摘要
现有文献对公司治理效应的研究大多采用了"黑箱"的分析模式,即从公司治理机制与公司绩效之间的关系来反向推断治理机制的作用。本文以代理成本为切入点,通过分析两类代理成本在终极控制权和制度环境与公司绩效之间的不同影响路径,一定程度上揭示了"黑箱"内部的运作机理。本文的实证结果表明:第一,终极控制权集中能够降低两类代理成本,提高上市公司的治理效率,最终提升公司绩效;第二,现阶段我国外部制度环境的改善更有利于提高民营上市公司的绩效水平;第三,终极控制权集中度和外部制度环境之间存在交互作用,在制度环境水平低的情况下,终极控制权集中能够有效地提升公司绩效。第四,国有终极控制权能够更好地解决第一和第二类代理问题,对公司绩效产生正的中介效应。本文的研究表明,在我国当前尚不具备完善的投资者保护机制的环境下,终极控制权集中以及国有终极控制权可能在现阶段发挥了投资者保护的部分替代作用。
Existing literatures mostly use the analysis of the ＂black box＂ model, that is, deduce the role of governance mechanism from the relationship between corporate governance mechanisms and corporate perform- ance reversely. This paper takes the agency cost as the breakthrough point, and reveals the operation mecha- nism inside the ＂black box＂ to some extent, by analyzing different paths of two types of agency costs between ultimate control, institutional environment and corporate performance. Empirical results are as follows： first of all, the concentration on ultimate control could decrease two types of agency costs, and improve the governance efficiency, therefore improve the corporate performance of listed companies. Secondly, at this stage the institu- tional environment has a significant effect on corporate performances of private listed companies. Thirdly, there is an interaction effect between ultimate control and institutional environment, as the environment is worse, the concentration on ultimate control could dramatically improve corporate performances. Last but not least, ulti- mate control owned by state could better solve the first and second types of agency problems, therefore have pos- itive mediator effect on corporate performances. The research shows that the concentration on ultimate control and ultimate control owned by state may play a part alternative role in the protection of investors at this stage, in the environment without a perfect investor protection mechanism in our country.
出处
《金融研究》
CSSCI
北大核心
2015年第12期162-177,共16页
Journal of Financial Research
基金
国家自然科学基金(71471031
71171036
71471027
71372068
71171031)
国家社科基金重点项目(14AZD089)
教育部人文社会科学研究项目(15YJA790092
15YJC790041)
中国博士后科学基金(2014M551099)
辽宁特聘教授支持计划(辽教发[2013]204号)
东北财经大学学科建设支持计划(XKK-201401)的资助
关键词
终极控制权
制度环境
公司绩效
代理成本
中介效应
Ultimate control, Institutional environment, Corporate performance, Agency cost, Mediator effect
