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equity agency
相关语句
  股权代理
     The Analysis of the Impacts of the Listed Companies Capital Structure on the Equity Agency Cost
     我国上市公司资本结构影响股权代理成本的实证分析
短句来源
     For debt also has agency cost, an enterprise has to weigh between equity agency cost and debt agency cost when making capital structure decision.
     但由于债务本身亦存在代理成本,因此,企业资本结构决策必须在股权代理成本与债务代理成本之间做出权衡。
短句来源
     According to agency theory, the cause of enterprise incurring debt is to ease up the conflict between the management and shareholders and limit equity agency cost by debt.
     根据代理理论的解释,企业负债的原因是为了利用负债来约束股东与管理层之间的冲突,降低股权代理成本。
短句来源
     This paper examines how the capital construction has effect on the equity agency cost from 1990 to 2003 in the Shenzhen and Shanghai Stock Exchange. It shows that(a)there is a negative and significant correlation between the proportion of operator's shareholding and the equity agency cost;
     本文对1990—2003年上市公司资本结构影响股权代理成本的实证分析表明,经营者持股比例与股权代理成本呈显著负相关;
短句来源
     (c)there is positive and comparatively significant correlation between the state-owner shareholding proportion,tradable shareholding proportion and the equity agency cost.
     国家股比例和流通股比例与股权代理成本呈较显著正相关。
短句来源
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  “equity agency”译为未确定词的双语例句
     Which Internal Governance Mechanisms Affect Corporate Equity Agency Cost——A Comparision of Governance Efficiency between Block Shareholder and of Director
     何种内部治理机制影响了公司权益代理成本——大股东与董事会治理效率的比较
短句来源
     Excess Employment,Equity Agency Cost and Corporate Value——Evidence from State-owned Listed Companies
     超额雇员、权益代理成本与公司价值——来自国有上市公司的经验证据
短句来源
     We find that despite of some difference in board's structure between state controlled firms and no-state controlled firms,the independence of board has little influence on corporate equity agency cost.
     研究发现,董事会独立性在国家控股公司与非国家控股公司之间存在一定的差异,但对公司权益代理成本几乎没有影响;
短句来源
     What's more,among state controlled firms,the more stocks controlled by the block shareholders,the more equity agency cost is assumed.
     并且,在国家控股公司中,控股股东持股比例越高,公司权益代理成本越高。
短句来源
     We also find that governments directly controlled firms assume more equity agency cost that other state controlled firms.
     此外,文章还发现,国家控股方式影响了公司权益代理成本,国资部门控股公司代理成本显著高于其他的国家控股公司。
短句来源
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  相似匹配句对
     Equity Structure, Agency and Corporate Diversification Discounts
     股权结构、代理问题与公司多元化折价
短句来源
     On Insurance Agency
     完善保险代理制度的法律思考
短句来源
     Unnamed Agency
     论隐名代理
短句来源
     Equity can improve agent behavior and reduce agency costs.
     并且认为,股权激励可以减低代理成本,促使代理人行为长期化,是现代企业普遍遵循的管理法则。
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     Justice as Equity
     作为公平的正义
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  equity agency
The two proxies for equity agency costs that are trialed - operating expense ratio and asset turnover ratio - both appear lower in more complex agency relationships.
      
(2000) making a pioneering attempt to estimate equity agency costs in a large cross-sectional sample of smaller, non-publicly traded companies in the United States.
      


According to agency theory, the cause of enterprise incurring debt is to ease up the conflict between the management and shareholders and limit equity agency cost by debt. For debt also has agency cost, an enterprise has to weigh between equity agency cost and debt agency cost when making capital structure decision. There exists a close relationship between enterprise debt agency debt and debt term structure. Debt term structure and debt category structure have an important effect...

According to agency theory, the cause of enterprise incurring debt is to ease up the conflict between the management and shareholders and limit equity agency cost by debt. For debt also has agency cost, an enterprise has to weigh between equity agency cost and debt agency cost when making capital structure decision. There exists a close relationship between enterprise debt agency debt and debt term structure. Debt term structure and debt category structure have an important effect on debt agency cost. Bonds in enterprise debts have signaling function, which can lower debt agency cost on the whole.

