控制权转移、企业绩效与代理成本

我们采用独立样本T检验和非参数检验来考察控制权转移前后企业绩效、代理成本的变化。结果显示,企业绩效下降、代理成本增加对控制权转移有重大影响;控制权转移以后,这些问题能够得到显著改善。但这种改善不可持续,两三年后,绩效、代理成本有复原的迹象。另外,不同转移方式、转移对象转移后,绩效、代理成本的变化趋势也有差别。

Transfer of Control Right, Corporate Performance and Agency Cost

This paper investigates the change in corporate performance and agency cost before and after the transfer of control right by independent sample T-test and nonparametric-test.The results show that the decrease of corporate performance and the increase of agency costs have big influence on transfer of control right;after the transfer of control right,these problems can be improved significantly.But this kind of improvement cannot go on.Two or three years later,corporate performance and agency cost have signs of reversion.In addition,it is also found that different means and objects of transfer lead to different performance and agency cost after the transfer.