Study On The Influence Of Capital Structure Of Listed Real Estate Companies On The Cost Of Equity Agency

Because of the information asymmetry,the stakeholders of the listed real estate enterprises in our country are too high,and the enterprise value can not be maximized.If companies want to enhance their competitiveness,enhance the value of the enterprise,they need to make scientific decisions to reduce the cost of enterprises.Due to the existence of equity agency costs,further exacerbating the waste of enterprise resources,damage the interests of shareholders,the rational allocation of social resources hinder.So it is necessary to investigate the influence of capital structure on the agency costs in this context.Equity agency problems include the interests of controlling shareholders and the minority shareholders in the two inter agency problems caused by conflicts too.Correspondingly,there are also produced second of the cost of equity agency first class equity agency cost of managers and shareholders,between the two and the controlling shareholders and minority shareholders in two,only one of the equity agency cost research results will lead to one-sided.Based on the above reasons,this paper studies the impact of the capital structure of listed real estate companies on the equity agency cost.First of all,the paper analyzes the domestic and foreign literature on the agency cost,and summarizes the current situation of the research on the agency cost.Then the theoretical analysis is carried out to explore the influence of the capital structure of listed real estate companies on the equity agency cost.On this basis,with the background of share reform,choose Shenzhen and Shanghai A shares listed real estate enterprises as the research object.According to the characteristics of capital structure and equity agency cost,select the relevant indicators as an alternative variable,establish appropriate regression models.By using SPSS software,this paper empirically tests the influenceof the capital structure of listed real estate companies on the equity agency cost.The empirical part starts from two angles to explore the broad sense of the capital structure,as well as the narrow sense of the capital structure,respectively,the impact of equity agency costs.And in the empirical analysis,the equity agency cost is divided into two parts: the agency cost between the managers and the shareholders,and the agency cost between the controlling shareholders and the minority shareholders,which makes the research content more comprehensive.Finally,this paper summarizes the main conclusions of this paper,and from the point of view of reducing the agency cost,this paper gives some policy suggestions on how to regulate the financing behavior of listed real estate enterprises.Listed real estate companies to set up a reasonable capital structure is conducive to promoting the reduction of agency costs,while the major defects of the capital structure will have a negative impact on the two types of agency costs.The study is of great significance to regulate the financing behavior of listed real estate enterprises,improve the management of enterprises,improve the efficiency of corporate governance,enhance the economic efficiency of enterprises,and promote the optimal allocation of economic resources.In addition,the study is also conducive to stimulate the overall development of the economy,so as to strengthen the confidence of listed real estate companies for investors in the industry,and promote the healthy and stable development of the national economy.