Equity Structure Of Listed Companies On The Agent Cost Impact Study In The Full Circulation Context

With the separation of corporate ownership and control, principal-agent relationship attendant. In order to prevent agents damage their own interests, Principal will take a series of measures to minimize the divergence of interests between themselves and their agents, arose agency costs.The equity structure is the foundation and starting point of study listed companies the agency cost problem. In full circulation context, this article use descriptive statistics analysis, correlation analysis and regression analysis analyzed agency costs between the shareholding structure of the major shareholders (controlling shareholder) and operators (management), agency costs between the major shareholder (controlling shareholder) small and medium-sized shareholders. Selected ownership concentration, the equity balance degree, managerial ownership, board of directors shareholding and institutional investors holding these indicators as the basis to reflect the equity structure. Through the analysis of the data reveals the problems of the ownership structure, the study shareholding structure of the two types of equity agency costs what kind of impact, to make appropriate recommendations for the existing problems.