CEO和董事之间的“本家关系”增加了代理成本?
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摘要
本文以2000-2016年沪深两市A股上市公司为样本,实证研究了CEO和董事之间的"本家关系"(姓氏层面关系)对企业代理成本的影响。研究发现:这种"本家关系"会显著增加企业的代理成本。在控制了内生性之后,这种正向影响仍然显著存在。进一步研究发现:(1)"本家关系"在非国企中的影响更明显;(2)非常见姓氏的"本家关系"、姓氏观念强地区中的"本家关系"对代理成本的影响更明显;(3)"本家关系"对较弱法律环境中的企业的影响更明显;(4)"本家关系"对人口净流入地区中的企业的影响更明显。影响路径的检验发现,"本家关系"对代理成本的影响通过降低董事独立性和提升信息不对称的严重程度得以实现。研究结论表明,为了进一步加强公司治理水平,利益相关者需要重视企业中内部关系文化等软性因素的影响,文章补充和丰富了"文化与金融"的微观研究。
In this paper,we analyze the relation between surname relationship of CEOs and directors and agency cost. We find that the above surname relationship is positively and significantly related to agency cost. Our main findings are robust to a battery of robustness tests. The positive effect is more pronounced when( 1) firms are non-state-owned enterprises,( 2) CEOs and directors share rare surnames,( 3) firms located in the district with strong sense of surname or with a weak legal environment or with net population inflow. In addition,it also suggests that surname relationship increases agency cost by reducing board independence and increasing the severity of information asymmetry. Collectively,we contribute to the understanding of surname-based social affinity by providing the first piece of evidence on the effect of surname sharing on agency cost.
In this paper,we analyze the relation between surname relationship of CEOs and directors and agency cost. We find that the above surname relationship is positively and significantly related to agency cost. Our main findings are robust to a battery of robustness tests. The positive effect is more pronounced when( 1) firms are non-state-owned enterprises,( 2) CEOs and directors share rare surnames,( 3) firms located in the district with strong sense of surname or with a weak legal environment or with net population inflow. In addition,it also suggests that surname relationship increases agency cost by reducing board independence and increasing the severity of information asymmetry. Collectively,we contribute to the understanding of surname-based social affinity by providing the first piece of evidence on the effect of surname sharing on agency cost.
引文
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[6]戴亦一,肖金利,潘越.“乡音”能否降低公司代理成本?---基于方言视角的研究[J].经济研究,2016,51(12):147-160
[7]何小杨.我国家族企业中的“人际关系网”---现状及制度诱因[J].证券市场导报,2011,(11):54-66
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[10]汪丁丁.经济发展与制度创新[M].中国:上海人民出版社,1995
[11]李宝山,王连娟.一种管理的文化阐释---从文化视角看中关村泛家族管理[J].云南财经大学学报,2002,(3):33-37
[12]翟学伟.信任的本质及其文化[J].社会,2014,(1):1-26
[13]Piotroski J.,Wong T.J.Capitalizing China:Institutions and Information Environment of Chinese Listed Firms[M].USA:University of Chicago Press,2012
[14]陈冬华,胡晓莉,梁上坤,等.宗教传统与公司治理[J].经济研究,2013,48(9):71-84
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[16]Dimaggio P.Culture and Cognition[J].Annual Review of Sociology,2010,26(1-2):153-158
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[18]Gompers P.A.,Mukharlyamov V.,Xuan Y.The Cost of Friendship[J].Journal of Financial Economics,2016,119(3):626-644
[19]张蕊,王洋洋.姓氏文化影响会计稳健性吗?---来自中国资本市场的经验证据[J].会计论坛,2017,16(2):1-12
[20]钱杭.同姓集团与同姓联结──中国先秦时代的同姓观念与实践[J].上海社会科学院学术季刊,2000,(1):173-181
