An Empirical Study On The Effect Of Ownership Structure On Agency Cost And Performance

The increasingly use of the automobile has brought the golden age of the automotive industry,facing opportunities and challenges,auto parts industry has thus entered an unprecedented peak of development,but China's capital market is still not perfect,auto parts Industry has been developing in the high-speed,but,at the same time,it also brought some problems,this article mainly study on the ownership structure,agency costs and performance issues.On the basis of summarizing the relevant research at home and abroad,this paper adopts the methods of normative research and empirical research,qualitative and quantitative analysis.Mainly from the perspective of ownership structure and agency costs to explore the impact of corporate performance,and as China's auto parts industry listed companies for samples,selected the 2004-2013 decade data.Firstly,analyze the ownership structure and the relationship between performance,equity structure And the relationship between agency costs,and the impact of ownership structure on the correlation between agency costs and performance.Then,made rationally assumptions and made qualitatively analyzed by using some software.According to the theoretical analysis and qualitative analysis of the data to build a reasonable mathematical model to demonstrate the proposed assumptions.Finally build each model for multiple regression analysis to verify the establishment of the hypothesis.In particular,it is pointed out that the data of the whole sample used in the first two types of relationships are analyzed and validated,and the effect of the ownership structure on the correlation between the agent cost and performance is analyzed by the classification data,so that by comparing the different categories The results of the data test can make the hypothesis of the study more intuitive explanation and demonstration.The results show that there is a significant positive correlation between the performance and the shareholding ratio of the largest shareholder of the auto parts industry of the company at the level of 5%.The Z index of the dominant position is negatively correlated with the performance of the firm at 1%.The state-owned shares of the listed companies in the auto parts industry are positively related to the corporate performance at 1% level.The legal person shares are significantly negatively correlated with the performance at 10% level.The outstanding shares are negatively correlated with the performance but are not significant and have not been tested.The index Z which on behalf of the relative advantage,whose logarithmic form and agency costs are positively related at 5% of China's auto parts industry listed companies.The state-owned shares are positively related to the agency costs of listed companies in China's auto parts industry.The proportion of legal person shares is negatively correlated with the agency cost of listed companies in China's auto parts industry at 5% level.The agency costs of listed companies are positively related.The agency costs of listed companies in the auto parts industry have a significant negative correlation with the performance of the company,which is significant at the level of 1%.When the proportion of the largest shareholder is higher,the effect of agency cost on performance is more significant.The bigger ones.About control variables,firm size and profitability have significant positive correlation effects on firm performance,and have significant impact on agency costs.Obviously,asset-liability ratio has a significant positive correlation to performance.