科学决策
科學決策
과학결책
DECISION MAKING MAGAZINE
2015年
5期
74-92
,共19页
股权制衡%代理成本%企业绩效%民营上市公司
股權製衡%代理成本%企業績效%民營上市公司
고권제형%대리성본%기업적효%민영상시공사
check-and-balance ownership structure%agency costs%enterprise performance%pri-vate listed companies
相互制衡的股权结构对完善我国民营上市公司治理机制,提高企业绩效水平具有重要作用。基于我国沪深A股民营上市公司2007-2013年度数据,采用面板数据回归模型实证分析了我国民营上市公司股权制衡度与两类代理成本和企业绩效之间的关系。研究结果发现,股权制衡对代理成本和企业绩效的影响具有异质性,主要表现在以下方面：(1)第一类代理成本与股权制衡度呈“N”型的三次曲线关系,股权制衡度位于区间(0．70,1．92)时,第一类代理成本处于显著下降阶段；(2)第二类代理成本与股权制衡度显著负相关,股权制衡度的提高能够抑制大股东对中小股东的资产侵占行为；(3)企业绩效与股权制衡度之间呈倒“N”型的三次曲线关系,当股权制衡度处于区间(1．14,1．78)时,企业绩效处于上升阶段；(4)既能降低两类代理成本,又能提高企业绩效的股权制衡度的区间为(1．14,1．78),企业的目标股权制衡度应为接近1.78。
相互製衡的股權結構對完善我國民營上市公司治理機製,提高企業績效水平具有重要作用。基于我國滬深A股民營上市公司2007-2013年度數據,採用麵闆數據迴歸模型實證分析瞭我國民營上市公司股權製衡度與兩類代理成本和企業績效之間的關繫。研究結果髮現,股權製衡對代理成本和企業績效的影響具有異質性,主要錶現在以下方麵：(1)第一類代理成本與股權製衡度呈“N”型的三次麯線關繫,股權製衡度位于區間(0．70,1．92)時,第一類代理成本處于顯著下降階段；(2)第二類代理成本與股權製衡度顯著負相關,股權製衡度的提高能夠抑製大股東對中小股東的資產侵佔行為；(3)企業績效與股權製衡度之間呈倒“N”型的三次麯線關繫,噹股權製衡度處于區間(1．14,1．78)時,企業績效處于上升階段；(4)既能降低兩類代理成本,又能提高企業績效的股權製衡度的區間為(1．14,1．78),企業的目標股權製衡度應為接近1.78。
상호제형적고권결구대완선아국민영상시공사치리궤제,제고기업적효수평구유중요작용。기우아국호심A고민영상시공사2007-2013년도수거,채용면판수거회귀모형실증분석료아국민영상시공사고권제형도여량류대리성본화기업적효지간적관계。연구결과발현,고권제형대대리성본화기업적효적영향구유이질성,주요표현재이하방면：(1)제일류대리성본여고권제형도정“N”형적삼차곡선관계,고권제형도위우구간(0．70,1．92)시,제일류대리성본처우현저하강계단；(2)제이류대리성본여고권제형도현저부상관,고권제형도적제고능구억제대고동대중소고동적자산침점행위；(3)기업적효여고권제형도지간정도“N”형적삼차곡선관계,당고권제형도처우구간(1．14,1．78)시,기업적효처우상승계단；(4)기능강저량류대리성본,우능제고기업적효적고권제형도적구간위(1．14,1．78),기업적목표고권제형도응위접근1.78。
Check-and-balance ownership structure plays an important role in perfecting the govern-ance mechanism and improving enterprise performance of Chinese private listed companies. Based on the data of China’s private listed companies which issued A shares in Shanghai and Shenzhen stock markets from 2007 to 2013,this article makes an empirical analysis of the rela-tionships between the equity restriction ratio and the two types of agency costs and enterprise performance by the application of panel data regression models. The empirical results show that, the typeⅠagency cost and equity restriction ratio is a cubic function relationship,when the equity restriction ratio in the range of(0. 70,1. 92),the typeⅠagency cost is in the decline stage. There is a significantly negative correlation between the type II agency cost and the equity restriction ra-tio. Enterprise performance and equity restriction ratio is also a cubic function relationship,when the equity restriction ratio in the range of(1. 14,1. 78),enterprise performance is in the rising stage. Based on the empirical analysis,this article find if the equity restriction ratio in the range of (1. 14,1. 78),it can not only reduce the two types of agency costs,but also improve enterprise performance,we also find that the goal of the equity restriction ratio should be close to 1. 78.
