| Abstract: | This paper starts from the different types of corruption in SOE, constructs the internal mechanisms of five kinds of agency-cost dissimilation that influence the SOEs performance, and based on the data of Chinese state-owned listed companies from 2008 to 2015, classifies and measures these agency costs. This study shows that the major problems of power renting, on-the-job consumption and related transactions for private benefits bring significant negative effect to the enterprise performance. Social responsibility is likely to damage the short-term interests of the internal stakeholders, but will increase the media exposure that may improve the enterprise performance via external supervision and constraint. Furthermore, the CEO duality in SOEs and the increasingly close political associations will enlarge the effect of agency cost on business performance, but the influence mechanisms are different in the measurement of classified SOEs. This research offers a new theoretical perspective to the SOE reform and classified governance. |
