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1、产品市场竞争_公司治理与代理成本 ?a name=baidusnap82?#0046992?a?#0046992?姜付秀黄 磊张 敏* ?#0046992?#0046992?#0046992? 解决/两权分离0所导致的代理问题是投资者利益保护的重要内容,也是促进新兴市场国家企业健康成长a保障资本市场稳健发展的必经程序b本文以20032005年沪深两市上市公司数据,考察了产品市场竞争a公司治理与代理成本之间的关系b研究结果表明,产品市场竞争和合理的公司治理机制能够降低企业的代理成本a提升代理效率b而在不同产品市场竞争环境下,不同公司治理机制表现出不同作用b这一研究结论意味着,在中国资本市场公司治

2、理整体上存在诸多问题,在相应改革进展缓慢这一既定的前提下,要想有效解决代理问题,通过降低进入壁垒等方式加强产品市场竞争是一可行途径b? 产品市场竞争公司治理代理成本委托代理问题? ?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992,/?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992,?#0046992?#0046992

3、?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#00469920(BerleandMeans,1932)b?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046

4、992?#0046992?b?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?(ShleiferandVishny,1997)b?#0046992?#0046992?#0046992?#0046992?a?#0046992?#0046992?#0046992?#0046992?#0046992,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?/?#0046992?#0046992?0,?#0046992?#0046992?#0046992?#00469

5、92?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?#0046992?52007?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?6,2007?#0046992?#0046992?#00469

6、92?#0046992?#0046992?#0046992?a?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?59?#0046992?b?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?a?#0046992?b?#0046992?,?LaPorta?(1999)?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?(?#0046992?#0046992?#0046992?#004

7、6992?)?,?#0046992?#0046992?(?#0046992?)?#0046992?#0046992?#0046992?b?#0046992?,?#0046992?#0046992?,?#0046992?#0046992?#0046992?b?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?*?#0046992?:?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#

8、0046992?#0046992?#0046992?#0046992?#0046992?#0046992? 100872?#0046992?#0046992?:;?:?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?:hall83sina4;?#0046992?:?#0046992?#0046992?#0046992?#0046992?#0046992?#004699

9、2?#0046992?#0046992?#0046992?:b?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?(?#0046992?#0046992?:07XNA005)?#0046992?#0046992?#0046992?(?#0046992?#0046992?:20080440244)?#0046992?b?#0046992?#0046992?#0046992?#0046992?#00

10、46992?#0046992,?#0046992?,?#0046992?b?52007?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?6?#0046992?#0046992?/2007?#0046992?#0046992?#0046992?#0046992?#0046992?a?#0046992?#0046992?#0046992?#0046992?#0046992?0?#0046992?b?#0046992?#0046992?* 2009?#0046992?10?#0046992? #46#姜付

11、秀黄 磊张 敏 ?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?b?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?#0046992?#0046992?#0046992?a?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?

12、b?#0046992?,?#0046992?#0046992?#0046992?(JensenandMeckling,1976;ShleiferandVishny,1986)a?#0046992?#0046992?(Jensen,1993;RosensteinandWyat,t1993;Cadbury,1992)?(Murphy,1986;JensenandMurphy,1990)?#0046992?b?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0

13、046992?b?#0046992?#0046992?#0046992?,?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?a?#0046992?#0046992?#0046992?;?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?-?#0046992?#0046992?#0046992?#0046992?b?#0046992,?#0

14、046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?b?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0

15、046992?#0046992b?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?(Alchian,1950;Stigler,1958)bJensen?Meckling(1976)?#0046992?#0046992?,?#0046992?a?#0046992?#0046992?#0046992?#0046992?

16、#0046992?,?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?,Aghion?(1995)?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?;?Holmstr?m?Milgrom(1994)?#0046992?#00469

17、92?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#004

18、6992?:?b?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?;?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?b?#0046992?#0046992?#0046992?#0046992?

19、#0046992?#0046992?#0046992?,?a?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#

20、0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?,?#

21、0046992?,?#0046992?#0046992?#0046992?a?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?b?#0046992?,?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?;?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992

22、?#0046992?b?#0046992?#0046992?,?#0046992?#0046992?a?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?a?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?;?#0046992?#0046992?#0046992?#0046992?#0046992?a?#0046992?#0046992?#004

23、6992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?b?#0046992?,?#0046992?#0046992?#0046992?,?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?,?#0046992?#0046992?

24、#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?#0046992?#0046992?:?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?

25、#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?Alchian?#0046992?#0046992?* 2009?#0046992?10?#0046992? #47# ?#0046992?#0046992?a?#0046992?(1950)?Aghion?(1995)?#0046992?#0046992?#0046992?#0046992?,?#0046992?Holmstr?m?Milgrom(1994)?#0046992?#0046992?#00469

26、92?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?,Schmidt(1997)?#0046992?#0046992?/-?#0046992?.?#0046992?#0046992?0?#0046992?#0046992?#0046992?#0046992?-?a?#0046992?#0046992?#0046992?#0046992?;?,?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0

27、046992?,?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?a?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046992?#0046992?#0046992?:?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992;?#0046992?#0046992?#0046992?#0046992a?#0046992?#0046992?#0046992?;?#0046992?#0046992?

28、#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?a?#0046992?#0046992?#0046992?#0046992?#0046992?;?#0046992?#0046992?b? ?#0046992?#0046992?#0046992?#0046992Jensen?Meckling(1976)?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#004

29、6992?#0046992?#0046992?#0046992?#0046992?#0046992?b?Shleifer?Vishny(1986)?,?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?/?0?#0046992?,?#0046992?#0046992?#0046992?#0046992?b?#0046992?#0046

30、992?#0046992?/?#0046992?#0046992?#0046992?0,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?(Williamson,1988)b?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?#004699

31、2?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?(Jensen,1993),?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?/?#0046992?#0046992?#0046992?#0046992?0?#0046992?#0046992?b?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#00

32、46992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?bRosenstein?Wyatt(1993)?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?,Cadbury(1992)?#0046992?#0046992?,?#0046992?#0046992?#0

33、046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?,Jensen?Meckling(1976)?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?b?#0046992?#0046992?,?#0046992?#0046992?#004

34、6992?#0046992?#0046992?#0046992?,?#0046992?/?#0046992?#0046992?#0046992?0b?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?#0046992?,Murphy(1986)?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046

35、992?#0046992?#0046992?b?#0046992?#0046992?#0046992?#0046992?,Jensen?Murphy(1990)?#0046992?,?#0046992?#0046992?,?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0

36、046992?b?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?a?#0046992?#0046992?#0046992?bA-lchian(1950)?#0046992?#0046992?,?#0046992?#0046992?,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992?b?Alchian(1950)?Stigler(1958)?#0046992?#0046992?#0046992,?#0046992?#0046992?#0046992?#0046992?#0046992?#0046992

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