社会信任与企业代理成本:“紧箍咒”还是“庇护伞”?  

Social Trust and Corporate Agency Costs:"Tightening Curse"or"Protective Umbrella"?

作　　者：康旺霖[1] 高鹏 王垒 Kang Wanglin;Gao Peng;Wang Lei(School of Economics and Management,Shandong University of Science and Technology,Qingdao 266590,Shandong,China;School of Economics,Ocean University of China,Qingdao 266100,Shandong,China)

机构地区：[1]山东科技大学经济管理学院,山东青岛266590 [2]中国海洋大学经济学院,山东青岛266100

出　　处：《金融发展研究》2021年第12期13-21,共9页Journal Of Financial Development Research

基　　金：国家社会科学基金青年项目“机构投资者异质性对创业股东治理行为影响的管理策略研究”(18CGL009)。

摘　　要：作为一项重要的非正式制度,社会信任对上市公司行为决策的影响受到广泛关注。本文借助中国2013—2019年A股上市公司样本,探讨了社会信任对企业代理成本的影响。研究发现,社会信任是纵容代理成本的“庇护伞”,即企业所在地区的社会信任水平越高,其代理成本越高,社会信任存在被滥用的风险。进一步研究发现,社会信任与企业代理成本的正相关关系主要在非国有企业中存在。检验二者传导机制,发现经理人的职业忧虑在社会信任与企业代理成本的正向关系中起到了部分中介作用。本研究拓展了社会信任对企业代理成本影响的研究,有助于全面认识社会信任这一非正式制度在企业治理中所扮演的角色,为降低代理成本、促进企业健康发展提供参考。As an important informal system,the influence of social trust on the behavioral decisions of listed com-panies has received widespread attention.This article uses the data of A-listed stock market from 2013 to 2019 in China as the sample to explore the impact of social trust on corporate agency costs.The research finds that social trust is the"protective umbrella"for conniving agency costs,the higher the level of social trust in the region where a company is located,the higher its agency cost,and there is a risk of abuse of social trust.Further research finds that the positive correlation between social trust and corporate agency costs mainly exists in non-state-owned enterprises.In addition,by examining the two transmission mechanisms,it is found that managers'occupational anxiety plays a part of interme-diary role in the positive relationship between social trust and agency costs.This research expands the literature on the influence of social trust on the agency costs of enterprises,which helps to fully understand the role of the informal sys-tem of social trust in corporate governance,and provides references for reducing agency costs and promoting the healthy development of enterprises.

关 键 词：社会信任 代理成本 产权性质 职业忧虑 

分 类 号：F830.91[经济管理—金融学]