管理评论 ›› 2021, Vol. 33 ›› Issue (1): 201-214.

• 组织与战略管理 • 上一篇    

政策不确定性与公司代理成本

罗劲博1, 李小荣2,3   

  1. 1. 兰州大学管理学院, 兰州 730000;
    2. 中央财经大学财政税务学院, 北京 102206;
    3. 中财-中证鹏元地方财政投融资研究所, 北京 102206
  • 收稿日期:2017-08-23 发布日期:2021-02-03
  • 作者简介:罗劲博,兰州大学管理学院教授,博士生导师;李小荣,中央财经大学财政税务学院,中财-中证鹏元地方财政投融资研究所,教授,博士生导师。
  • 基金资助:
    国家自然科学基金项目(71762014;71972192;72072078);江西省教育厅科技项目(GJJ180258);教育部霍英东教育基金会资助项目(161077)。

Policy Uncertainty and Corporate Agency Costs

Luo Jingbo1, Li Xiaorong2,3   

  1. 1. School of Management, Lanzhou University, Lanzhou 730000;
    2. School of Public Finance and Taxation, Central University of Finance and Economics, Beijing 102206;
    3. Zhongcai-zhongzhenpengyuan Institute of Local Finance Investment and Financing, Beijing 102206
  • Received:2017-08-23 Published:2021-02-03

摘要: 政策不确定性是目前影响上市公司经营活动的一个重要因素。本文研究基于地方官员变更引起的政策不确定性对公司代理成本的影响。研究发现:企业外部的政策不确定性会显著增加企业代理成本,该效应在处于低市场化水平地区的企业与国有企业中更为显著,而且当变更官员为外地调入以及企业属于政府管制行业时,政策不确定性对企业代理成本的增加效应更明显。经济后果检验发现,政策不确定性对企业代理成本的影响直接导致公司价值受到损害。本文丰富了政策不确定性和企业代理成本影响因素领域的研究文献,并为政府机构、监管部门的政策出台提供借鉴和参考。

关键词: 政策不确定性, 市场化水平, 企业产权, 代理成本

Abstract: Policy uncertainty is an important factor affecting the operating activities of listed companies. Based on the policy uncertainty caused by the change of local officials, and we studies the impact of policy uncertainty on agency costs and reach the following conclusions. The external policy uncertainty faced by an enterprise will significantly increase its agency costs, and it is more so for enterprises in a low-level marketization environment and state-owned enterprises. Especially, when the new official is transferred from a non-local regions and the enterprise operates in a regulated industry, such uncertainty play a more significant role in increasing the enterprise's agency cost. The economic consequence inspection shows that the impact of policy uncertainty on an enterprise's agency cost directly impairs its enterprise value. This paper enriches the research literature regarding the influencing factors of policy uncertainty and agency cost.

Key words: policy uncertainty, marketization level, property rights of enterprises, agency costs