An Empirical Study On The Influence Of Ownership Structure On Agency Costs In China's Listed Corporation

The stock reform of our country began in 2005 and has been in the past 13 years.During this period,the ownership structure of listed companies changed greatly,the proportion of the circulation stock increased from 35% to about 84%.Reasonable ownership structure can not only reduce the cost of agency,but also improve the efficiency of corporate governance.This paper hopes to study the relationship between ownership structure and agency cost of listed companies,and get the conclusion of optimizing the ownership structure,so as to put forward the suggestion to control agency cost of enterprises.With the development of modern companies,the source of agency cost has a new extension.The initial agency costs arise from the separation of ownership and management,formed the cost of equity agency between managers and shareholders,Later,the agency cost of shareholders came into being between the big shareholders and the small shareholders,and debt agency costs-between creditors and companies.This paper takes 6345 listed companies as samples,selects year-end data from 2012 to 2016,using the method of combining theory with demonstration,to study the relationship between ownership structure and three different agency costs from four aspects of ownership concentration: equity balance,management shareholding ratio and institutional investors' shareholding.In addition,we select two industries from the whole sample-competitive industry and non-competitive industry,to study the ownership structure of different industries and the relationship between ownership structure and agency cost based on this difference.In the previous literature,scholars have rarely considered the impact of industry factors when studying the relationship between the ownership structure and the agency cost.But in fact,the suggestions to distinguish the characteristics of different industries are more pertinent.