: 3 :,,: (1),,;, (2), (3), ; (4),,,,,, :,,,,,,,,,,,(,1996),, Jensen and Meckling(1976),,,,,,,,,,, 3,, :210029 ;, :100836, :lishouxi @263. net,,2005 05BJ Y003 102
2007 1,,,,,,,,,,,,,,,,,,,,,, ;,,,,,,,,,, ;,,,,,,,,,,,,,,,,,, (,1994),, (,1996),,,?,??,, 103
:,, ( ) James (2000) 1997,,,,, (efficiency ratio),, (James,2000) James (2000), ( ),,,,,,,( 2 %) ( 2 %), (14 % ),,,,?,,,,,,,,,,, 1958,50,, 5613 % 1,,,,,,,,,,, 2006 CPA,,2006 4 1, 203 104
2007 1, 2,100, 20,2,,,,,,,,,,( ) 1 ( %) () 2000 17419168 31199 47111 0188 9101 5137 1156 0143 4136 2001 22176151 6189 12178 1156 10184 6136 1174 0134 59150 2002 32910194 5129 2185 1104 26158 7167 3187 0126 52144 2003 42631143 4128 30103 0181 18152 5158 2171 0123 37185 2004 39639214 2130 88181 0109 1191 0152 0128 0102 6106 2005 2234518 7153-2318 1159 43102 10142 6125 0151 30168 2 ( %) () () () 1999 10095100 8183 1137 23892 5137 4134 33100 57128 2000 10707121 8108 1100 29874 8182 3147 24195 62175 2001 9512181 18123 1120 29215 3133 3155 9191 83120 2002 12569133 19107 1188 33466 2135 11158 5102 81105 2003 14089157 19115 1169 34981 2122 11113 5166 80199 2004 11125129 16178 1164 30942 2129 12161 6127 78184 2005 12744144 16188 1193 30023 3161 12199 9101 74138,,,,,, 1 2 ( 600839) 2000 0152,30 % 2004 7 CEO,,, 25, 10,36184,, 2005,0157, 10,,, 2176 105
: 2,,,,,, ( ) 2000 2004,,,,, 2000 12304 25468, : 1 :,,,,, (1995),,,,,,(2001) (2004) (2005),,,,,,,,,, 2 :,,,,,,,,,,, 3 :,,,,,,,,,,,,,, 106 4 :,
2007 1,,,,,,,,, 5 :,,,, ( ), STATE, 1, 0, M - (1) EXPΠSAL ES = + 1 S TA TE + 2 ZCLX + 3 CQTZR + 4 L EV ER + 5 LNL (2) + 6,i GM i + 7,i LISHU i + 8,i DQ i + 9,i HY i + i SAL ESΠASS ETS = + 1 S TATE + 2 ZCLX + 3 CQTZR + 4 L EV ER + 5 LNL 7 INV EN TURN + 9, i LISHU i + 10,i DQ i + + 6 ARTURN + 8,i GM i + 11,i HY i + i ZCLX,1, 0 CQTZR, LEVER,LNL ARTURN INVENTURN GM, GM1 GM2 GM3, LISHU,, 10 DQ, HY,, ( ) 3 4 3 4, : (1),, (2),,,, 107
: 3 2000 2001 2002 2003 2004 Intercept STATE () zclx ( ) CQTZR ( ) LEVER ( ) lnl ( ) gm1 () gm2 () lishu1 () lishu2 () lishu3 () lishu4 () lishu5 () lishu6 () lishu7 () lishu8 () lishu9 () 0111628 0112225-0103213 (2104) 3 3 (2136) 3 3 ( - 0168) 0111076 0107909 (5102) 3 3 3 (4132) 3 3 3 0108113 0108044 0108040 0105115 0107469 (7119) 3 3 3 (7148) 3 3 3 (7109) 3 3 3 (9131) 3 3 3-0101084 ( - 1148) - 0100825 ( - 1147) 0100279 (0151) (16133) 3 3 3 0100705 0100735 (2190) 3 3 (4114) 3 3 3 0123095 0113969 0111054 0111095 0107985 (5120) 3 3 3 (3135) 3 3 3 (2167) 3 3 3 (5162) 3 3 3 0101002 0100646 0100142 (4106) 3 3 3 (3132) 3 3 3 (0174) 0100163 (0147) - 0100170 ( - 0158) - 0105878-0100648 ( - 3145) 3 3 3 ( - 0141) - 0102632 0100855 ( - 2112) 3 3 (0178) 0100440 (1158) - 0100001568 ( - 0102) (6137) 3 3 3-0100139 ( - 2151) 3 3 0100463 0100421 (3131) 3 3 3 (4173) 3 3 3-0105494 - 0108275-0107003 ( - 3130) 3 3 3 ( - 5182) 3 3 3 ( - 4182) 3 3 3-0101043 ( - 0191) - 0102888-0102520 ( - 5191) 3 3 3 ( - 7131) 3 3 3 0106241 0106495 0107300 0105921 0103597 (3125) 3 3 3 (3157) 3 3 3 (3183) 3 3 3 (5175) 3 3 3 (4153) 3 3 3 0106120 0112421 0116219 0106590 0103725 (3131) 3 3 3 (7137) 3 3 (8167) 3 3 3 (7129) 3 3 3 (5131) 3 3 3 0106851 0106845 0108632 0106242 0104618 (5126) 3 3 3 (5191) 3 3 3 (7124) 3 3 3 (11170) 3 3 3 (10121) 3 3 3 0103738 0102813 0102996 0102158 0101969 (3124) 3 3 (2186) 3 3 3 (3108) 3 3 3 (4186) 3 3 3-0100260 ( - 0111) - 0100592 ( - 0144) - 0100286 ( - 0122) 0101219 (0123) - 0100098879 ( - 0108) 0100671 (0143) - 0100363 ( - 0134) - 0100095352 ( - 0107) - 0100369 ( - 0105) - 0101116 ( - 1100) 0100357 (0125) - 0100495 ( - 0149) - 0100220 ( - 0117) - 0100329 ( - 0105) - 0101572 ( - 1130) - 0100269 ( - 0139) - 0100177 ( - 0143) - 0100384 ( - 0162) - 0101694 ( - 0163) - 0100147 ( - 0127) (4181) 3 3 3-0100360 ( - 0161) - 0100661 ( - 1105) - 0100211 ( - 0118) 0100482 (0125) - 0101241 ( - 1129) 2486 3258 3966 4803 8317 F 9128 12155 10170 21117 29126 Adj R2Sq 012346 012418 011821 012809 012402 : 3 3 3 1 %, 3 3 5 %, 3 10 %,5 108
2007 1 4 2000 2001 2002 2003 2004 Intercept STATE () Zclx ( ) CQTZR LEVER ( ) lnl ( ) ARTURN () INVENTURN ( ) gm1 () gm2 () lishu1 () lishu2 () lishu3 () lishu4 () lishu5 () lishu6 () lishu7 () lishu8 () lishu9 () 2175792 2125190 2109354 2107997 3113265 (5195) 3 3 3 (3145) 3 3 3 (4111) 3 3 3 (3191) 3 3 3 (5125) 3 3 3-0166061 - 0178785-0172905 - 0158525-0185890 ( - 6162) 3 3 3 ( - 5183) 3 3 3 ( - 5199) 3 3 3 ( - 4144) 3 3 3 ( - 5182) 3 3 3-0113201 - 0126921-0132639 - 0123749-0138410 ( - 2103) 3 3 ( - 3180) 3 3 3 ( - 5159) 3 3 3 ( - 4105) 3 3 3 ( - 6164) 3 3 3-2101640 - 2142044-1182269 - 2144434-2187387 ( - 5114) 3 3 3 ( - 4164) 3 3 3 ( - 4111) 3 3 3 ( - 5126) 3 3 3 ( - 7119) 3 3 3-0107521 - 0108755-0106857 - 0109333-0104563 ( - 3146) 3 3 3 ( - 3159) 3 3 3 ( - 3133) 3 3 3 ( - 4151) 3 3 3 ( - 2154) 3 3-0112924 - 0108486-0110011 - 0111911-0117502 ( - 4127) 3 3 3 ( - 2130) 3 3 ( - 3135) 3 3 3 ( - 3154) 3 3 3 ( - 6106) 3 3 3 0100170 0100257 0100018048 0100011280 0100066677 (8125) 3 3 3 (8183) 3 3 3 (2141) 3 3 (2138) 3 3 3 (7177) 3 3 3 0100067892 0100108 0100027378 (3182) 3 3 3 (7192) 3 3 3 (5159) 3 3 3 0114095 (0194) - 0103034 ( - 0128) - 0103139 ( - 0116) - 0116071 ( - 1116) - 0128337-0113561 ( - 1167) 3 ( - 0159) - 0100943 ( - 0105) - 0119251 ( - 1157) - 0129377 ( - 1144) 0100060353 0100018498 (6129) 3 3 3 (6178) 3 3 3 0139251 (1115) - 0110146 ( - 0186) - 0137418 ( - 1154) 0158793 (1124) 0105342 (0148) - 0102706 ( - 0111) - 0134155-0136042 - 0140522-0144314 - 0135295 ( - 2108) 3 3 ( - 1170) 3 ( - 2102) 3 3 ( - 2108) 3 3 ( - 1157) - 0145111-0132348 - 0151707-0157569 - 0151575 ( - 3192) 3 3 3 ( - 2122) 3 3 ( - 4104) 3 3 3 ( - 4149) 3 3 3 ( - 3152) 3 3 3-0148392 - 0132400-0155156 - 0154128-0152036 ( - 4172) 3 3 3 ( - 2161) 3 3 3 ( - 5127) 3 3 3 ( - 5106) 3 3 3 ( - 3191) 3 3 3 0111602 (0158) 0103307 (0128) - 0111347 ( - 1100) 0115462 (0133) 0111282 (0198) 0109962 (0151) - 0111981 ( - 0188) - 0104509 ( - 0129) - 0113828 ( - 1127) 0107549 (0145) 0100704 (0107) 0136555-0123938 0103462 (2126) 3 3 ( - 1175) 3 (0123) - 0158185 ( - 0165) 0109577 (0114) 0132000 0126557 0115075 (2127) 3 3 (2104) 3 3 (1114) 0139260 (2103) 3 3-0111591 ( - 0156) 0130087 (0177) 1151535-0178808 (2134) 3 3 ( - 1125) - 0103844 ( - 0112) 2504 3275 3970 4825 8353 F 9102 8178 9101 8155 11126 Adj R2Sq 012315 011793 011580 011294 011045 109
