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本文基于财务弹性视角和2008-2011年制造业中小上市公司数据,考察了影响公司治理的潜在因素,运用随机前沿模型测算了公司价值和代理效率并分析其影响因素。结果表明,当前中小制造企业高管持股比例仍较低,不能明显降低代理成本,但在高水平财务弹性的公司中降低效果显著;薪酬激励、第一大股东持股比例以及市场竞争压力与代理成本显著负相关;公司治理效率普遍较好;高财务弹性水平虽提高了企业应对不确定性的能力,但也明显增加了代理成本。
Based on the perspective of financial flexibility and the data of manufacturing listed SMEs in 2008-2011, this paper examines the potential factors that affect corporate governance, estimates the company’s value and agency efficiency using random frontier models and analyzes its influencing factors. The results show that the current small and medium-sized manufacturing executives holding ratio is still low, not significantly reduce the agency costs, but in the high level of financial flexibility of the company to reduce the effect of significant; pay incentives, the largest shareholder of the shareholding ratio and market competition with the pressure Agency costs are significantly negatively correlated; corporate governance efficiency is generally good; while high level of financial flexibility has improved the ability of enterprises to deal with the uncertainty, but also significantly increased agency costs.