Emipirical Study On The Change Of The Controlling Shareholders Agency Cost When The Transfer Of Control Right

The nature of transfer of control right is the step of replace on some rare control right resource and the structure of stock.The estimate on the effect of transfer of control right is mainly based on whether the replace on resource can be improved and the Agency problem can be depressed.most of stock structure of Chinese listed company are centralized and the controlling shareholders controlthe listed company at large. the action of the controlling shareholders aggrieving the small shareholders bring the listed company some Agency cost. because of the extent of aggrieving of the controlling shareholders are different before the transfer of control right and after the transfer of control right ,it make some change on the Agency cost of listed company .the article make the researchment on the measurement of the change of listed company Agency Problem and its affect factor.The article take "the private part of the control right" as the realize of agency cost of controlling shareholders and make the reasearchment.We know that the control right income of listed company is make up with two parts.the public part is that after the the controlling shareholders gain the control right,it improve the performance of listed company through strengthen the management and depress the Agency cost and so on and they gain income from the improvement. the public part is that after the the controlling shareholders gain the control right,it gain the excess income that the small shareholders can not get through the utilization of the inter information ,transfering the resourse of the listed company and the utilization of the perstige of the controlling shareholders. The private part of the control right is made up of three parts: the financing engross of controlling shareholders,the relating business of controlling shareholders and the agency cost of controlling shareholders made by the match stock action of the listed company. The public part of the control right is expressed by the closing quotation price of every years,and it must exclude the influence of the index change. Through the calculation we can measure the the private and public parts of the control right.On the base of the measurement of private and public parts of the control right,the article build and analyse the "marginal rate of Agency" of controlling shareholders based on the comparation of agency problem before the transfer of control right and after the transfer of control right. The article make a estimate on the effect of the transfer of control right on the angle of agency cost.It is a great makeup on the review of the effect of the transfer of control right only on the angle of the performance.It can make the effect of the transfer of control right more complex.