| 上市公司控制权类型、治理机制与代理成本——家族企业与非家族企业的比较分析 |
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| 引用本文： | 陈建林,娄朝晖.上市公司控制权类型、治理机制与代理成本——家族企业与非家族企业的比较分析[J].财经论丛,2009(6). |
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| 作者姓名： | 陈建林 娄朝晖 |
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| 作者单位： | 1. 广东商学院会计学院,广东,广州,510320
2. 浙江工商大学经济学院,浙江,杭州,310018 |
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| 摘 要： | 本文采用2006年1329家上市公司的数据,分析治理机制对代理成本的影响,对家族企业与非家族企业治理机制的影响效果进行比较分析.研究结果发现,对全体上市公司而言,大股东持股比例、机构投资者持股比例、流动负债比例与代理成本呈负相关,股权制衡度、两职合一、资产负债率与代理成本呈正相关,董事会规模、独立董事比例与代理成本的关系不显著;家族企业治理机制对代理成本的影响效果比非家族企业要弱.在非家族企业中,大股东持股比例、股权制衡度、两职合一与代理成本有显著的相关性,但上述治理机制对家族企业的代理成本没有显著影响.
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| 关 键 词： | 家族企业 控制权类型 治理机制 代理成本 |
The Type of Control, Governance Mechanisms and Agency Costs in Listed Companies The Comparative Analysis of Family Businesses and Non-family Businesses |
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| CHEN Jian-lin,LOU Zhao-hui.The Type of Control, Governance Mechanisms and Agency Costs in Listed Companies The Comparative Analysis of Family Businesses and Non-family Businesses[J].Collected Essays On Finance and Economics,2009(6). |
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| Authors: | CHEN Jian-lin LOU Zhao-hui |
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| Institution: | CHEN Jian-lin1,LOU Zhao-hui2(1.Accounting School,Guangdong University of Business Studies,Guangzhou 510320,China,2.School of Economics,Zhejiang Gongshang University,Hangzhou 310018,China) |
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| Abstract: | The paper uses 1329 listed company data in 2006 to study the infuence from governance mechanisms to agency costs,and analyzes the difference of governance mechanisms effect between family businesses and non-family businesses.The paper draws two conclusions.First,for all listed companies,major shareholders equity ratio,institutional investors equity ratio,current liabilities ratio are negatively related to agency costs;equity balance degree,two-duty unite and asset-liability ratio are positively related to a... |
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| Keywords: | family business type of control governance mechanisms agency costs |
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