我国上市公司股权结构对股权代理成本影响的实证研究

An Empirical Study on the Impacts of Ownership Structure of Chiua's Listed Companies upon the Equity Agency Cost

根据代理理论,股权代理成本可细分为股东与经营者之间的利益矛盾而引起第一类股权代理成本和控股股东与中小股东之间的利益冲突而引起的第二类股权代理成本。本文以中国上市公司为样本,对股权结构与这两类股权代理成本的关系进行了理论与实证分析。实证分析结果表明,我国上市公司的股权结构对股权代理成本有着显著影响,因此,我们可以通过优化上市公司的股权结构来降低其股权代理成本,提高财务治理效率。

This paper takes our country＇ s listed company as samples in order to analyze theoretically and empirically the relationship between ownership structure and equity agency cost. The result shows that the ownership structure of our country＇ s listed company has important impacts on the equity agency cost, so we can reduce the equity agency cost and raise the efficiency of financial governance through the improvement of the ownership structure of our country＇ s listed company.