幸福感、社会资本与代理成本

Happiness,Social Capital and Agency Costs

幸福感是社会学和经济学领域关注的热点问题,但较少研究幸福感对公司治理行为影响的经济后果。本文运用中国A股上市公司的经验数据,在对幸福感与代理成本的关系进行理论分析的基础上,首次检验了幸福感与代理成本之间的关系。研究发现:地区幸福感能够显著降低地方政府控制上市公司的代理成本,与之相反,地区幸福感加剧了民营控制上市公司的代理成本,并从幸福感的社会资本视角对地区幸福感与代理成本的关系进行了解读。本研究在一定程度上增进了企业代理成本问题的研究积累,研究结论对国民福利的公共政策和企业员工福利计划的制定具有一定的启示意义。

Happiness is a hot topic in sociology and economics, but there are very few literatures on the economic consequences between happiness and corporate governance behaviors. For the first time, this paper investigates the relationship between happiness and agency costs based on the theoretical analysis by using the data of China＇s A-share listed companies. The results suggest regional happiness can reduce the agency costs of local government-owned listed companies, and on the contrary exacerbate the private listed companies＇ agency costs, and also this paper attempts to explain the empirical results from the perspective of social capital about regional happiness. To some extent, this research has some contribution the conclusions also have some implications on the public on the literatures about corporate agency costs, and policies about the country welfare and comorate employee＇s welfare plan.