外部治理环境与公司绩效:代理成本的中介效应

中国经济发展过程中存在区域发展不平衡现象,这种不平衡现象对公司绩效产生了重要影响。基于2003-2015年沪、深两市A股上市公司数据,以管理费用率度量上市公司管理层与股东间的第一类代理成本,以其他应收款占比度量上市公司控股股东与中小股东之间的第二类代理成本,采用多元回归和中介效应检验程序,实证检验了外部治理环境通过两类代理成本的中介作用对上市公司绩效影响的内在机理。研究结果表明,外部治理环境的提升能够显著的降低两类代理成本,进而提高上市公司的绩效,两类代理成本在外部治理环境影响公司绩效的过程中发挥显著的部分中介作用。

Institutional Environment and Firm Performance: Mediating Effect of Agency Costs

Economic development has an important impact on corporate performance. This paper examines the mediating effect of two types of agency costs between institutional environments and corporate performance using multiple regression and mediating effect tests based on the financial data of the non-financial listed firms from 2003-2015. The first type agency cost between management and shareholders is represented by management expense ratio, and the percentage of other receivables accounts for the second kind of agency cost between majority shareholders and minority shareholders. The results show that the two types of agency costs play a significant intermediary role. The superior external institutional environment can significantly reduce the two types of agency costs, and improve the performance of listed companies.