股权集中,投资决策与代理成本

中国管理科学 ›› 2013, Vol. 21 ›› Issue (4): 152-161.

股权集中,投资决策与代理成本

宋小保

汕头大学商学院, 广东汕头 515063

收稿日期:2012-01-04 修回日期:2012-06-27 出版日期:2013-08-30 发布日期:2013-08-24
基金资助:
国家自然科学基金重点资助项目(71232004); 国家自然科学基金面上项目(71172082); 教育部人文社会科学研究青年项目(11YJC630180)

Ownership Concentration, Investment Policy and Agency Costs

SONG Xiao-bao

Business School, Shantou University, Shantou 515063, China

Received:2012-01-04 Revised:2012-06-27 Online:2013-08-30 Published:2013-08-24

摘要/Abstract

摘要： 通过建立实物期权模型,我们分析了集中股权结构下,股东异质性所导致的控股股东代理冲突对企业投资决策和负债融资代理成本的影响。研究发现,集中股权结构下的控股股东价值最大化动机会导致过度投资的产生,并显著提高负债融资的代理成本,即控股股东的价值侵占行为不仅影响到大小股东间的代理冲突,而且会加重股东与债权人之间的代理冲突。控股股东的持股比例会产生公司治理的正向激励效应,持股比例的增加会降低过度投资程度、增加企业价值和降低负债融资代理成本。而控制权和现金流权的分离则会产生公司治理的负向侵占效应,分离程度的增加会导致更严重的过度投资、更低的企业价值和更高的负债融资代理成本。

关键词: 股权集中, 投资决策, 负债融资代理成本, 实物期权

Abstract: In this paper, by building the real options model, the impact of controlling shareholder agency over the investment policy, corporate value and agency costs under the ownership concentration is esamined.The research shows that the controlling shareholders-maximizing motivation will lead to over-investment, which cause higher agency costs of debt. The entrenchment of controlling shareholders not only affects the agency conflicts of different shareholders, but also the agency conflicts of stockholder and bondholder. Increasing of ownership of controlling shareholder can lighten the overinvestment, increase corporate value and decrease the agency costs of debt, which shows the incentive effect of corporate governance. Increasing of the separation degree of control from cash flow of controlling shareholder can aggravate overinvestment, decrease corporate value and increase the agency costs of debt, which shows the entrenchment effects of corporate governance.

Key words: ownership concentration, investment policy, agency costs of debt, real options

中图分类号:

F275.5

宋小保. 股权集中,投资决策与代理成本[J]. 中国管理科学, 2013, 21(4): 152-161.

SONG Xiao-bao. Ownership Concentration, Investment Policy and Agency Costs[J]. Chinese Journal of Management Science, 2013, 21(4): 152-161.

参考文献

[1] Berle A, Means G. The modern corporation and private property[M]. New York:Macmillan,1932.
[2] Jensen M, Meckling W. Theory of the firm: managerial behavior, agency costs, and ownership structure[J]. Journal of Financial Economics, 1976, 3(4):305-360.
[3] Green R, Talmor E. Asset substitution and the agency costs of debt financing[J]. Journal of Banking and Finance, 1986, 10(3):391-399.
[4] Mauer D C, Sarkar S. Real options, agency conflicts and optimal capital structure[J]. Journal of Banking and Finance, 2005, 29(6):1405-1428.
[5] La Porta R, Lopez F, Shleifer A. Corporate ownership around the world[J]. Journal of Finance, 1999, 54(2):471-517.
[6] Claessens S, Djankov S, Lang L. The separation of ownership and control in east asian corporations[J]. Journal of Financial Economics, 2000, 58(1-2):81-112.
[7] Lins K V. Equity ownership and firm value in emerging markets[J]. Journal of Financial and Quantitative Analysis, 2003, 38(1):159-184.
[8] Jensen M C. Agency costs of free cash flow, corporate finance, and takeovers[J]. American Economics Reviews, 1986, 76(2):323-329.
[9] Stulz R M. Managerial discretion and optimal financing policies[J]. Journal of financial Economics, 1990, 26(1):3-27.
[10] Filatotchev I, Mickiewicz T. Ownership concentration, private benefits of control, and debt financing[R]. Working paper, School of Slavonic & East European Studies, 2001.
[11] Galai D, Masulis R. The option pricing model and the risk factor of stock[J]. Journal of Financial Economics, 1976, 3(1-2):53-81.
[12] Titman S, Tsyplakov S. A dynamic model of optimal capital structure[J]. Review of Finance, 2007, 11(3): 401-451.
[13] Moyen N. How big is the debt overhang problem?[J]. Journal of Economic Dynamics and Control, 2007, 31(2):433-472.
[14] Anderson R, Mansi S, Reeb D. Founding family ownership and the agency cost of debt[J]. Journal of Financial Economics, 2003, 68(2):263-285.
[15] Klock M, Mansi S, Maxwell W. Does corporate governance matter to bondholders?[J]. Journal of Financial and Quantitative Analysis, 2004, 40(4): 693-719.
[16] Brockman P, Unlu E. Dividend policy, creditor rights, and the agency costs of debt[J]. Journal of Financial Economics, 2009, 92(2):276-299.
[17] Bradley M, Chen Dong. Corporate governance, credit condition, and the cost of debt. Working Paper, Duke University and University of Baltimore,2011.
[18] 江伟, 沈艺峰. 大股东控制、资产替代与债权人保护[J]. 财经研究, 2005, 31(12):95-106.
[19] 张栋. 终极控制人、负责融资与企业非效率投资[J]. 中国管理科学, 2009, 17(6):177-185.
[20] Grossman J, Hart O. One share-one vote and the market for corporate control[J]. Journal of Financial Economics, 1988, 20(January-March):175-202.
[21] La Porta R, Lopez F, Shleifer A, et al. Investor protection and corporate valuation[J]. Journal of Finance, 2002, 57(3):1147-1170.
[22] 迪克西特, 平迪克. 不确定条件下的投资[M]. 北京:中国人民大学出版社, 2002.
[23] Huang Jingzhi, Huang Ming. How much of corporate-treasury yield spread is due to credit risk?: a new calibration approach[R]. working Paper, No. FIN-02-240,New York University, 2002.
[24] Betker A M, Brian L. Liquidation costs and capital structure[J]. Journal of Financial Economics, 1995, 39(1):45-69.
[25] Claessens S, Djankov S, Fan J, et al. Disentangling the incentive and entrenchment effects of large Shareholdings[J]. Journal of Finance, 2002, 57(6), 2741-2771.
[26] 徐晓东, 陈小悦. 第一大股东对公司治理、企业业绩的影响分析[J]. 经济研究, 2003, 3: 64-74.
[27] 谷祺, 邓德强, 路倩. 控制权与现金流权分离下的公司价值[J]. 会计研究, 2006, 4:30-36.
[28] Claessens S, Fan J, Djankov S, et al. Expropriation of minority shareholders: evidence from east asia[R]. Working Paper, The World Bank,1999.