| Agency problems arise in China's listed companies, and there is very special relationship with its ownership structure. Overall, the ownership structure of listed companies in China showed the following characteristics: (1) public ownership is dominant, and state-owned shares are in a holding position. State-owned nature of the major shareholders is the important difference between Chinese listed companies with Western countries; (2) state shares and legal person shares can not be listed in circulation, almost in a state of coagulation, and the ratio of negotiable shares in the total capital is low; (3) the stock ownership of manager and employee is relatively low.Based on the theory related to separation of ownership and principal-agent theory, this paper summarized the existing research results, through the theoretical research and empirical analysis, discussed the relevance between the ownership structures of listed companies with their agency costs. The main content as follows:(1)From the special background that Chinese listed companies are growing in the transition period, this paper analyzes the major problems which exist in the governance structure of Chinese listed companies, and analyzes quantitatively agency costs.(2) This paper discussed the theory related to "separation of ownership" and principal-agent theory, and then summarized and evaluated the domestic and foreign research literature related to the ownership structure of listed companies and the agency costs.(3)From equity property, insider ownership, ownership concentration, stock balance degree, stock liquidity, and other angles, this paper quantify the ownership structure, make financial data of listed companies as the sample, study its relationship with the agency costs and attempt to analyze the causes of empirical results;(4)This paper proposed to measures and suggestions to improve the ownership structure of Chinese listed companies, reduce agency costs, and improve corporate governance. |
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