XXXX公司治理与掏空

5420067()ChinaEconomicQuarterlyVol.5,No.4July,20063,;;;;;;;3:,243,515063;:[phone],:[phone];E2mail:[e-mail]@126.com(CUHK4437/04H),,LaPortaetal.(1999a),(ShleiferandVishny,1997;Wolfenzen,1999;Dharwadkaretal.,2000;Johnsonetal.,2000;Glaeseretal.,2001;Joh,2003)Claessensetal.(2000)9BergstromandRydqvist(1990),BarclayandHolderness(1989),Zingales(1994),Bertrandetal.(2002),Baeetal.(2002)Atanasov(2005)(Coffee,2001;LaPortaetal.,1998,2000),Friedmanetal.(2003),;,,,LaPortaetal.(2003)(2005),1158()5,(2004),(2005)()(2005)(),:,,,(),()(),,,,:(1),(2),,,,DenisandMcConnell(2003),,,,,()1.,()4:1159,ByrdandHickman(1992)Weisbach(1988),CEORosensteinandWyatt(1990,1997)(2005),(AgrawalandKnoeker,1996)(2003),GoyalandPark(2002),Dayhaetal.(2002)CadburyCommittee(CEO),CEO,(2003)2.,,ShleiferandVishny(1986),GrossmanandHart(1988)HarrisandRaviv(1988)JensenandMeckling(1976)LaPortaetal.(2002)Holder2nessandSheehan(1988)DeAngeloetal.(1984)LBOMitton(2002),,FamaandJensen(1983),,,Burkartetal.(1998)BennedsonandWolfenzon(2000)LaPortaetal.(1999a),,LaPortaetal.(2002),,(BarclayandHolderness,1989;Barclayetal.,1993;Nenova,2002;DyckandZingales,2004;Atanasov,2005);1160()5,(Claessensetal.,2000),JensenandMeck2ling(1976),,,(ShleiferandVishny,1997),Morcketal.(1988)(2004)U(BennedsenandWolfenzon,2000;LaPortaetal.,1999a;PaganoandRÊell,1998)Volpin(2002),,MauryandPajuste(2005),U;,?,JensenandMeckling(1976),()Morcketal.(1988)McConnellandServaes(1990,1995),,,(),(),:();,()Jar2rellandPoulsen(1987)Brickleyetal.(1988)Chungetal.(2002)MitraandCready(2005)HartzellandStarks(2003)(2005)Mc2ConnellandServaes(1990)Smith(1996)DelGuercioandHawkins(1999),,(Admatietal.,1994),(Coffee,1991)Renneboog4:1161(2000)WahalandMcConnell(2000)DemsetzandLehn(1985)AgrawalandKnoeber(1996)Karpoffetal.(1996)Wahal(1996)DuggalandMillar(1999),3.,?,,,(AtkinsonandStiglitz,1980),,,(Banerjee,1997;Hart,Shle2iferandVishny,1997),,(Tirole,1994),,,,,,,,,(ShleiferandVishny,1994),(Shleifer,1998),(2004)(2005),4.()()1162()5(HubbardandPalia,1999;KhannaandPalepu,2000)KhannaandPalepu(1997,2000),,KhannaandPalepu(2000),ShinandPark(1999),30()(LaPortaetal.,1999a;Claessensetal.,2000),,,(BarclayandHolderness,1989;Barclayetal.,1993;ShleiferandVishny,1997;LaPortaetal.,1999a;Johnsonetal.,2000)Johnsonetal.(2000)Bertrandetal.(2002)1989-199918600,,,Baeetal.(2002),,30,Chang(2003),,,Baeketal.(2004),1997,(2004),,,5.LaPortaetal.(1998)Johnsonetal.(2000),Baeketal.(2004),1997,Aggarwaletal.(2005)TitmanandTrueman(1986)Reedetal.(2000)Mitton(2002)Aggarwalet4:1163al.