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

The problem of agency of listed companies has been the focus of corporate governance research. Domestic and international scholar’s research results show that the company management and the separation of management triggers the agency problem,in addition to the conflict of interest between companies of the other participants as well as the information asymmetry situation also is the main reason that produce the agency cost. And equity structure as the basis of corporate governance, to good business, must deal with the relationship between ownership structure and agency cost of listed companies. Our country is in the transitional period of the socialist market economy, the ownership structure with distinct Chinese characteristics. So combined with China’s national conditions of related research is very meaningful, we know that the agency costs can be divided into equity agency costs and debt agency costs, study of equity agency costs has been a lot of, but relatively little debt agency cost. Especially analyze the effect of ownership structure on debt agency cost remains to be further, based on Chinese listed companies as the research object for empirical research, in order to draw some valuable conclusions.Based on the introduction introduces the background at the time of the study and research has what kind of significance. Then began to review the literature related to agency costs, scholars both at home and abroad and make comments, find research results of similar and different, find the breakthrough research. After we started theoretical research, and briefly expounds the agency costs and ownership structure of the basic concepts and related theory, combined with China’s specific national conditions analysis of the status of the current ownership structure of listed companies in China, discusses the causes of debt agency cost of listed companies. And then empirical research, to listed companies in China as the research object, for the convenience of research in the coal industry, for example, choose 2012-2014 for three consecutive years of relevant data.In our study we set up multiple linear regression model to measure the effect of ownership structure on debt agency costs, ownership concentration, proportion of free float, legal person ownership stake and managers these four indicators as on behalf of the ownership structure of the independent variables,with the interest rate to measure the debt agency cost as the dependent variable, at the same time to join has a great influence on debt agency cost the company size andprofitability as control variables, the empirical results can be achieved using SPSS software.In this paper, the innovation lies in: achieve the theory with practice in the theoretical research. Using the standard analysis method and comparative analysis. In the empirical analysis, improve the rate of interest payments and join the bonds payable.Select the latest data for research. Through the empirical analysis we get the conclusion that equity concentration, a legal person ownership, managers shareholding is negatively related to the debt agency cost. The shares and debt agency costs are related.Finally, the article puts forward the policy suggestion of this paper, including: pay attention to the company size,improve the quality of asset reorganization; Optimizing the equity structure adjustment, realize equity rationalization; To strengthen the protection of creditors, the diversified development of debt financing. Continuously strengthen the upgrade regulators and improve the relevant laws and regulations.In the end we point out the shortcomings of the article was discussed, in order to later scholars further improvement.