创业板上市公司金字塔结构类型会影响公司效率吗?——两类代理成本的中介作用

以2010—2014年创业板上市公司的数据为样本,将公司治理过程中的两类代理成本纳入研究框架,采用多元回归分析和中介效应检验程序,实证检验了两类代理成本在金字塔结构影响公司效率的过程中所起到的中介作用。研究结果表明,金字塔结构的纵向层级、横向跨度均显著降低了两类代理成本,提高了上市公司效率,两类代理成本在金字塔结构的纵向层级和横向跨度影响公司效率的过程中,发挥部分中介作用,且第一类代理成本的中介作用大于第二类代理成本。结合创业板实际,从终极控制人利用金字塔结构对公司治理实施支撑行为的角度给出了合理的解释。

In this paper, we used 2010-2014 GEM listed companies as samples, Included the two types of agent costs in the corporate governance in the same study framework, using multiple regression analysis and mediating effect inspection procedures, Empirical test the mediating role of two types of agent costs in the process of the pyramid structure affect the company’s efficiency. The results show,The longitudinal level, horizontal span of pyramid structure reduce the mediating role of two types of agent costs significantly, then improve the efficiency of listed companies. Two types of agent costs play a significant part of the intermediary role in the process of the longitudinal level, horizontal span of pyramid structure affect the company’s efficiency, and the mediating role of the first type of agent cost is greater than the second type of agency cost. Combined with the actual GEM, the paper gives a reasonable explanation from the perspective of the ultimate controlling people use the pyramid structure to implement support behavior to the companies.