: 5 () () () R2Sq F Value Pr > F LSD HSD 0110679 (6) 0110662 (436) 0119021 (133) 01090384 12106 < 010001 2000 0109127 (57) 0113449 (428) 0125485 (180) 01018291 2186 010091 0106778 (1525) 0109347 (2745) 013751 (608) 01030796 43154 < 010001 0107573 (9) 0110857 (477) 0129691 (126) 01093412 14179 < 010001 2001 0109703 (106) 0111083 (508) 0128968 (147) 01089740 17173 < 010001 0106524 (2410) 0110514 (2707) 0134956 (482) 01029977 47120 < 010001 0107601 (17) 0110081 (454) 0122392 (117) 01094079 15166 < 010001 2002 0109952 (128) 0111753 (502) 0123800 (118) 01064459 12174 < 010001 0106615 (3176) 0110563 (2690) 0127638 (413) 01013488 22178 < 010001 0104760 (13) 0105647 (115) 0110322 (21) 01235332 13134 < 010001 2003 01061179 (282) 01077470 (871) 01180714 (132) 01099603 43133 < 010001 01064171 (3994) 01098456 (2707) 01264395 (389) 01063426 127126 < 010001 010649 (6) 0105200 (112) 0112594 (15) 01218126 14113 < 010001 2004 01056692 (431) 01070630 (966) 01158009 (115) 01086519 49120 < 010001 01062572 (7361) 01094135 (3919) 01249824 (424) 01071058 238106 < 010001 (3),, (4) ( ), 110
2007 1 (5) 2003 2004,, (6),, ( ),,,, Fish (LSD) Tukey (HSD) 5 5,,1 2,1, 2,, 5 1 2, : (1),,, Fish (LSD), Tukey ( HSD), 1 (2),,, (3), 2000 2002 3,, 2003 2004,,2000 2001,2002 2004,, 2000, 30000, 40000 ;300 2000, 3000 30000, 4000 40000 ;300, 3000, 4000, Tukey (HSD), ( ),,(,2000) 111
:, 2001,,,,,,, ERP,, (4) 2, 01065, 0110, (5), ( ),,: (1),, (2), (3),, ;, 1115, 2155 ; 1153,4164 (4),, ( ) (1),,,,,,,,,, (2),,,,, 112
2007 1,2005 :, 2,1997 :, 10,2003 :, 2,2005 : 20 90,, 20 90,,2004 :, 2,2001 :, 9,1995 :, 7,1996 ::, 5,2004 :, 8,2003 :, 11,2001 :, 8,2000 : SAS,, 157,1994 :, 3,1998 :, 10,2001 :? 1996 2000, 8 Alchian, Armen A. 1950, Uncertainty, Evolution and Economic Theory, Journal of Political Economy 58 (No. 3,June) :211 221. James S. Ang and Rebel A. Cole and James Wuh Lin, 2000, Agency Cost and Ownership Structure, Journal of Finance, February, 55 (1), pp. 81 106. Jensen, Michael, C. and William H. Meckling, 1976, Theory of the Firm : Managerial Behavior, Agency Costs and Capital Structure, Journal of Financial Economics October, 3 (4), pp. 305 360. Ownership, Agency Cost and Agency Efficiency Li Shouxi (School of International Auditing, Nanjing University of Audit ; Institute of Economics, CASS) Abstract :This paper examines the relationships between ownership, agency cost and efficiency in Chinese transition economy. The main findings are as follows : (1) Agency cost of state2owned property rights is higher than that of diversified ownership, meanwhile the latter is higher than that of private property rights, and the agency cost differences between diversified ownership and private ownership is smaller than the differences between state2owned property rights and diversified ownership. (2) The ratio of long2term investments to assets and the number of employee are significantly positively related to agency cost, and the ratio of long2term investments to assets, financial leverage and the number of employee are significantly negatively relative with agency efficiency. (3) The differences of agency cost between alternative property rights are negatively relative with firms scales. (4) With the strengthening of competition, the agency costs of various property rights are almost increasingly decreasing, and respectively the agency efficiency are gradually increasing. The direct implication of our study is that the objectives of the reform of SOEs should be focused on reducing the agency cost by means of promoting the reform of diversified property rights system, and establishing a efficient overseeing and controlling mechanism, otherwise SOEs will at last be extruded downright from rival market by private firms. Key Words :SOEs ; Private Firms ; Agency Cost ; Agency Efficiency JEL Classification :P260,P310 ( : ) (: ) 113