公司代理效率的随机前沿研究  

Research on Firm Agency Efficiency Based on Stochastic Frontier Model

作　　者：吴宗法[1] 张英丽[1] 

机构地区：[1]同济大学经济与管理学院,上海201804

出　　处：《软科学》2011年第10期117-120,共4页Soft Science

摘　　要：以2004～2009年中国制造业上市公司的数据为基础,根据Habib和Ljungqvist提出的基于企业价值的随机前沿模型,测算公司的代理效率。研究发现:(1)我国制造业上市公司平均代理效率为70.59%,呈逐年递增趋势;(2)代理成本使得制造业公司平均每年减少27171亿元的潜在市场价值;(3)制造业各行业中,食品行业代理效率最高,电子行业代理效率最低;(4)国有企业的代理效率比私有企业低1.36%。Using the listed manufacturing companies from 2004 to 2009 as samples,this paper analyzes agency efficiency with the stochastic frontier model of Habib and Ljungqvist（2005） based on firm value.The paper finds that：（1）the average agency efficiency is 70.59% and increases year by year;（2）manufacturing firms have an average annual reduction of potential market value of 2.7171 trillion yuan because of the agency costs;（3）the agency efficiencies of food industry and electronic industry are separately the highest and the lowest;（4）agency efficiency of private enterprises surpasses state-owned enterprises by 1.36%.

关 键 词：随机前沿模型 代理成本 代理效率 企业价值 

分 类 号：F276[经济管理—企业管理]