国有上市公司管理层过度在职消费与资本结构关系的实证研究.pdfVIP

Abstract The separation of ownership and management has become an important character of companies nowadays, which made reducing the agency cost the key to corporate governance. The Chinese capital market is now under a transition condition, corporate government mechanisms are imperfect and incomplete in listed companies especially the state-owned listed companies .In this case, excess on-the-job consumption becomes a prevalent phenomenon in the state-owned listed companies. To some extent, this excess on-the-job consumption made