Question

好心人帮我翻译下吧 谢谢了

While the agency costs of managerial discretion obviously are a factor which could affect the level of corporate cash holdings, we argue in this paper that stakeholder theory – based on a well-developed theory of the firm – can provide additional important insights on cash holdings and the related decisions on dividend-payout ratios7 from a different perspective and may explain why some corporations choose conservative financial policies. In particular, the importance of the risk profile of a company for making these decisions is emphasized. As Zingales (1998) and Rajan and Zingales (1998), we view a firm as a nexus of mutually specialized assets and people. Since contracts generally are incomplete, corporate stakeholders who undertake firm-specific investments are exposed to ex-post opportunistic behaviour of the firm (i.e. they are in a holdup position) and take the risk of non-fulfillment of their implicit claims. Therefore, they will charge a risk premium which lowers in turn the organizational capital8 of the company. As pointed out below, the danger of non-fulfillment of their implicit claims rises with the cash flow and earnings volatility of the firm. In addition, stakeholders often do not have the possibility to diversify. In order to motivate value enhancing firm specific investments by all relevant stakeholder groups, management has to take action to address this problem. Besides taking steps to directly alter the risk profile of the company (hedging, corporate insurance, etc.), high corporate cash holdings and low dividend-payout ratios are additional instruments for mitigating the holdup situation of corporate stakeholders in the face of high firm risk. From the stakeholders’ point of view, high corporate cash holdings allow the fulfillment of their implicit claims even in periods with poor operating cash flows. Furthermore, they are a costly and therefore credible signal that management at this stage really intends to honor stakeholders’ implicit claims in the future. Altogether, the probability of the fulfillment of stakeholders’ implicit claims rises, and, therefore, the risk premiums charged by corporate stakeholders will fall. From the management’s point of view, high corporate cash holdings allow investments in organizational capital even in periods with poor operating cash flows: Information asymmetries tend to be high for investments in organizational capital, because the positive effects of these investments are hard to quantify and they materialize only in the long run. Therefore, it will be difficult for managers to get funding from capital markets, and the danger of underinvestment is high.9 But defaulting on implicit claims has a large negative effect on the firm’s reputation which is usually hard to rebuild.

Answer 1

虽然经理自主权的代理成本显然是一个因素，可能影响企业现金持有水平，我们认为本文认为利益相关者理论 - 对一个企业发展良好的理论基础 - 可以提供额外的重要的洞察力和对现金持有量对股利支付从不同的角度ratios7和相关决定的可能解释了为什么一些企业选择保守的财务政策。特别是，在作出这些决定一个公司的风险状况的重要性被强调。由于津加莱斯（1998年）和Rajan和Zingales（1998），我们认为这是专门的资产和人员的相互关系的公司。由于合同一般是不完整的，企业利益相关者谁承担企业特有的投资暴露于事后该公司（即他们在抢劫位置），并采取机会主义行为的非债权履行其隐含的风险。因此，他们将收取风险溢价而这反过来又对公司的组织capital8降低。正如下文，对不履行其隐含的危险上升债权与现金流与企业盈利的波动。此外，利益相关者往往不具备多元化的可能性。为了激励所有有关利益相关者群体的价值提升公司的具体投资，管理层已采取行动来解决这个问题。除了采取措施，直接改变了公司（对冲，企业保险等），企业现金持有量高，低股利支付率的风险状况是减轻企业在高风险的企业利益相关者面临的情况提供新工具含率。从利益相关者的角度来看，企业现金持有量高，即使在恶劣允许经营性现金流量之期间内履行其隐含的索赔。此外，他们是一个昂贵的，因此，可信的信号，在这一阶段的管理真的要履行在未来利益相关者的隐性要求。总而言之，对利益相关者的隐性要求履行上升，并可能因此，风险企业利益相关者收取的保费将下降。从管理的角度来看，高现金持有允许，即使在恶劣的营运现金流量期间在组织资本投资：信息不对称往往是在组织资本投资高，因为这些投资的正面影响，难以量化，他们只有在实现长远目标。因此，管理人员将难以从资本市场获得资金，而投资不足的危险high.9但隐含违约索赔上有一个大公司的声誉，通常是很难重建的负面影响。

Answer 2

而管理自由裁量权的代理成本显然都一个因素可能影响公司现金持有水平,提出本文认为,利益相关者理论-基于一个完整的企业理论的重要洞察力——能提供额外现金持有决策和相关ratios7 dividend-payout从一个不同的角度看问题,也可以解释为什么一些企业选择保守的金融政策。在特殊情况下,风险状况的重要性的一家公司,这些决策是强调的重点。作为Zingales(1998)和拉詹和Zingales(1998),我们看到了一个公司是相互的关系专用性资产和人。自合同一般是不完全的,企业利益相关者进行特定的投资机会主义行为都暴露在事后的公司(例如,它们是在抢劫的位置),以满足他们的隐性风险的主张。因此,他们将会收取风险溢价从而降低组织capital8轮流的公司。指出,为下面的危险,他们的隐式主张满足升起的现金流量和收入波动性的公司。此外,利益相关者不经常有可能多样化。为了激励加强价值的特定企业的投资,由所有相关的利益相关群体的管理部门已经采取行动来解决这个问题。除了采取措施,直接影响了该公司的概况(风险套期保值、公司保险等)、高企业现金持有比例和低dividend-payout附加工具来减轻迟交的现状在面对企业利益相关者的高公司的风险。从利益相关者的角度来说,高公司现金持有允许的收获时期向隐式声称即使在贫穷的经营现金流。此外,他们是昂贵的,因此可信的信号,那就是管理在这一阶段真的打算荣誉各利益相关者的隐式的索赔

追问

好心人。。。你是自己翻译的吗？还是。。。

追答

别人翻译的，是高手。应该没错