Study On The Correlation Between Equity Structure,Agency Cost And Company Value Empirical Information From Shanghai-shenzhen A-share Listed Companies

Since Berle and Means proposed the proposition of separation of powers,the research on agency problems caused by imperfect contract and information asymmetry has never stopped,just because any form of agency problem can damage the company's value.The key goal that the enterprise pursues in business activity is enterprise value maximization,according to the theory of principal-agent,companies tend to hire managers to run their own businesses.But in actual business,the agency costs are generated by the inconsistencies between managers and shareholders.In modern times,there are two kinds of agency costs in academia.The root of agency problem is the separation of enterprise ownership and management right,so the degree of separation of power will also affect the severity of agency cost.By some scholars study found that listed companies in China due to historical reasons,tend to be concentrated,controlling shareholders use illegal guarantee,related party transactions and encroach on the interests of small and medium shareholders.And in our country,there are high two kinds of agency costs,which puts forward a severe test for the role of corporate governance in China.However,the current academic research mainly focuses on the research on a certain type of agency cost,and the comparison of the two is less.The article tries to combine the two kinds of agent cost.According to the theory of corporate governance,the company is the sum of multilateral contractual relationship,and the nature relations performance into the relationship between the ownership structure,so the ownership structure and corporate value maximization objectives are closely linked.Therefore,this paper intends to explore the relationship between the relevant factors of ownership structure and company value.Equity structure is the important factors influencing the agency problem and the value of the company,and ownership structure has important influence on principal-agent way and efficiency,however,with the further research of scholars,equity structures is by influencing the corporate governance,and thus affect the value of the company.That is to say,the influence of equity structure on corporate value is indirect,as a result,combining with the theory and reality,the agency costs,ownership structure and corporate value into the same framework,integrated research whether theagency cost in the process of the influence of ownership structure on the value of the company plays a role of intermediary.Article selected 2335 listed and related data from 2012 to 2012,the relevant variables of equity structure and two kinds of agent cost by regression analysis,the study found that managers shareholding,ownership concentration and equity balance degree and number of shareholders and the changes in the two types of agency costs in a different direction,therefore,for the effect of ownership structure on corporate governance to comprehensively consider two types of agency cost.At the same time,the intermediary effect of agent cost is tested and the agent cost is not fully mediating.According to the research results,the corresponding policy Suggestions are put forward,which is of great significance for improving the corporate governance mechanism of listed companies in China.