股权结构、动态内生性与公司代理成本

本文以716家上市公司为样本，在动态内生性的框架下，运用动态面板的系统GMM估计方法，同时考虑了三种内生性，以动态性的视角，不仅研究了当期股权结构对当期代理成本的影响，还研究了股权结构与代理成本间的跨时期相互作用。通过研究，我们发现：（1）不仅当期股权结构对当期代理成本有影响，而且前期股权结构也对当期代理成本有影响，股权结构对代理成本的影响有持续期；（2）前期代理成本对当期股权结构有反馈效应；（3）股权结构与代理成本间存在动态内生性。

Ownership Structure,Dynamic Endogeneity and Corporate Agency Costs

In our study, we choose 716 listed companies as our sample. In the framework of dynamic endoge- neity, based on a dynamic perspective, we use the dynamic system GMM model, which could take into account three kinds of endogeneity at the same time, to study the relationship between current ownership structure and cur- rent agency costs. Besides, we also study the intertemporal interaction between ownership structure and agency costs. We get the following results ： （ a ） Not only current ownership structure affects current agency costs, but also previous ownership structure affects current agency costs, ownership structure has a continued effect on agency costs ; （ b ） Previous agency costs produces a feedback effect on current ownership structure ; （ c ） There is dynamics endogeneity between ownership structure and agency costs.