On the Two Rights Separation of Ultimate Controller,Ownership,Management Governance
研究终极控制人两权分离对管理层治理的影响，发现两权分离导致治理变差，但地方政府控制的企业治理更好；政府干预会改变这一关系。
Based on the perspective of political cost and agency cost,this paper exams the separation of two rights of ultimate controller's impact on management governance,using the sample of listed firms controlled by local government and individual during the 2003-2005.The paper also analyzes the influence of ownership and government intervention.The results indicate that the firms with two rights separation have worse management governance,but the firms controlled by local government are better one.Because of the coactions of political cost and agency cost,we cannot define the influence of two rights separation on firms controlled by local government. Meanwhile,government intervention can directly affect political cost In the firms which belong to less government intervention regions and controlled by local government,two rights separation can result in better management governance,while individual firms are on the contrary.Moreover,the authors inspect the endogenous selection problem on two rights separation.