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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: http://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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