An Empirical Study On The Influence Of Ownership Structure On Agency Costs In China’s Listing Corporation

In corporate governance, the cost of controlling agent has been one of the hot topics discussed by scholars and entrepreneurs. It is also one of the most popular topics for the company to reduce the cost of the enterprise, and actively explore the path to pursue the maximization of enterprise value. Domestic and foreign scholars have done a lot of research, but with the development of enterprises, enterprises in the agency costs and a new extension. Agency costs resulting from the fundamental reason is due to the "separation of two rights", the previous research more agency costs is about between the owners and managers of agency costs, by managers to encroach on the interests of owners caused. In this paper, the according to agency theory proposed by Jensen and Meckling, on the basis of existing research, continue to to carry out development research in agency cost. In this paper, we add the debt agency costs of the conflict between the large shareholders and small shareholders, the agency costs of the shareholders and the conflict between the creditors and the company.Common corporate governance mechanism of corporate governance, board governance, governance of creditor’s rights, compensation management mechanism, and in these governance mechanisms, ownership structure and governance is the foundation and the starting point of corporate governance, because ownership structure determines the organizational structure of the enterprise, will be of different ownership structure in corporate governance have different governance effects and on the overall performance of the company caused different effects. This paper selects China’s Shanghai and Shenzhen main board listed companies as research samples, in-depth analysis of the ownership structure(ownership concentration, ownership balance degree, ect.) the effects of three different types of agency costs, and according to the research hypothesis and empirical results of Listed Companies in terms of ownership structure put forward corresponding countermeasures and suggestions.