Effect Of The Ownership Structure Of Listed Companies On Equity Agency Costs

Listed companies has been a research focus of the agency problem of corporategovernance. With the rapid development of the market to accelerate the process of ourcountry and the capital market, the number of listed companies in China ’s growinginfluence on the development of listed companies in China’s economic development andgradually increase. Due to historical reasons, the ownership structure of listedcompanies is more complex, including tradable and non-tradable shares coexist wellwith different rights and other issues. This creates a complex of listed companies equityagency problems, and the agency costs resulting equity of listed companies in China ’sdevelopment has also had a profound impact. So either in theory or in practice, on theshareholding structure of listed companies in China Impact on equity agency costs isessential.This paper summarizes the first Western scholars to study the results of equityownership structure of agency costs, then clearly the concept of ownership structure,agency costs, summarizes the theoretical basis related to listed companies in China bythen as the research object, using2010-2012panel data for three consecutive years, theownership structure of listed companies on the impact of equity agency costs empiricalresearch. The results show that: the ownership structure of listed companies (includingownership concentration, equity restriction, the proportion of managerial ownership,the proportion of tradable shares, the proportion of institutional investors) have asignificant impact on equity agency costs. Improve ownership concentration, equityrestriction and executives shareholding ratio, increasing the number of institutionalinvestors have helped to reduce the agency costs of equity of listed companies.Finally, the article puts forward policy recommendations in this article, including:improving the incentives of managers, increase the proportion of managerial ownership;optimize the equity structure, to achieve equity rationalization; accelerate thedevelopment of professional managers markets, strengthen market discipline; increasedinvestor listed companies control efforts.