摘要
本文基于财务弹性视角和2008-2011年制造业中小上市公司数据,考察了影响公司治理的潜在因素,运用随机前沿模型测算了公司价值和代理效率并分析其影响因素。结果表明,当前中小制造企业高管持股比例仍较低,不能明显降低代理成本,但在高水平财务弹性的公司中降低效果显著;薪酬激励、第一大股东持股比例以及市场竞争压力与代理成本显著负相关;公司治理效率普遍较好;高财务弹性水平虽提高了企业应对不确定性的能力,但也明显增加了代理成本。
Based on the view of financial flexibility and 385 data from manufacturing listed SMEs.this paper applied stochastic frontier method to calculate corporate value and governance efficiency,considering potential factors.It is shown that managerial ownership remains low,which would not reduce agency cost notably.However,the opposite is true in terms of companies with high level of financial flexibility;Salary incentive,share ratio of the largest holder and market competitive pressure are in significant negative correlation with agency cost:A high level of financial flexibility can enhance the ability to coordinate with uncertainty as well as increase agency cost.
出处
《财会通讯（下）》
2014年第12期97-99,共3页
Communication of Finance and Accounting
基金
教育部人文社科基金"基于目标强度的企业R&D投入影响因素研究"(项目编号:10YJC630198)的阶段性成果
关键词
代理成本
管理层持股
财务弹性
中小企业
随机前沿模型
Agency cost
Managerial ownership
Financial flexibility
SEMs
Stochastic frontier model
