CAJ | 학술논문

本文以716家上市公司为样本，在动态内生性的框架下，运用动态面板的系统GMM估计方法，同时考虑了三种内生性，以动态性的视角，不仅研究了当期股权结构对当期代理成本的影响，还研究了股权结构与代理成本间的跨时期相互作用。通过研究，我们发现：（1）不仅当期股权结构对当期代理成本有影响，而且前期股权结构也对当期代理成本有影响，股权结构对代理成本的影响有持续期；（2）前期代理成本对当期股权结构有反馈效应；（3）股权结构与代理成本间存在动态内生性。
본문이716가상시공사위양본，재동태내생성적광가하，운용동태면판적계통GMM고계방법，동시고필료삼충내생성，이동태성적시각，불부연구료당기고권결구대당기대리성본적영향，환연구료고권결구여대리성본간적과시기상호작용。통과연구，아문발현：（1）불부당기고권결구대당기대리성본유영향，이차전기고권결구야대당기대리성본유영향，고권결구대대리성본적영향유지속기；（2）전기대리성본대당기고권결구유반궤효응；（3）고권결구여대리성본간존재동태내생성。
In our study, we choose 716 listed companies as our sample. In the framework of dynamic endoge- neity, based on a dynamic perspective, we use the dynamic system GMM model, which could take into account three kinds of endogeneity at the same time, to study the relationship between current ownership structure and cur- rent agency costs. Besides, we also study the intertemporal interaction between ownership structure and agency costs. We get the following results ：（ a ） Not only current ownership structure affects current agency costs, but also previous ownership structure affects current agency costs, ownership structure has a continued effect on agency costs ; （ b ） Previous agency costs produces a feedback effect on current ownership structure ; （ c ） There is dynamics endogeneity between ownership structure and agency costs.