| 国有控股上市公司控制权转移对经营绩效和代理成本的影响 |
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| 引用本文： | 曾昭灶,李善民.国有控股上市公司控制权转移对经营绩效和代理成本的影响[J].技术经济,2008,27(5):115-121. |
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| 作者姓名： | 曾昭灶 李善民 |
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| 作者单位： | 1. 广东外语外贸大学,国际工商管理学院,广州,510420
2. 中山大学,管理学院,广州,510275 |
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| 摘 要： | 本文对2000—2004年我国发生控制权转移的国有控股上市公司在控制权转移前后的经营绩效、代理成本进行了实证检验。结果表明：控制权转移后，公司的代理成本水平下降，经营绩效得到提高；卖方为地方的子样本代理成本的下降和经营绩效的改善大于卖方为中央企业的子样本；买方为民营的子样本的代理成本的下降和经营绩效的改善大于买方为国有的子样本；买方为国有的控制权转移经营绩效提高和代理成本下降主要来自最终控制人变更子样本。
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| 关 键 词： | 控制权转移 国有控股上市公司 经营绩效 代理成本 |
| 文章编号： | 1002-980X(2008)05-0115-06 |
| 修稿时间： | 2008年2月24日 |
Influence of Takeover on Managerial Performance and Agency Cost of State Holding Targets |
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| Zeng Zhaozao,Li Shanmin.Influence of Takeover on Managerial Performance and Agency Cost of State Holding Targets[J].Technology Economics,2008,27(5):115-121. |
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| Authors: | Zeng Zhaozao Li Shanmin |
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| Institution: | Zeng Zhaozao1,Li Shanmin2(1.School of Management,Guangdong University of Foreign Studies,Guangzhou 510420,China,2.School of Business,Sun Yat-sen University,Guangzhou 510275,China) |
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| Abstract: | This paper empirically investigates the performance and agency cost of state holding takeover targets in Chinese listed companies during 2000 to 2004.The results show that managerial performance is improved and agency cost decreases on the whole after post corporate control transfer. Managerial performance improvement and agency cost decrease of targets sold by local government are larger than those of targets sold by central state owned enterprises.Managerial performance improvement and agency cost decreas... |
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| Keywords: | takeover state holding listed company managerial performance agency cost |
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