内部治理因素与委托代理因素对境外国有资产流失的影响  

The Influence of Internal Governance Factors and Principal-Agent Factors on the Loss of Overseas State-Owned Assets

作　　者：张虎[1] 余稳策 

机构地区：[1]东北财经大学产业组织与企业组织研究中心(常州工学院经济与管理学院),辽宁大连116025 [2]商务部国际贸易经济合作研究院,北京100710

出　　处：《经济体制改革》2017年第6期161-165,共5页Reform of Economic System

基　　金：江苏省软科学研究计划项目(BR2016032-3);常州工学院江苏高校文化创意协同创新中心立项资助成果(xyn1511)

摘　　要："一带一路"倡议是推进我国经济"走出去"的重要手段,随着我国境外投资的不断加大,由委托代理信息不对称和内部治理力度匮乏造成的境外国有资产流失成为不可忽视的因素。从委托代理角度分析,道德风险行为监管不力和巨额收益成为境外国有企业代理人出现道德风险行为的重要原因。基于内部治理角度,本文选取2011-2016年15家在美上市国有企业相关数据进行回归方程分析,结果显示代理成本和股权集中度与资产流失有正向相关关系。The Belt and Road initiative is an important means to promote China＇s economy ＂going out＂. With China＇s foreign investment continues to increase, the loss of foreign state-owned assets caused by the agency information asymmetry and lack of internal governance can not be ignored. From the point of the entrusted agent, the poor supervision of moral hazard behavior and the huge profit become the important reason of the moral hazard behavior of the foreign state enterprise agent. From the perspective of internal governance, the regression analysis of the relevant data of 15 state-owned enterprises listed in the United States from 2011 to 2016 is carried out. The results show that agency costs and ownership concentration are positively related to asset loss.

关 键 词：委托代理 内部治理 资产流失 

分 类 号：F842.0[经济管理—保险]