上市公司代理成本与资本结构实证分析:基于浙江省上市公司数据

Demonstration analysis of listed company agent cost and capital structure: data based on Zhejiang province listed company

文章在综述国外相关代理成本理论的基础上,利用2012年浙江省上市公司数据,实证分析了公司资本结构、公司规模、公司成长性、股权集中度和管理层持股比例与代理成本之间的关系,发现存在资本结构使得代理成本最小,且公司规模越大,成长性越高,代理成本越小。

Basing on summarizing tile documents and researching the agency cost theory abroad, the thesis empirically analyzes how the capital structure,firm size, growth phrase,ownership concentration and Managerial stockholding level affect the agency cost. The result of this article＇s analysis indicate that both firm size and growth phrase have significantly negative correlation with agency cost, and there is optimal capital structure of minimum agent cost.