治理环境、企业寻租与交易成本

©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()ChinaEconomicQuarterlyVol19,No12January,20103,Andersonetal.(2006),,,,,,,3,;,/:,2800/,201620;[phone];E2mail:[e-mail](:J51701),(:70572105)(:06JJD630016),,Coase(1937),(1987),(1998),,,,(,2004),,,(Spulber,1999)(),©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()9(),,,,,,,,(JensenandMeckling,1976;FamaandJens2en,1983),,,1,,,,(,2001;,2002);,,(,2005;,2005),,,Aschauer(1998)Bhagwati(1982),,21DagninoandFarina(1999),(),,,2,,,,,,20068,2004GDP2127%,3700Caietal.(2005),20%,2%3%,(2005),,Caietal.(2005),,©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(1987),,,,,,,:,,,,,,,Buchanan(1980),;Tollison(1982),,,,,,,,,,Posner(1975),Brennanetal.(1980)Tullock(1980a,1980b),,Mageeetal.(1989),,,,,©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()9,DouganandSynder(1994),,,,(HillmanandKatz,1984;Roger2son,1982;Linster,1993),,(Krueger,1974;CowlingandMueller,1978;MohammadandWhalley,1984;Ross,1984)4,Caietal.(2005),5,,,,,6,,4Krueger(1974),7%,15%;CowlingandMueller(1978),(grosscorporateproducts)13%MohammadandWhalley(1984),25%40%;Ross(1984),38%53470(ETC),,,,ETC6,7,(AB),,,,,(,2003,2004,2006),,,7,,©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(1990),,,,,:H1,,,,(2006),,5116,7813,,,:H2,,,,:,(),;,,,;,,,,:H3,,8,()20012004A8,©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()9:(1),;(2),,;(3),(4),,9,,30739,112001200220032004563845845820307312001,,,7,1()1.RajanandWulf(2006a)Yermack(2006)©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(2005);(2005)10,Anderson,Banker,Huang,andJanakira2man(ABHJ)(2006),,:;,1011,12,ABHJ(2006),(SG&ACosts),,,,,,,;,:SG&Ai,tSALESi,t-1=1SALESi,t-1+SALESi,tSALESi,t-1SALES_DECREASE_DUMMYi,t+ui,t,,,11;,;,,;,,,,ABHJ,(SG&A),,,,,SG&A,SG&A(SG&A)12=---(©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()9)2.,ABHJ(2006)ABHJ,(,,),,,,ABHJ,,:(1)DEPRE,,,;(2)PAYSTAFF,13;(3)SALES,DECR_DUM,ABHJ,(1)(3)141314,,15,,,(),(EFFI)15,,,,,,,(SIZE,),3.:()(GOVREG),(GOVDAY),2006©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:120(),(%)(TRUST),,1616,,,,(),,,17,,4.,,,:(1),(,2005),(PAYMNG)(2)Hirsch(1976)RajanandWulf(2006a,2006b),,CEO,,(SUBNUM)17,(3)RajanandWulf(2006a),,,FIRMAGE(),(4)(STATE,1,0)(5),:SG&Ai,t=INSTi,t+DEPREi,t+PAYSTAFFi,t+SALESi,t+SALESi,tDECR_DUMi,t+EFFIi,t+SIZEi,t+PAYMNGi,t+SUBNUMi,t+FIRMAGEi,t+STATEi,t+ui,t,INSTi,ti,,()22,,2019%;1819%,1%117%,99%11712%,7149,4133;62157,22195,©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()96316%,1716%2(307318)1%99%SG&A20.9%15.7%18.9%1.7%117.2%GOVREG7.496.464.33015.78GOVDAY362.576022.958.1121.3TRUST363.6%65%17.6%36%98%PAYSTAFF9.90%8.50%6.80%0.70%36.00%DEPREE7.20%5.60%6.20%0.20%33.10%SALES123.90%114.80%59.10%23.30%477.00%DECR_DUM27.7%044.8%01EFFI1.070.362.460.0317.50SIZE32748.2016793402.273421461STATE()77.2%141.9%01PAYMNG3186130.7130000171880.919999.991000000FIRMAGE39.918103.94323SUBNUM37.7258.12042:,3,(GOVDAY)3Pearson,(SG&A)(PAYSTAFF)(DEPRE)(SALES),,015301300130,;(EFFI)(SG&A),-0111,,,,SG&AGOVREG,,;GOVREGSG&A(),,,18GOVREGTRUST,3044,©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()9()ABHJ,,GLS,1919,,,,,,,,413,,,:(1),(GOVREG)-0100091%,()(SG&A)()0139%;(2),(GOVDAY)-010121,1%,(),SG&A()0159%;(3),:(TRUST)-010398,(),SG&A()0170%4,,,(),,H1H2H34GLS:SG&A(1)(2)(3)(4)GOVREG-0.0009333-0.0012333(0.0001)(0.0001)GOVDAY-0.0121333-0.0081333(0.0010)(0.0011)TRUST-0.0398333-0.0303333(0.0001)(0.0042)©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.():SG&A(1)(2)(3)(4)PAYSTAFF1.22403331.22983331.21973331.2101333(0.0147)(0.0136)(0.0140)(0.0138)DEPRE0.45833330.41703330.41923330.4348333(0.0181)(0.0151)(0.0174)(0.0184)SALES0.03593330.03743330.03683330.0388333(0.0011)(0.0011)(0.0011)(0.0011)SALESDECR_DUM0.002133-0.0004-0.0015-0.0001(0.0011)(0.0011)(0.0010)(0.0011)EFFI-0.0086333-0.0091333-0.0089333-0.0091333(0.0003)(0.0003)(0.0003)(0.0003)STATE-0.0182333-0.0155333-0.0164333-0.0166333(0.0014)(0.0014)(0.0013)(0.0013)PAYMNG-0.0037333-0.0055333-0.0059333-0.0031333(0.0007)(0.0006)(0.0005)(0.0006)FIRMAGE0.00083330.00103330.00143330.0132333(0.0002)(0.0002)(0.0002)(0.0014)SUBNUM0.01043330.01003330.00973330.0105333(0.0007)(0.0006)(0.0006)(0.0007)SIZE-0.0330333-0.0341333-0.0328333-0.0338333(0.0008)(0.0006)(0.0007)(0.0007)Constant0.31133330.28853330.35013330.2751333(0.0095)(0.0095)(0.0083)(0.0122)Observations3073304430443044Numberofid845837837837Waldchi226639486095143234544Probchi20.000