they might have the ability of pursuing and transferring resources of a firm to their individual benefit.

　　This capital structure based theory is among those theories which have caused influence of maximum nature over the corporate capital structures. As per the research through Myers (1984), because of selection of adverse nature and asymmetries in data, firms indulge in preferring finance of internal to external nature (Heaton, 2000). This theory further states that there is not optimal ratio of debt. When external funds cannot be avoided, organizations prefer using debts rather than equities due to low costs for information which have a relationship with their debt. The information asymmetry result is that insiders of firms have more data in comparison to the outsiders, and this data is used by them through equity timing an issuance of debt. It can be further suggested that insiders will continue issuing equity when they regard stocks as overvalues. While on the other hand, debts becomes to be a choice of better nature when stocks perception is under the value. This is known as well as the theory of market timing which was initial proposed through Baker et al. (2002), they proposed accordingly that there is not capital structure of optimal nature as they indicated that decisions formulated have their basis over valuations in the market (Jensen, 1986). Investors further consider understanding this notion and they depict the decisions of finances as a signal of quality. Therefore, Ross (1977) argued that issuance of debt is related with performance of positive nature, while negative performance of stock is incurred through equity negatively.

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