Study On The Impact Of State-owned Shares On The Agency Cost Of Private Listed Companies

In 2018,many private listed companies are facing the risk of equity explosion,enterprises are facing a lot of crisis,many state-owned enterprises have entered the stock investors,came to the rescue of the market.These state-owned capital into private listed companies or private enterprises to actively introduce state-owned assets of the incident softened until 2018,even in the period of mixed ownership reform is in full swing.First,state-owned equity may change the equity structure of private listed companies,form a centralized equity structure model or decentralized equity structure model,the change of equity structure will have different effects on the cost of two types of agency,and secondly,under the special socialist market economy in China,state-owned capital has unique political attributes.Such a background will have a binding effect on the behavior of managers and shareholders,promote the standardization of the management of private listed companies,and the changes of these behaviors are directly related to the conflict between managers-shareholder agents and major shareholders-small and medium-sized shareholders.Therefore,based on the above background,this paper discusses the impact of state-owned shares on the cost of agents of private listed companies.From 2003 to 2018,all private listed companies in Shanghai and Shenzhen as research samples,all private listed companies are divided into state-owned listed companies and state-owned listed companies not invested in shares,and the construction of a double differential model to analyze the impact of state-owned shares on the cost of private enterprises.Then according to the state-owned shareholders of different shareholding stakes are divided into state-owned equity participation group and stateowned holding group,and then refine to see how the state-owned shares in the two different circumstances of the private listed companies agent costs have any impact.The empirical results show that:(1)State-owned shares in private listed companies will significantly reduce their two types of agency costs.(2)The state-owned shares in private enterprises will significantly improve the performance of private enterprises.(3)In the private enterprises controlled by state-owned enterprises,the agency conflict between the manager stakers of private listed companies and shareholders has a significant restraining effect,while in the enterprises in which state-owned shares are invested,the negative effect of state-owned shares on the representation problem of the majority shareholders of private enterprises-small and medium-sized shareholders is more significant.Under the background of the escalating debate on state-owned capital,it is very important to enrich the theory of the influence of state-owned capital investment on private enterprises,which is very important to understand this phenomenon in a complete and systematic way.This paper looks at the impact of state-owned capital on the agency cost of the enterprise from the perspective of private enterprises,and provides new ideas and experiences for the private listed companies to reduce the agency cost and promote the growth of the company's performance.It also provides a new way of thinking for our government to realize the preservation and appreciation of state-owned capital.