腐败治理、代理成本与企业绩效——基于A股上市公司的经验证据

Corruption Governance、Agency Cost and Company Performance——Based on the Empirical Evidence of A-share Listed Companies

文章将宏观制度环境与微观企业经营相结合,重点考察腐败治理对企业绩效的影响效应和传导机制.基于2016-2020年中国A股上市公司数据的实证研究表明,腐败治理在一定程度上提升了企业的绩效.具体表现为,随着腐败治理的加强,企业自身资源的利用效率提高,总资产周转率加快,降低了企业的代理成本,进而促进了企业绩效提升.研究同时发现,相对于国有企业,腐败治理对非国有企业经营绩效能产生更为明显的影响.

Thispapercombines macro institutional environment with micro company management,and focuses on the impact and transmission mechanism of corruption governance on companyperformance.Based on data of China s A-share listed companies from 2016 to 2020,corruption governance improves the performance of enterprises to a certain extent.The specificmanifestation is that with the strengthening of corruption governance,the utilization efficiency of companies own resources is improved,the turnover rate of total assets is accelerated,and the agency cost of enterprises is reduced,so as to promote the improvement of company performance.The study also found that compared with state-owned enterprises,corruption governance has a more obvious impact on the business performance of non-state-owned enterprises.