中国上市公司棘轮效应问题研究

A Research on Ratchet Effects of China's Listed Companies

基于委托—代理理论探讨棘轮效应,建立一个引入柯布—道格拉斯生产函数的两阶段棘轮效应模型分析棘轮效应产生的原因。以2007—2012年沪深两市A股上市公司为研究对象,对棘轮效应的存在性进行实证分析,并对当前几无研究的棘轮效应方向之分给予分析和解释。结果表明,我国上市公司业绩预算存在棘轮效应,且正向棘轮效应大于负向棘轮效应。我国应该从完善市场体系,建立有效的报酬激励制度,提高公司治理水平以及加强外部监督等方面解决棘轮效应问题。

This paper studies ratchet effects based on Principal-Agent theory. A two-stage principal-agent model with Cobb-Douglas production function is put forword to analyse the reason Ratchet Effects produce. We make the empirical a- nalysis on the existence of Ratchet Effects based on the data of Chinese A-share companies from 2007 to 2012. The results demonstrate that Ratchet Effects exist in China＇ s listed companies, and the positive ratchet effect outweighs its negative one.