控制权转移对企业绩效的影响——基于代理成本中介效应的检验

The Impact of Control Transfer on Enterprise Performance:The Test Based on the Mediating Effect of Agency Cost

控制权转移能够通过代理成本的变化对企业绩效产生影响。笔者以2004—2018年中国沪深A股市场上市公司中所发生的控制权转移事件为研究样本,运用中介效应检验方法,考察了控制权转移如何通过管理层在职消费率、资产利用率和大股东占款率等代理成本度量指标变化以影响企业绩效。研究结果表明:从总体上看,控制权转移影响企业绩效的作用过程中几类代理成本的中介效应都显著。区分控制权转移类型研究的结果显示出代理成本的中介效应有差异:就国资控制权的转移而言,管理层在职消费率和资产利用率的中介效应显著;而对于民资控制权转移的代理成本中介效应却不能一概而论,其中,若转让给民营资本,则管理层在职消费率和大股东占款率的中介效应显著,若转让给国有资本,则几类代理成本之中介效应均不显著。笔者通过进一步考察控制权转移影响企业代理成本渠道发现:控制权转移后,高管变更可以提高资产利用率,控制人的控制权减少可以降低大股东占款率。本研究揭示了控制权转移如何通过代理成本的变化影响企业绩效的机理,得出的研究结论有助于丰富控制权转移绩效研究领域的相关文献,能够为规范中国控制权转移市场、提高中国企业公司治理水平提供理论依据。

The transfer of control can affect enterprise performance through the change of agency cost.The author takes the control transfer events in Shanghai and Shenzhen market from 2004 to 2018 as the research sample,uses the mediating effect test method to investigate the impact of control transfer on enterp-rise performance through the changes of agency cost measures such as management s in-service consumption rate,asset utilization rate and major shareholder s fund occupancy rate.The results show that:in general,the mediating effect of agency cost is significant in the process of control transfer affecting enterprise perfor-mance.The results of the research of distinguishing the types of control transfers show that there are differences in the mediating effect of agency cost:in terms of the transfer of state-owned capital control,the mediating effect of management s in-service consumption rate and asset utilization rate is significant;however,the mediating effect of agency cost on the transfer of private capital control can not be generalized.If it is trans-ferred to private capital,the mediating effect of management s in-service consumption rate and major shareholder s fund occupancy rate is significant.If it is transferred to state-owned capital,the mediating effect of the above agency cost indicators is not significant.Through a further research of the impact of control tran-sfer on agency cost,the author finds that:after the control transfer,the change of senior management can improve the asset utilization rate,and the reduction of the control of the controller can reduce the major shareholder s fund occupancy rate.This paper reveals the mechanism of how control transfer affects enterprise performance through the change of agency cost.The research conclusions are helpful to enrich the research literature in the field of control transfer performance,and can provide a theoretical basis for standardizing China s control transfer market and improving the corporate governance of Chinese enterprises.