根据代理理论的解释,企业负债的原因是为了利用负债来约束股东与管理层之间的冲突,降低股权代理成本。但由于债务本身亦存在代理成本,因此,企业资本结构决策必须在股权代理成本与债务代理成本之间做出权衡。企业债务代理成本与债务结构存在紧密的联系。债务的期限结构、类型结构都将对代理成本的高低产生影响。企业债务中的债券具有的信号显示功能,有助于总体债务代理成本的降低。

Capital structure is an important aspect of corporate governance;it has impacts on the corporate agency cost.This paper examines how the capital construction has effect on the equity agency cost from 1990 to 2003 in the Shenzhen and Shanghai Stock Exchange.It shows that(a)there is a negative and significant correlation between the proportion of operator's shareholding and the equity agency cost;(b)there is a negative and insignificant correlation between the debts financing structur,the proportion...

Capital structure is an important aspect of corporate governance;it has impacts on the corporate agency cost.This paper examines how the capital construction has effect on the equity agency cost from 1990 to 2003 in the Shenzhen and Shanghai Stock Exchange.It shows that(a)there is a negative and significant correlation between the proportion of operator's shareholding and the equity agency cost;(b)there is a negative and insignificant correlation between the debts financing structur,the proportion of legal-person shares and the largest shareholding proportion;(c)there is positive and comparatively significant correlation between the state-owner shareholding proportion,tradable shareholding proportion and the equity agency cost.These findings indicate that the capital structur has a direct affection on the contract relations between the shareholders,operators and creditors.optimizing the capital structur is an important approach to improve the listed companies' governance and minimize the agency cost.

公司资本结构是公司治理结构的重要方面,它对公司代理成本有着直接的影响。本文对1990—2003年上市公司资本结构影响股权代理成本的实证分析表明,经营者持股比例与股权代理成本呈显著负相关;负债融资比例、法人股比例和第一大股东持股比例与股权代理成本呈不显著负相关;国家股比例和流通股比例与股权代理成本呈较显著正相关。这些研究结论表明,资本结构对股东、经营者和债权人之间的契约关系有着直接的影响,完善资本结构是完善我国上市公司治理结构从而降低代理成本的重要途径之一。

This paper tests which internal governance mechanisms,block shareholders or board of directors,affect managers' agency cost with a measure of relative overhead expense.We find that despite of some difference in board's structure between state controlled firms and no-state controlled firms,the independence of board has little influence on corporate equity agency cost.On the other hand,ultimate ownership significantly affects it,i.e.whether the difference of board's structure is controlled,state controlled...

This paper tests which internal governance mechanisms,block shareholders or board of directors,affect managers' agency cost with a measure of relative overhead expense.We find that despite of some difference in board's structure between state controlled firms and no-state controlled firms,the independence of board has little influence on corporate equity agency cost.On the other hand,ultimate ownership significantly affects it,i.e.whether the difference of board's structure is controlled,state controlled firms' equity agency cost is significantly higher than that of no-state controlled firms.What's more,among state controlled firms,the more stocks controlled by the block shareholders,the more equity agency cost is assumed.We also find that governments directly controlled firms assume more equity agency cost that other state controlled firms.

文章采用相对管理费用作为权益代理成本的代理变量,以1999~2002年上市公司为对象,检验了两种核心的内部治理机制———大股东和董事会对公司经营者代理问题的影响。研究发现,董事会独立性在国家控股公司与非国家控股公司之间存在一定的差异,但对公司权益代理成本几乎没有影响;相反,终极控股权性质对权益代理成本产生了显著影响,即无论是否考虑董事会独立性的影响,国家控股公司的代理成本显著高于非国家控股公司;并且,在国家控股公司中,控股股东持股比例越高,公司权益代理成本越高。此外,文章还发现,国家控股方式影响了公司权益代理成本,国资部门控股公司代理成本显著高于其他的国家控股公司。

 
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