摘要/Abstract
在我国新兴加转轨的特殊经济制度背景下，各地区市场化程度出现了较大差异，从而导致各地区上市公司的代理成本有所差别。我们选取2000年－2002年的上市公司作为研究样本，利用樊纲、王小鲁（2003）的编制的中国各地区市场进程指数，研究制度环境的差异对于企业公司治理的影响。经过实证检验我们发现：1、上市公司所处地区的市场化程度较高，那么公司的代理成本相对较低，从而证明了地区的市场化程度确实影响公司的治理结构，好的法律制度环境有利于上市公司治理结构的完善，降低公司的代理成本。2、地区市场化程度的高低对于上市公司经理人的在职消费没有显著的影响，这是因为我国国有企业薪酬管制的存在，在职消费作为低货币性报酬的补偿，承担着隐性激励的作用，这与李增泉、孙铮和刘凤委（working paper，2005）关于我国上市公司经理人的薪酬契约（包括在职消费部分）符合最优契约论的研究结论保持一致。同时，我们也发现公司股权结构、规模和资产负债率也对代理成本有着非常重要的影响。
Under the especial economic system background in our country, there is difference in various local market development, thus causes the agency costs of listed firms different in various area. This paper selects the data of the listed firms in 2000 to 2002, using the data on regional institutional environment of China worked out by Fan and Wang(2003), to investigate the influence of institutional environment for corporate governance. We find that, (1) the regional market development influences CGbetter institutional environment can improve CG and decrease the agency costs. (2) However, there is no influence for perquisite consumption, the reason for which is the existence of compensation regulation in our statedowned corporate. The perquisite consumption remedies the low monetary reward and undertakes the recessive motivating effect. This is in accord with Li, Sun and Liu (2005) in which the managers’ compensation contracts conform to the superior contracting theory. Moreover, we find other factors influencing the agency costs: ownership structure, corporate size and level.