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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/7505

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/7505

Title:	The Impact of Share Holding and Ability of Managers on The Firm Value of State-Owned Enterprises in China - An Application of Financial Agency Theory
Authors:	廖四郎;蔡揚宗;張敏蕾 Liao, Szu-Lang;Tsay, Jimmy Y.T.;Chang, Ming-Lei
Keywords:	agency relationship;state-owned enterprise;shareholding;compensation surplus
Date:	2002
Issue Date:	2008-11-14 12:38:51 (UTC+8)
Abstract:	This study aims to investigate the corruption and collusion problems occurring in the reforms of state-owned enterprises in China, and to analyze how this problem affects the performance of state firms. Using the idea of principal-supervisor-agent relationships, we analyze the decay of officials control over state-owned enterprises resulting from the change that employees, managers and the public are now allowed to hold shares of state-owned enterprises, and they can claim the residual rights of the enterprises. From our analysis, the corruption and collusion between officials and managers may not become less serious. The performances of state-owned enterprises will not be improved even after the introduction of the shareholder system. We use a game-theoretical model involving public, government officials and enterprise managers, focusing on political considerations to study the effect of ownership structure of state-owned enterprises.
Relation:	中山管理評論, 10, 3-39
Data Type:	article
Appears in Collections:	[金融學系] 期刊論文

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