(2005)(or)(MichaelyandShaw,1995),,(Dye,1993),Baietal.(2004)B,BB()1.(Castroetal.,2004)LaPortaetal.(1997,1998,2000)49,,LaPortaetal.(1999b),LaPortaetal.(2000),,,,(2001),:,,(Coffee,2002;Stulz,1999;ReeseandWeisbach,2002;Doidgeetal.,2004),Baietal.(2004)H2.Baietal.(2004)1164()5,,()1.(),;,,,/1169.45%,8.6%30.55%,2.8%,5.2%1OCC0OCC0all19980.0840.08767.79%-0.0240.05132.21%0.0490.09265219990.0810.10173.64%-0.0290.05526.36%0.0520.10369820000.0940.18868.34%-0.0300.07031.66%0.0540.17087520010.0800.13570.39%-0.0290.09629.61%0.0480.13569920020.0920.17467.31%-0.0250.06732.69%0.0540.158722All0.0860.14569.45%-0.0280.07030.55%0.0520.13736464:11652.CCER(2001)20005(19982002)(2005)199820023646,1114,20,2512()1.2.(1)()(2),,,(,2005)(),,(2005)(3)CCER6,5(4)(2005),1166()5(5),B(6),(2001)H(7),(2005):(B)(C41)(C65)(C67)(D)2OCC=/IDDUAL,1,0SING,TOP50%(40%TOP50%TOPcr2-5)1,0UNIO,10%TOP50%top210%TOPcr2-51,0DECE,TOP20%top210%TOPcr2-51,0TOPOC,MS,FS,STAT,1,0GROU,1,0AUDI,1,0FIVE,1,0HSH,H1,0BSB,B1,0GOVE,110,,PROT,1,0:top2,cr2-5()(unbalancedpanel)PLS(PanelLeastSquares)(),(,)4:1167,,,SINGUNIOTOPOCSINGTOP,,,,,()31998200225123ID0.0580.0000.6670.0000.106DUAL0.1020.0001.0000.0000.302SING0.5761.0001.0000.0000.494UNIO0.1170.0001.0000.0000.322DECE0.0220.0001.0000.0000.146TOP0.4500.4480.8860.0310.171OC0.0160.0040.1430.0000.026MS0.0010.0000.1300.0000.004FS0.0050.0000.1430.0000.014STAT0.8531.0001.0000.0000.354GROU0.8151.0001.0000.0000.388AUDI0.8441.0001.0000.0000.363FIVE0.0440.0001.0000.0000.206HS0.0150.0001.0000.0000.120BS0.1030.0001.0000.0000.304GOVE6.7027.3808.3703.0401.354PROT0.1110.0001.0000.0000.315(),TOPOC,IDMSFSAUDIFIVEHSGOVEOCCH,DUALSINGGROUBSPROTOCCB1168()5,UNIODECESTAT()5(unbalancedpanel)PLS(SINGUNIODECETOPOC),SINGUNIO,,(1)(2)(1)(2)BennedsenandWolfenzon(2000)LaPortaetal.(1999a)PaganoandRÊell(1998),TOPOC,,(3)(5)(3)(5)(2004)(2005),Morcketal.(1988),,(4)(2004)(2004),(1)(5),ID,(2003)(2003)DUAL,,,;(,2003;,2003)MSFS(2005),STAT,(2004),(2005)(2004)4:11691170()54:1171GROU,,()HBaietal.(2004)BBaietal.(2004)Baietal.(2004)B,BBGOVELaPortaetal.(2000)PROT,199820022512:,,,(),()U,,,,(),H,B,,,1172()5[1]Admati,AnatR.,PaulC.PfleidererandJosefZechner,LargeShareholderActivism,RiskSha2ring,andFinancialMarketEquilibrium,JournalofPoliticalEconomy,1994,102(6),10971130.[2]Aggarwal,Reena,LeoraKlapperandPeterD.Wysocki,PortfolioPreferencesofForeignInstitu2tionalInvestors,JournalofBankingandFinance,2005(12),29,29192946.[3]Agrawal,AnupandCharlesR.Knoeber,FirmPerformanceandMechanismstoControlAgencyProblemsbetweenManagersa