政府控股、社会性负担与代理成本——一项基于中国上市公司的实证研究

【作者】 曾庆生；

【机构】 上海财经大学；

【摘要】 本文以1999-2002年沪深两市上市公司为样本检验了政府大股东在的“称职度”。实证结果表明,与其他公司相比,政府控股公司因受行政干预而承担了更多社会性负担,即雇佣了更多的职工、承担了更重的劳动力成本;同时政府控股公司的内部人代理问题更加严重,即内部人支付自己高于市场水平的报酬、发生更高的管理费用;并且,政府控股越直接,政府超额雇员越多,从而劳动力成本和代理成本越高。因此,作为最终控股股东的政府影响了公司价值,对中国上市公司而言,控股股东的所有制性质是重要的。更多还原

【Abstract】 Using the companies listed on the Shanghai and Shenzhen Stock Market during 1999 to 2002,this paper tests whether the ultimate state-blockholder is a qualified shareholder. Our empirical evidence shows that compared to other companies, the government-controlled companies carry more social burden owing to political intervene, including over-employee and much more labor cost. And at the same time, these companies’agency cost incurred by insider is higher than that of others, including over-paying themselves and more administrational expense. What is more ,the more directly control by the government, the more over-employed by the state companies, and the higher labor cost and administrational expense incurred. So as an ultimate blockholder, the government negatively affect its companies. And our results suggest whethe large shareholder is state ownership or private ownership is important to China’s listed companies.更多还原