摘要
以2004～2009年中国制造业上市公司的数据为基础,根据Habib和Ljungqvist提出的基于企业价值的随机前沿模型,测算公司的代理效率。研究发现:(1)我国制造业上市公司平均代理效率为70.59%,呈逐年递增趋势;(2)代理成本使得制造业公司平均每年减少27171亿元的潜在市场价值;(3)制造业各行业中,食品行业代理效率最高,电子行业代理效率最低;(4)国有企业的代理效率比私有企业低1.36%。
Using the listed manufacturing companies from 2004 to 2009 as samples,this paper analyzes agency efficiency with the stochastic frontier model of Habib and Ljungqvist（2005） based on firm value.The paper finds that：（1）the average agency efficiency is 70.59% and increases year by year;（2）manufacturing firms have an average annual reduction of potential market value of 2.7171 trillion yuan because of the agency costs;（3）the agency efficiencies of food industry and electronic industry are separately the highest and the lowest;（4）agency efficiency of private enterprises surpasses state-owned enterprises by 1.36%.
出处
《软科学》
CSSCI
北大核心
2011年第10期117-120,共4页
Soft Science
关键词
随机前沿模型
代理成本
代理效率
企业价值
stochastic frontier model
agency cost
agency efficiency
market value
