The Corporate Governance Character And Large Shareholders Agency Problem

Agency is core of corporate governance, corporation governance has not good effect at large in China, stock right is high concentrated, interior governance is not enough, so list company must face complex agency problem.The expropriate behavior which hurt small shareholder interest can affect the performance of list company in the end, furthermore it can affect the stabilization of market. At first, this paper introduce some research about corporate governance character and large shareholder agency problem, point out some corporate governance character can influence large shareholder agency problem, subsequently, according to analysis large shareholder agency behavior, link the relationship between corporation governance character and large shareholder agency behavior.The research aims at find the relationship between corporation governance character and large shareholder agency problem using empirical analysis. According to data collecting by questionnaire, using structure equation model, we study that the structure of stock rights, corporate inside governance, independency, transparence, size, debt influence associate business ,control of earnings , refinance. In our research, according to questionnaire we get the data, in the process of treat with data, we use correlation analysis, employ SPSS and LISREL doing empirical verify. According to empirical analysis and theoretical discuss, the conclusion indicate structure of stock rights and corporate inside governance can influence associate business, control of earnings, financing straightly. Strength corporate inside governance can in favor of restraining the expropriate in associate business and financial, but it has little influence on control of earnings, so in this time we can't ignore strength corporate inside governance in reforming structure of stock rights. Independency influences associate business and financial straightly, the mix between listed company and shareholder personnel, operation, capital fosterage associate business. When there is problem of debt, large shareholder has motivation to control of earning.At last, we discuss the limit and prospect the future research.