股权结构、激励约束机制与创业板公司代理效率——基于异质性随机前沿模型的分析

The Impact of Equity Structure,Incentive and Restriction on agent Efficiency of GEM Company:The Analysis Based on Heterogeneous Stochastic Frontier Model

采用异质性随机前沿模型,以创业板公司2012—2016年342家公司的平衡面板数据为研究对象,实证分析了股权结构、激励约束机制对创业板公司代理效率的影响。结果表明:股权结构影响了代理成本,股权集中有利于减轻代理冲突,股权制衡却提高了代理冲突;管理层薪酬、股权激励和股权约束降低了代理成本,债权约束却提升了代理成本,创业板公司平均代理效率为93%。

Based on the balance panel data of 342 companies of GEM from 2012 to 2016,this paper uses the heterogeneity stochastic frontier model to analyze the influence of equity structure,incentive and restriction on agent efficiency.The results show that:The equity concentration reduces the agent conflict,while the equity balance increases it;Management compensation,equity incentives and equity constraints reduce agent cost,while debt constraints increases it,the average agency efficiency of GEM company is 93%.