农业上市公司治理结构与竞争力关系研究

:2007212219:(1973),,:(1963),,,:(1971),,:81()2008.8(1)VOL.8,NO.120083JournalofNanjingAgriculturalUniversity(SocialSciencesEdition)Mar.,2008,,(,210095):20022006,:(1),U,,;(2);(3),,,U:;;;;:F324:A:16717465(2008)01002606,,KlapperLover[1];DernevKimCLSA,[2];,,[3];,,[4],,,,,,,,,,,,[5],,,,,,,,20022006,1.JensenMeekling,62,[6];McConnellServaes,[7];,,,[8];,,,[9];,,,[4],,,,:1.1:U1.2:1.3:2.FamaJensen,,[10];,CEO,,[4];,,[11],,,:2.1:CEO,2.2:2.3:3.JensenandMurphy(1990),,,[12];McConnellSer2vaes,Tobin-Q[7];,,,[13];,,,,[14],,,,,:3.1:U3.2:1.20022006,200612,38190,301,159(CCER),(Wind)721,,:2.WEFIMD2080,5[15];:,2090,,(Competence)[16],,11:%19101544161329886527,20022006,22,,,220022006200226-0.05410.9257-1.78050.7345200331-0.05631.1185-2.95860.72792004340.00091.5971-2.54360.73592005330.12791.7980-1.13720.57532006350.12700.8703-1.56290.47043.:(Top1);(Cstr210);(National);CEO(Duality);(Ratio);(Frequence);(Stock);(Pay)Top1Cstr210National;DualityRatioFrequence;StockPay,(Size)(Debt),,33Top1,Cstr210,National1,0DualityCEO1,0Ratio,FrequencyStock,Pay,Size,Debt,,1.,:Competence=c+b1Top1+b2Top12+b3Cstr210+b4National+b5Duality+b6Ratio+b7Frequency+b8Stock+b9Stock2+b10Pay+b11Size+b12Debt+(PanelData),82()820022006,,,[17]2.439.13%,,7.38,72.00%,,68.00%;,;8.17,,,0.34%,;,249.10,3.50,29.014Top115939.1391.988.4617.77Cstr2-101595.308.01-1.272.24National1590.721.000.000.45Duality1590.321.000.000.47Ratio15932.5157.147.147.31Frequency1598.1724.002.003.60Stock1590.3410.820.001.48Pay15936.73249.103.5029.01Size15921.0322.9919.660.64Debt15949.3596.105.7720.05Eviews5.0,,(GLS),:5c-11.5890333(-6.1683)-6.3492333(-5.6005)Top10.0096(0.7865)0.0285333(3.0383)Top121.25E-05(0.0903)-0.000233(-1.9464)Cstr2-100.0858333(2.6796)0.037233(2.0867)National0.0432(0.4088)-0.2077333(-3.5453)Duality0.17113(1.7204)0.0710(1.3194)Ratio0.0192333(3.1125)0.0028(0.7879)Frequency-0.0182(-1.4732)-0.01983(-1.9064)Stock0.2898333(2.5495)0.19303(1.8597)Stock2-0.027733(-2.4265)-0.019433(-2.0163)Pay-0.0006(-0.3682)-0.0005(-0.4058)Size0.5093333(6.0419)0.2884333(5.4492)Debt-0.0103333(-4.2953)-0.0087333(-4.6905)N159159AdjustedR20.37710.6477D-Wstat1.73281.9442F8.969310.2349Prob0.00000.0000:1.3333331%5%10%;2.t5,F10.2349,0.0000,(1)U,1.1,McConnellServaes,,,;,,(2),,,1.2,,,,,921,,:,(3),,1.3,,[18],,,(4)CEO,2.1,,,,(5),2.2,FamaJens2en,,,,,(6),2.3,,,2,8.17,,,(7)U,3.1,,,,,,(8),3.2,,,,;,,,,,,(9)1%,,:(1),U;,,;(2),,(3),,,U,,,:,,;,;,:[1]KlapperLeoraF,InessaLover.CorporateGovernance,InvestorProtectionandMarkets,WorldBank,WorkingPaper,2002.03()8[2]BernardSBlack,HasunJang,WoochanKim.DoesCor2porateGovernanceAffectFirmsMarketValue?EvidencefromKorea,SocialScienceResearchNetwork,WorkingPaper,2003.[3].[J].,2004(2):63-74.[4],,,.[J].,2005(2):81-91.[5]MichaelE.Porter.[M].:,2007.[6]JensenMW,Meckling.TheoryoftheFirm:ManagerialBehavior,AgencyCosts,andCapitalStructure[J].JournalofFinancialEconomics,1976(3):305-360.[7]McConnell,JohnJ,HenriServaes.AdditionalEvidenceonEquityOwnershipandCorporateValue[J].JournalofFinancialEconomics,1990(27):595-612.[8],.[J].,2000(8):28-35,80.[9],.[J].,2001(11):3-11.[10]FamaEF,JensenMC.SeparationofOwnershipandControl[J].JournalofLawandEconomics,1983(26):301-325.[11],,.[J].,2006(5):62-73.[12]JensenMC,MurphyKJ.PerformancePayandTop-ManagementIncentives[J].JournalofPoliticalEcono2my,1998:225-264.[13].[J].,2000(3):32-39.[14],.[J].,2005(11):87-98.[15].(1996)[M].:,1997.[16].(2006)[M].:,2006:8-10.[17]ChengHsiao.AnalysisofPanelData[M].SecondEdi2tion.Cambridge:CambridgeUniversityPress,2003:311[18]KruegerAnneO.GovernmentFailuresinDevelopment[J].JournalofEconomicPerspectives1990,4(3):9-23.()Corporategovernanceandcompetenceinagri2listedcompaniesBIANLin2lin,WANGHuai2ming,TANGYing2mei(CollegeofEconomicsandManagement,NanjingAgriculturalUniversity,Nanjing210095,China)Abstract:UsingdataofChineseagri2listedcompaniesfrom2002to2006,thispaperstudiestherelationshipbe2tweencorporategovernanceandcompetenceinagri2listedcompanies,andtriestoprovideatheoreticbasisfortheirstructuraladjustment.Themainempiricalfindingsareasfollows:First,thecurveofprimastockholderpro2portionandagri2listedcompanies’competenceisinverse2U,thetotalproportionofthesecondtothetenthstock2holderhasapositiverelationshipwithagri2listedcompanies’competence,whilestate2ownedhasanegativeone.Second,theboardcharacteristicshavelittleinfluenceonagri2listedcompanies’competence.Andthelastone,althoughunapparentinstatistics,thepayoftop2managementhasanegativeinfluenceonagri2listedcompanies’competence,whilethecurveoftop2managementstockholderproportionandagri2listedcompaniescompetenceisapparentlyinverse2U.Keywords:Agri2listedCompanies;Competence;OwnershipStructure;BoardCharacteristics;Top2ManagementIncentives131,,: