货币政策、公司治理机制与代理成本:基于沪深A股市场的经验证据

发布时间：2018-03-11 00:13

本文选题：货币政策　切入点：代理成本　出处：《投资研究》2014年05期 　论文类型：期刊论文

【摘要】：本文以我国沪深A股市场上2005年第1季度到2012年第4季度的上市公司为研究样本,分析央行的货币政策是否影响上市公司的代理成本?结果表明:央行较为宽松的政策增加了上市公司的两类代理成本,对东部地区公司的第一类代理成本的影响要大于西部地区公司,而对西部地区公司的第二类代理成本的影响要大于东部地区公司,并发现公司治理机制在一定范围内能够减少货币政策带来的代理成本,然而西部地区企业和国有企业的公司治理机制不能有效地降低货币政策执行所带来的代理成本,本研究为评价和理解货币政策对微观企业的影响,认识公司治理机制的新的功能和作用提供了增量经验证据,拓展了相关领域的研究。
[Abstract]:This paper takes the listed companies from in the first quarter of 2005 to in the fourth quarter of 2012 in the Shanghai and Shenzhen A share market as the research samples to analyze whether the monetary policy of the central bank affects the agency cost of the listed companies. The results show that the loose policy of the central bank increases the two kinds of agency costs of listed companies, and the influence on the first type of agency costs of companies in the eastern region is greater than that of the companies in the western region. However, the second kind of agency cost has more influence on the companies in the western region than in the eastern region, and it is found that the corporate governance mechanism can reduce the agency costs brought about by monetary policy within a certain range. However, the corporate governance mechanism of enterprises and state-owned enterprises in the western region can not effectively reduce the agency costs brought about by the implementation of monetary policy. This study aims to evaluate and understand the impact of monetary policy on micro-enterprises. Understanding the new functions and functions of corporate governance mechanism provides incremental empirical evidence and expands the research in related fields.
【作者单位】：厦门大学管理学院会计系;
【基金】：教育部博士研究生学术新人奖(0140-2X1108)
【分类号】：F822.0;F832.51;F275

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