Abstract Based on data of A-share listed companies,this paper analyzes the relevance of executive incentive,corporate debt and agency costs.The results show that in our country,salary incentives can effectively reduce agency costs,while share right incentives aren’t so effective.And debt can also reduce the agency costs which play a complementary role to the incentives.Meanwhile,further studies show that,under different ownership properties and debt maturities,the effects of executive incentives and corporate debt to agency costs are different: debt can reduce agency costs of company-paid consumption in non-state-owned enterprises and agency costs of inefficient operation in state-owned enterprises.Compared with long-term debt,short-term liabilities can improve agency efficiency.
SUN E-Na,SHEN Yi. Corporate Liabilities,Executive Incentives and Agency Costs──Based on Empirical Study of Chinese Listed Companies. Economic Survey, 2015, 32(5): 0102.
2015, Vol. 32 
