外文翻译--新企业的管理（节选）

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1、 1600 英文单词，英文单词，8300英文字符，中文英文字符，中文 2500字字 文献出处：文献出处：Rajan R G, Zingales L. The Governance of the New EnterpriseJ. Crsp Working Papers, 1998:201-227. 一、英文 The Governance of the New Enterprise Raghuram G. Rajan ；Luigi Zingales ABSTRACT The changing nature of the corporation forces us to re-examine muc

2、h of what we take for granted in corporate governance. What precisely is the entity that is being governed? How does the governance system obtain power over it, and what determines the division of power between various stakeholders? And is the objective of allocating power only to enhance the return

3、s of outside investors? In this paper we argue that, given the changing nature of the firm, the focus of corporate governance must shift from alleviating the agency problems between managers and shareholders to studying mechanisms that give the firm the power to provide incentives to human capital.

4、We also provide some examples of the kind of subjects that should now be the main focus of study in corporate governance. The publication of “The Modern Corporation and Private Property” in 1932 by Adolph Berle and Gardiner Means set the terms of the modern debate on corporate governance. Berle and Means focused on the separation of ownership and control in large corporations where multiple layers of salaried managers coordinated production and distribution. What is perhaps le