国有企业代理成本的影响因素研究

国有企业改革使得企业经营者的生产积极性得到了提升,但同时也出现了"内部人控制"问题,由此产生的代理成本侵蚀了企业的盈利能力。产权、竞争和公司治理三者都会影响国有企业的代理成本,而且它们之间还存在互动。对A股上市公司2000年~2006年面板数据的实证研究发现,与国有上市公司相比,民营上市公司的治理结构更完善,治理机制的效率更高,从而降低了民营上市公司的代理成本。除此之外,市场竞争程度加强也能够降低代理成本、提升代理效率,而且对于国有上市公司而言,竞争更加重要。

A Study on the Factors Affecting the Agency Cost of SOEs

The reform of SOEs has improved the production enthusiasm of enterprise managers,but at the same time the problem of insiders' control has appeared and the agency cost brought about by this problem has eroded SOEs' profitability.Property right,competition and corporate governance all have influence on the agency cost of SOEs and they interact with each other.An empirical research of the panel data of the listed corporations from 2000 to 2006 shows that compared with State-owned listed companies the governance structure of private listed companies is nearer to perfection,the efficiency of governance mechanism is higher,which thereby lowers the agency cost,improves the agency efficiency.Moreover,competition is more important for state-owned listed companies.