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本文以我国沪深A股市场上2005年第1季度到2012年第4季度的上市公司为研究样本,分析央行的货币政策是否影响上市公司的代理成本?结果表明:央行较为宽松的政策增加了上市公司的两类代理成本,对东部地区公司的第一类代理成本的影响要大于西部地区公司,而对西部地区公司的第二类代理成本的影响要大于东部地区公司,并发现公司治理机制在一定范围内能够减少货币政策带来的代理成本,然而西部地区企业和国有企业的公司治理机制不能有效地降低货币政策执行所带来的代理成本,本研究为评价和理解货币政策对微观企业的影响,认识公司治理机制的新的功能和作用提供了增量经验证据,拓展了相关领域的研究。
This paper takes the listed companies in China’s A-share market from the first quarter of 2005 to the fourth quarter of 2012 as the sample to analyze whether the central bank’s monetary policy affects the agency costs of the listed companies. The result shows that the more lenient policy of the central bank increases The two kinds of agency costs of listed companies have a greater impact on the first type of agency costs of companies in the eastern region than those in the western region, while the second type of agency costs of companies in the western region have a greater impact on the agency costs of the eastern region and find that the corporate governance mechanism However, the corporate governance mechanism of enterprises in western China and state-owned enterprises can not effectively reduce the agency costs brought by the implementation of monetary policy. This study aims to evaluate and understand the impact of monetary policy on micro-enterprises The recognition of the new functions and functions of corporate governance mechanisms provides incremental empirical evidence and expands research in related fields.