全流通条件下上市公司股权治理结构对代理成本的影响研究——基于2009年中小板制造类上市公司的经验数据分析被引量：19

Effect of Ownership Governance Structure of Listed Company on the Agent Cost on the Condition of Full-circulation——Based on the Empirical Data of Manufacture List Company From the SMEs Board

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摘要在股权分置改革业已完成的背景下,有必要进一步研究上市公司股权结构对代理成本的影响。文章利用我国2009年中小板制造类公司数据,检验了股权集中度、制衡度、管理层持股、机构投资人持股等因素对公司代理成本的影响。研究发现,股权集中度高、制衡度高、债务融资能够降低代理成本,而管理者持股未能起到降低代理成本的作用。 On the stage of the reform of listing non-tradable shares of listed companies,the effect of ownership governance structure of listed company on the agent cost should be paid attention to.This paper tested the effect of ownership concentration,equity restriction ratio,management ownership,institutional investors on the agent cost,respectively,based on the empirical data of manufacture List Company from the SMEs board.The conclusion was that high ownership concentration,high equity restriction ratio and debt financing can reduce the agent cost,but management ownership can not reduce the agent cost.

作者吕景胜邓汉

机构地区中国人民大学商学院

出处《中国软科学》 CSSCI 北大核心 2010年第11期136-143,共8页 China Soft Science

关键词全流通股权治理结构代理成本 full-circulation ownership governance structure agent cost

分类号 F270 [经济管理—企业管理]

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