摘要
文章基于上市公司公开数据,应用多元线性回归模型研究了企业家声誉对企业交易成本的相关性,并在此基础上考察了企业业绩波动性和所有制形式对企业家声誉降低交易成本的调节作用。实证研究结果表明,企业家声誉负向影响交易成本,同时在企业业绩波动性高和企业所有制为国有时,企业家声誉对缩减交易成本的有着更明显的效果。最后,基于声誉机制理论和交易成本理论,对该实证结果进行了解释。
Based on public data of Chinese listed companies, the paper applies the multiple linear regression model to make a study on the correlation between entrepreneur＇s reputation and transac.tion cost, and further discusses the moderating effect of corporate performance volatility and corporate ownership to entrepreneur＇s reputation on re- ducing transaction cost. The results show that entrepreneur＇s reputation has a negative impact on transaction cost. Furthermore, it even plays a more obvious impact on cost reduction in a firm with the high performance volatility or the state ownership. Finally, the paper explains the empirical results in accordance with the reputation mecha- nism theory and transaction cost theory
出处
《华东经济管理》
CSSCI
北大核心
2015年第3期121-125,共5页
East China Economic Management
基金
国家自然科学基金项目(71172058)
关键词
企业家声誉
交易成本
企业所有制
业绩波动性
entrepreneur＇s reputation
transaction cost
enterprise ownership
performance volatility