[21]周欣悦,高定国,马娜,等.中国文化中内隐自大对人际吸引力的影响[J].心理科学,2006,(6):1484-1488
[22]Davies H.Sharing Surnames:Children,Family and Kinship[J].Sociology,2011,45(4):554-569
[23]阮荣平,郑风田.市场化进程中的宗族网络与乡村企业[J].经济学:季刊,2013,12(1):331-356
[24]吕鸿江,吴亮,周应堂.家族企业治理模式的分类比较与演进规律[J].中国工业经济,2016,(12):123-139
[25]张凡.关于独立董事制度几个问题的认识[J].管理世界,2003,(2):90-98
[26]沈维涛,叶小杰.市场化程度、独立董事独立性与公司价值---基于独立董事辞职公告的实证检验[J].经济管理,2012,34(12):100-110
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[28]罗进辉,黄泽悦,朱军.独立董事地理距离对公司代理成本的影响[J].中国工业经济,2017,(8):100-119
[29]裴红梅,杜兴强.审计师-公司地理近邻性、监管强度与审计质量[J].当代会计评论,2015,8(2):1-23
[30]Chua J.H.,Chrisman J.J.,Bergiel E.B.An Agency Theoretic Analysis of the Professionalized Family Firm[J].Entrepreneurship Theory&Practice,2009,33(2):355-372
[31]Lubatkin M.H.,Durand R.,Ling Y.The Missing Lens in Family Firm Governance Theory:A Self-other Typology of Parental Altruism[J].Journal of Business Research,2007,60(10):1022-1029
[32]王明琳,徐萌娜,王河森.利他行为能够降低代理成本吗?---基于家族企业中亲缘利他行为的实证研究[J].经济研究,2014,49(3):144-157
[33]Frankel R.,Johnson M.,Skinner D.J.An Empirical Examination of Conference Calls as a Voluntary Disclosure Medium[J].Journal of Accounting Research,1999,37(1):133-150
[34]Li F.,Nagar V.Diversity and Performance[J].Management Science,2013,59(3):529-544
[35]孔东民,刘莎莎,陈小林,等.个体沟通、交易行为与信息优势:基于共同基金访问的证据[J].经济研究,2015,50(11):106-119
[36]杨中芳,彭泗清.中国人人际信任的概念化:一个人际关系的观点[J].社会学研究,1999,(2):3-23
[37]Barker R.G.The Market for Information:Evidence from Finance Directors,Analysts and Fund Managers[J].Accounting&Business Research,1998,29(1):3-20
[38]Zucker L.G.Production of trust:Institutional Sources of Economic Structure[J].Research in Organizational Behavior,1986,8(2):53-111
[39]Portes R.,Rey H.,Oh Y.Information and Capital Flows:The Determinants of Transactions in Financial Assets[J].European Economic Review,2001,45(4):783-796
[40]刘晓霞,饶育蕾.代理能力与代理成本:一个关系嵌入的视角[J].印度洋经济体研究,2012,(4):45-49
[41]Ward J.L.Keeping the Family Business Healthy[M].US:Springer,2016
[42]Fama E.F.,Jensen M.C.Agency Problem and Residual Claims[J].The Journal of Law and Economics,1983,26(2):327-349
[43]Masulis R.W.,Mobbs S.Independent Director Incentives:Where do Talented Directors Spend Their Limited Time and Energy?[J].Journal of Financial Economics,2012,111(2):406-429
[44]唐清泉,罗党论,王莉.上市公司独立董事辞职行为研究---基于前景理论的分析[J].南开管理评论,2006,9(1):74-83
[45]Jensen M.C.,Meckling W.H.Theory of the Firm:Managerial Behavior,Agency Cost,and Ownership Structure[J].Journal of Financial Economics,1976,3(4):305-360
[46]罗进辉.媒体报道的公司治理作用---双重代理成本视角[J].金融研究,2012,(10):153-166
[47]Custódio C.,Metzger D.Financial Expert CEOs:CEO’s Work Experience and Firm’s Financial Policies[J].Journal of Financial Economics,2014,114(1):125-154
[48]姜付秀,石贝贝,马云飙.信息发布者的财务经历与企业融资约束[J].经济研究,2016,51(6):83-97
[49]Lei Q.,Lin B.,Wei M.Types of Agency Cost,Corporate Governance and Liquidity[J].Journal of Accounting&Public Policy,2013,32(3):147-172
[50]刘青松,肖星.败也业绩,成也业绩?---国企高管变更的实证研究[J].管理世界,2015,(3):151-163
[51]闫伟宸.“本家关系”会影响企业信息披露质量?---基于高管变更的实证研究[J].投资研究,2018,37(7):71-91
[52]谢志明,易玄.产权性质、行政背景独立董事及其履职效应研究[J].会计研究,2014,(9):60-67
[53]陈信元,陈冬华,万华林,等.地区差异、薪酬管制与高管腐败[J].管理世界,2009,(11):130-143
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