摘要
选取2003-2016年我国上市公司数据,基于委托代理的视角考察我国股票流动性对上市公司治理效应的影响。研究结果表明,我国股票流动性改善有效缓解了两类代理冲突,总体上提高了上市公司经营管理效率。分组回归后发现,产权性质差异对于股票流动性的公司治理效应具有调节作用,股票流动性改善显著缓解了民营上市公司第一类代理冲突和国有上市公司的第二类代理冲突;股票流动性的提升有效缓解了股权制衡不足与股权过度集中造成的两类代理冲突。
Based on the perspective of principal-agent,this paper selects the data of listed companies in China from 2003 to 2016,and investigates the influence of the liquidity of China ＇s stock market on the governance effect. The research results indicate that an increase instockliquidity has effectively alleviated the two kinds of agent conflicts,and generally improved the operation and management efficiency. Additional analyses show that the increase of stock liquidityhas reduced the first kind agency conflict of private listed companies and state-owned listed companies of the second category of conflictsignificantly. The increase of stock liquidity has effectively alleviated the two types of proxy conflict caused by the lack of balance of equity and the concentration of equity.
作者
高志
刘爽
杨波
GAO Zhi;LIU Shuang;YANG Bo(Anhui University of Finance and Economics,Bengbu 233000,China)
出处
《经济问题》
CSSCI
北大核心
2018年第9期74-80,共7页
On Economic Problems
基金
国家社会科学基金项目(16BJY184)
安徽财经大学"资产价格与金融稳定"学科特区资助项目
关键词
股票流动性
代理冲突
盈余管理
公司治理
stock liquidity
agency conflict
earning management
corporate governance
