通过对2003-2007年间中国A股上市公司中184家整体上市公司和184家分拆上市公司的对比研究,实证检验了上市模式与两类代理成本和公司绩效之间的关系。结果发现:整体上市公司的第一类代理成本显著低于分拆上市公司,而整体上市公司与分拆上市公司的第二类代理成本并无显著差异,整体上市公司的经营绩效显著高于分拆上市公司。
By comparative research between 184 overall listed companies and segmental listed companies in Chinese A-share listed companies from 2003 to 2007,this paper empirically tests the relation between listing mode and two types of agency costs and the relation between listing mode and company performance.The results find that the first type of agency cost is significantly higher than that of segmental listed companies,but there is no significant difference in the second type of agency cost between holistic listed companies and segmental listed companies.Further,the company performances of the overall listed companies are significantly higher than that of segmental listed companies.