Ownership Structure And Equity Agency Costs

With the process of acceleration of the socialist market, China's financial market has gradually opened.Capital market, especially the stock market has made considerable progress in the development.In China, the listed companies have been expanding, and the number of listed companies increase rapidly. Today, the listed companies have an impact on the development of a national economy can not be ignored. But because of the special historical factors, the vast majority of listed companies in China are reformed from the state-owned enterprise. The ownership structure of these companies is very complex. There are state-owned shares, legal person shares, public shares symbiotic, the non-tradable shares co-exist with the tradable shares, the major shareholders due to the dominance, the problem of the same shares has the different rights is outstanding. Special ownership structure of listed companies has brought the complexity of the agency problem of equity, especially between the shareholders and the managers, the controlling shareholders and the minority shareholders,these agency problems are particularly prominent.The problem triggered from the equity agency cost of is seriously restricting the development of China's listed companies.This article draws on the basis of previous studies, divided the agency costs of listed companies in China into the first equity agency costs and the second equity agency costs. A share listed companies in China as the research object in this article. Through the theoretical analysis and empirical validation, this article researches the relationship between the ownership structure and the equity agency costs in china's listed companies. The results show the ownership structure of china's listed companies:the ownership concentration, the equity and balance degree, the proportion of state-owned shares, the proportion of managerial ownership and the proportion of debt ratio have a significant impact on the equity agency cost of china's listed companies. Increased the ownership concentration, the equity and balance degree, the proportion of state-owned shares, the proportion of managerial ownership and debt ratio can optimize the ownership structure, reduce the listed companies" agency costs, and improve the efficiency of financial governance of listed companies.