摘要
以410家上市公司2002～2011年10年数据为样本，在动态内生性的框架下，运用动态面板的SystemGMM估计方法，同时考虑了三种内生性，以动态性的视角研究了董事会特征与公司代理成本间的动态关系。通过研究，我们发现：（1）董事会特征不仅对当期代理成本有显著的影响，而且对下一期代理成本也有显著的影响，董事会特征对代理成本存在长期影响；（2）前期代理成本对当期董事会特征有反馈效应；（3）董事会特征与代理成本间存在动态内生性；（4）代理成本在董事会特征与公司绩效间起不同的中介效应。
In this paper, 410 listed companies range from 2002 to 2011 are used as our sample. In the frame- work of dynamic endogeneity, we use the dynamic System GMM model, taking into account three kinds of en- dogeneity at the same time, based on a dynamic perspective to study the relationship between board character- istics and corporate agency costs. And we get the following results： （a） Not only board characteristics affect current agency costs, but also has an effect on the next period agency costs, board characteristics has a long period effect on agency costs; （b）Previous corporate agency costs produces a feedback effect on current board characteristics; （c） Dynamics endogeneity between board characteristics and agency costs is really exist; （d） Agency costs has a different intermediary effect between board characteristics and corporate performance.
出处
《郑州航空工业管理学院学报》
2014年第2期43-53,共11页
Journal of Zhengzhou University of Aeronautics
关键词
董事会特征
公司代理成本
动态内生性
board characteristics
corporate agency costs
dynamic endogeneity
