第二类代理问题、大股东制衡与公司创新投资
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财经研究 2013 年 第 39 卷第 04 期, 页码：39 - 48
摘要
参考文献
摘要
文章基于终极控制权理论和来自中国上市公司的经验证据研究发现:(1)被第二类代理问题左右的控股股东缺乏进行持续高水平公司创新投资的动力;(2)提高其他大股东持股比例有助于推动上市公司更多地进行研发和创新投资;(3)民营上市公司其他大股东制衡有助于提高研发与创新投资,而国有控股上市公司的其他大股东则未能发挥其应有的监督与制衡作用。
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[21]Pagano M,Roel A.The choice of stock ownership structure:Agency costs,monitoring,andthe decision to go public[J].Quarterly Journal of Economics,1998,113(1):187-225.
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[24]Yeh Y H,Woidtke T.Commitment or entrenchment:Controlling shareholders andboard composition[J].Journal of Banking&Finance 2005,29(2):1857-1885.
[25]Zhang A,Zhang Y,Zhao R.A study of the R&D efficiency and productivity of Chinesefirms[J].Journal of Comparative Economics,2003,31(3):444-464.
[2]唐跃军,左晶晶.终极控制权、大股东治理战略与独立董事[J].审计研究,2010,(6):93-99.
[3]唐跃军,宋渊洋,金立印,左晶晶.控股股东卷入、两权偏离与营销战略风格——基于第二类代理问题和终极控制权理论的视角[J].管理世界,2012,(2):82-95.
[4]吴延兵.中国工业产业创新水平及影响因素——面板数据的实证分析[J].产业经济评论,2006,(2):155-171.
[5]解维敏,唐清泉,陆珊珊.政府R&D资助、企业R&D支出与自主创新——来自中国上市公司的经验证据[J].金融研究,2009,(6):86-99.
[6]姚洋,章奇.中国工业企业技术效率分析[J].经济研究,2001,(10):13-19.
[7]张宗益,张湄.关于高新技术企业公司治理与R&D投资行为的实证研究[J].科学学与科学技术管理,2007,(5):23-26.
[8]周黎安,罗凯.企业规模、市场力量与创新[J].经济学季刊,2005,(3):623-638.
[9]Almeida H,Campello M,Liu C.The financial accelerator:Evidence from internationalhousing markets[J].Review of Finance,2006,10:321-352.
[10]Attig N,Gadhoum Y,Lang L.Bid-ask spread,asymmetric information and ultimateownership[R].The Chinese University of Hong Kong,Working Paper,2003.
[11]Bebchuk L,Kraakman R,Triantis G.Stock pyramids,cross-ownership,and dual classequity:The mechanisms and agency costs of separating control from cash-flow rights[R].NBER Working Paper,1999.
[12]Bennedsen M,Wolfenzon D.The balance of power in closely held corporations[J].Journal of Financial Economics,2000,58(1-2):113-139.
[13]Claessens S,Djankov S,Lang L H P.The separation of ownership and control in EastAsian corporations[J].Journal of Financial Economics,2000,58(1-2):81-112.
[14]Claessens S,Djankov S,Fan J P H,et al.Disentangling the incentive and entrenchmenteffects of large shareholdings[J].Journal of Finance,2002,57(6):2741-2771.
[15]Cronqvist H,Nilsson M.Agency costs of controlling minority shareholders[J].Journalof Financial and Quantitative Analysis,2003,38(4):695-719.
[16]Fan J,Wong T J.Corporate ownership structure and the informativeness of accountingearnings in East Asia[J].Journal of Accounting and Economics,2002,33(3):401-425.
[17]Johnson S,La Porta R,Lopez-de-Silanes F,et al.Tunneling[J].American EconomicReview,2000,90(2):22-27.
[18]La Porta R,Lopez-de-Silanes F,Shleifer A.Corporate ownership around the world[J].Journal of Finance,1999,54(2):471-517...
[19]Lins K V.Equity ownership and firm value in emerging markets[J].Journal ofFinancial and Quantitative Analysis,2003,38(1):159-184.
[20]Mauury B,Pajuste A.Multiple large shareholders and firm value[J].Journal of Bank-ing and Finance,2005,29(7):1813-1834.
[21]Pagano M,Roel A.The choice of stock ownership structure:Agency costs,monitoring,andthe decision to go public[J].Quarterly Journal of Economics,1998,113(1):187-225.
[22]Shleifer A,Vishny R W.Large shareholders and corporate control[J].Journal of Politi-cal Economy,1986,94(3):461-488.
[23]Villalonga B,Amit R.How do family ownership,control,and management affect firmvalue?[J].Journal of Financial Economics,2006,80(2):385-417.
[24]Yeh Y H,Woidtke T.Commitment or entrenchment:Controlling shareholders andboard composition[J].Journal of Banking&Finance 2005,29(2):1857-1885.
[25]Zhang A,Zhang Y,Zhao R.A study of the R&D efficiency and productivity of Chinesefirms[J].Journal of Comparative Economics,2003,31(3):444-464.
引用本文
左晶晶, 唐跃军, 眭悦. 第二类代理问题、大股东制衡与公司创新投资[J]. 财经研究, 2013, 39(4): 39–48.
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