环境不确定性、代理成本与投资效率

Environmental Uncertainty、Agency Cost and Investment Efficiency

随着经济一体化的快速发展,企业环境瞬息万变,投资管理与决策呈现复杂化态势。基于委托代理理论的视角,研究了环境不确定性对投资决策的内在作用机制。研究结果表明,环境不确定性对代理成本与投资效率的关系具有调节作用,环境剧烈波动时,代理成本与投资效率的关系更加显著;此外国有控股公司中投资效率受到代理成本的影响较非国有企业更为显著。揭示了不确定环境下,国有控股企业代理效率的提高对于提高资金利用效率尤为重要。

With the development of economic integration, the corporate environment changes rapidly, and investment management and decision-making become more complicated. Based on the principal-agent theory, the internal mechanism of environmental uncertainty on investment decision is studied. The results show that the environmental uncertainty can regulate the relationship between equity agent cost and investment efficiency. Under uncertainty environment, the principle-agent will lead to more serious inefficient investment. By comparing the relationship between agency cost and investment efficiency of state-owned holding company and non-state-owned holding company, it is found that relationship is obviously different in state-owned holding and non-state firms, which reveals that under the environmental uncertainty, the investment efficiency of state-owned holding company is affected more significantly by agency problem. The results suggest that reduction of agency cost and the improvement of agency efficiency in state-owned holding enterprises are particularly essential for improving the efficiency of capital utilization and solving the problem of inefficient investment.