投资者保护、代理成本与公司绩效

本文基于一个构造的各地区2001—2004年的投资者保护指标,研究了该指标与公司绩效的关系。我们的研究发现:投资者保护水平与公司绩效正相关;国有控股上市公司的投资者保护水平与公司绩效的关系更显著。我们还发现,投资者保护水平能减弱控股股东的控制权和公司绩效的关系,降低控股股东对上市公司的资金占用,并减少上市公司对外部审计的需求。

Investor Protection,Agency Cost and Corporate Performance

Based on a constructed index for investor's protection in 2000—2004, this paper examines the effect of investor's protection on corporate performance. We find that corporate performance is positively associated with the degree of investor's protection, and this association becomes strengthened for state-controlling listed companies. We also find that a higher degree of investor's protection tends to reduce the negative effect of controlling shareholding on corporate performance, limit the funds appropriation by controlling shareholders, and lower the demand for outside auditing.