论文部分内容阅读
本文利用上市公司的数据,分析了公司治理与代理成本之间的关系。结果发现:股权集中度国家股比例、董事会规模、监事会规模、治理环境、公司透明度、企业规模与代理成本显著负相关;股权制衡度、领取报酬的董事比例、领取报酬的监事比例、董事会会议次数、股东大会会议次数与代理成本显著正相关;高管持股、独立董事比例、监事会会议次数、两职分离与代理成本无显著关系;财务杠杆率与代理成本的关系是混合的;国有上市公司和民营上市公司的公司治理与代理成本之间的关系与总样本基本一致。
This paper uses the data of listed companies to analyze the relationship between corporate governance and agency costs. The results show that: ownership concentration of state shares ratio, the size of the board of directors, the size of the board of supervisors, governance environment, the company transparency, firm size and agency costs were significantly negatively correlated; equity balance, the proportion of directors receiving remuneration, the proportion of supervisors receiving remuneration, board meetings , The number of shareholders ’meetings was significantly and positively related to the agency costs. There was no significant relationship between the number of shareholders’ meetings, the proportion of independent directors, the number of meetings of the board of supervisors, the separation of two posts and agency costs. The relationship between financial leverage and agency costs was mixed. And private listed companies, the relationship between corporate governance and agency costs is basically consistent with the total sample.