An Empirical Study On The Impacts Of Ownership Structure Of Chinese Listed Companies Upon The Debt Agency Cost

The ownership structure of the listed company refers to the configuration structure of the internal equity, which is the foundation of the company management. The ownership structure influences the organizational structure of the company, and it leads to different managerial structures. The ownership structure especially has a great influence on the agency costs of debt, and then affects the managerial and developmental prospect of the company. This paper using the samples of listed companies in Shanghai and Shenzhen A Shares, analyzes the influence of ownership structure to agency cost of debt, and then gives the relevant advices.The first part includes Chapter One and Chapter Two. It is the overview of the whole paper and the introduction of research background, the purpose of the research, the significance, research methods and relevant theories. This part gives the theoretical support of the whole paper.The second part includes Chapter Three and Chapter Four. It puts forward series of research hypothesis on the effect of ownership structure to agency cost of listed company, and then discusses relevant research methods. This part using the samples of946listed companies in China, makes an empirical analysis of the relationship between the ownership structure and the agency cost of debt. The result shows that the ownership concentration, the ownership composition, and the manager stock holding can make distinct influences on the agency cost of debt.The last part is Chapter Five. In the light of the analysis in second part, and based on the relevant theories in the first part, This paper will propose some specific countermeasures to optimize the ownership structure of listed companies, and to reduce the agency cost of debt.