股权集中与第二类代理问题研究述评  

A Literature Review of Concentrated Ownership and Agency Problem of the Second Type

作　　者：吴世飞[1] 

机构地区：[1]东北财经大学会计学院,辽宁大连116025

出　　处：《外国经济与管理》2016年第1期87-100,共14页Foreign Economics & Management

摘　　要：本文为理解公司股权集中及第二类代理问题的前因后果提供了较完整的视角,分别对集中型股权结构的普遍性及成因、第二类代理问题的影响进行了归纳,提炼出关于其实证影响的两类模型。本文发现,股权集中及第二类代理问题处于一个同时以控制权收益为起点和终点的因果循环系统中。在此基础上,本文认为对系统外生影响因素的更广泛考察、对资本市场自动监督与约束机制的引入以及对内生性问题的妥善处理可能是将来研究需要关注的重要方面。This paper provides a complete view about the causes and effects of concentrat- ed ownership and the agency problem of the second type. Firstly, it surveys the prevalence and the determinants of concentrated ownership. Secondly, it summarizes the influence of the agency problem of the second type, and generalizes two basic models of the research on this influence.As a conclusion,it finds that the concentrated ownership and the agency problem of the second type are in a causality circulation system which starts with and at the same time ends up with the benefits of control.On this basis,it concludes that a more comprehensive in- vestigation on system-exogenous factors, an introduction of the automatic supervision and re- straint mechanisms of capital market, and a proper disposition of the endogeneity problem in analytical models may be some important aspects demanding attention in future research.

关 键 词：股权集中 第二类代理问题 控制权收益 隧道行为 支持行为 

分 类 号：F270[经济管理—企业管理]