委托代理关系对上市公司绩效的影响分析
摘 要：本文首先梳理了委托代理理论，在此基础上分析了我国上市公司内部存在的不同委托代理关系及其对公司的绩效所产生的不同影响。妥善处理公司委托代理关系有助于完善公司治理结构，规范经理人行为。主要表现在股东大会和董事会之间的委托代理关系中董事会的规模，董事的持股比例对公司绩效产生影响；董事会和管理当局之间的委托代理关系中管理层的报酬对公司绩效产生影响；企业在分散所有权结构下股东与经理人之间委托代理关系中经理持股比例在一定区间内对公司绩效产生的影响；在集中所有权结构下，控股股东与中小股东的委托代理关系中控股股东的控制权对公司绩效产生的影响。
关键词：委托代理关系；公司绩效；公司治理；
Principal-agent relationship to the performance of listed companies
Abstract：On the basis of principal-agent theory research, analysis of listed companies in China that exist within the agency relationship, and analyzed the different effects of the different agency relationship arising from the performance of the company. Help to improve the corporate governance structure, standardize the behavior of managers. Mainly the size of the board of directors of the agency relationship between the shareholders and the Board of Directors, the stake of the directors have an impact on corporate performance; the remuneration of management in the agency relationship between the board and management authorities to have an impact on corporate performance; commissioned agency relationship manager of its stake in a certain range of corporate performance; between shareholders and managers have widely dispersed ownership structure in the concentrated ownership structure, the controlling shareholder, the controlling shareholder and minority shareholders of the agency relationship control over the impact on corporate performance.
Key words：The agency relationship ；Corporate Performance； Corporate Governance Ownership structure
目 录
3.1股东大会和董事会之间的委托代理关系及其对公司绩效的影响… 3
3.2董事会和经理人之间的委托代理关系及其对公司绩效的影响… 3
3.3经理人和部门经理之间的委托代理关系及其对公司绩效的影响… 4
四 不同所有权集中度下委托代理关系及其对公司绩效的影响… 5
4.1分散股权结构下股东与经理人之间的委托代理关系及其对公司绩效的影响… 5
4.2 集中股权结构下的委托代理关系及其对公司绩效的影响… 5
