Agency Costs Under The Perspective Of Our Country Listed Company Capital Structure Optimization Research

The option of the financing methods and the determination of the most optimized capital structure are still the heating topics in the study of corporate financing theories. The Ultimate goal of a corporate is to increase the marketing value of the organization. Optimal capital structure is refers to raise the maximum of enterprise value during a certain period of time, while decrease the weighted average capital cost. It should be the goal of the enterprise capital structure. The present studies show that, the optimal capital structure should be in an interval, in this range, the financial management target of the enterprise will be taken, maximize the value of enterprises.Based on the literatures studied from local and foreign scholars, the dissertation analyzes the relationship between the corporate agency cost and the most capital structure and suggests the appropriate way to make the policies to regulate the financing actions in order to decrease the agency cost. This paper introduces the theory, agency cost theory, trade-off theory, control theory, motivation theory, and discusses the goal of optimal capital structure establishment and judgement method. Then, this paper adopted in2010in Shanghai and Shenzhen,1555listed companies as samples, through the establishment of model, accurately reveal the internal relations of the agency cost and capital structure, the results show that, from the angle of agency cost, the optimal capital structure is existence. Finally, in view of the listed companies’agency problems, put forward to perfect corporate governance, to optimize the financing environment by policy recommendations. It has the most positive influence on the financing field.