Board Governance And Empirical Analysis Of Agency Costs

The incidents of a lot of infringement stockholder's equities have taken place both at home and abroad at present, such incidents as for instance Enron Co. and Worldcom Co. incidents, such as domestic Yili Group, China Aviation Oil Co. incidents, etc., because the supervisory organ of the company has not given play to the role, the operator makes the thing of encroaching on the stockholder's equity. These incidents caused by operator, the result formed by the fact that supervise doesn't one's best. Company enforcement for board of directors, and among the agent relation commission that form under two right separate situation organization of authority to supervise, the board of directors is that a client is an agent too, reflect the important status in the company manages of board of directors. Because the information asymmetry question and natural interests difference exist between the owner and the operator, produced agency cost. In order to reduce the cost, ensure company maximization of value, should strengthen the supervision function of the board of directors, so it is very important to promote the efficiency of managing of the company.I analyze the theory documents of agency cost about domestic and international, finding that the scholars study and act for the cost and set about two respects from stock right structure and independent character of board of directors, a scholar hasn't systematic research on government of the board of directors and the cost related until now. And utilize more western developed data of state company to the positive research of acting for the cost, utilize data of developing country carry on document of research few, especially use the data of the listed company of our country. This text uses the experience that the foreign company manages for reference, utilize the data of the listed company of our country to carry on the positive research, the characteristic of board of directors like the scale of board of directors, independent director proportion, hold share director proportion, two duty state, establishment of Commission on Audit situation and the director's quality is variables, establish the relation model between the characteristic of board of directors and the cost, use the SPSS software to count and deal with models, to analyze the dependence between the characteristic of board of directors and the cost. In study course, I expenses expenditure agency cost that rate show as explain intovariable as a means of production and marketing person who sell; Scale of board of directors of Israel, independent director proportion, hold share director proportion, two duty state, Commission on Audit set up between situation and director quality for variable of explaining; Regard stock right concentration degree, information index, proportion of circulating stock, company's scale and asset-liability ratio as control variables , establish the general relation model between them. The conclusion shows, even when the describing is analyzed, certain regularity exists in these models, but they don't pass the significance of meaning count, therefore board of directors every characteristic and the cost is independent.This text doesn't seek the relation between the characteristic of board of directors and the agency cost, the reasons among them may be the construction of the modern enterprise system of our country only more than 20 years, compared with the developed country, differ greatly. Governing the mechanism in perfecting the listed company of our country, it isn't only enough to strengthen functions of board of directors, need setting-up of the auxiliary systems of some outside, for instance the capital market, human resources pool, etc. Analyzing through the description of this text, can find out that the reform measures of the listed company of our country play a positive role, if board of directors scale setting up suitable number, can reduce the cost; increasing Independent proportion of director, can reduce the agency cost too. I hope that this article can offer reference for the administration of securities broker company, investment company, listed company of our country, so that achievement in theory apply to the practice, perfect the company of our country better.