什么样的治理机制对上市家族企业代理成本有良好的治理效果?围绕上述问题,本文采用了我国339家上市家族企业2006年的数据,将我国的情况和其他国家的研究结论进行了国际比较。比较分析的结果表明:(1)我国上市家族企业的数量比例偏低,规模也偏小;(2)从上市公司治理机制的效果来看,我国的机构投资者持股比例对代理成本有显著的治理效果,但是我国的两职合一、资产负债率对代理成本发挥了负面作用。
The paper focuses on the following question: what governance mechanism will have a good impact on agency costs in the listed family finns? 339 listed family finns in 2006 are used as data to make a comparison of the research conclusions between China and other countries. The results show that: (1) the percentage of listed family finns in China is low and the scale is small. (2) With regard to the effect of governance mechanism in China' s listed family finns, the proportion of institutional investor stocks has a significant effect on the agency cost, but board chainnan-plus-CEO duality and asset-liability ratio display a negative influence on it.