A Research On Capital Structure Of Chinese Listed Enterprise

the principal-agency problem does not only exist in western country, but also exists in developing countries, but the problem in our Chinese listed enterprise is very serious, There is many reason to lead the principal-agency problem include the self malpractice of principle-agency problem ,and also include unrational capital structure of Chinese listed enterprise.Though positive analysis, this paper point out that the capital structure influence the company's market value. The stocks issuing preference also lead to low-efficient management of listed company, middle and small shareholders lack protection, the in-holder in facts determines the administrative behavior pattern, which also make principal-agency problem of our listed companies seriously.Finally , according to the results of analysis, this paper put forward some optimal methods to adjust the capital structure of our listed enterprise to improve governance model and resolve principal-agency problem.