An Empirical Study On The Influence Of The Establishment Of Articles Of Association On The Principal-agent

Since 2005,China's company law has gradually relaxed the restrictions on company articles of association.Investors want to protect their own interests while managing the company.Investors have set up relevant clauses to stipulate and restrict the clauses concerning the interests of entrusting parties and operators.As for the establishment of relevant clauses,whether they have played the role of protection,incentive and restraint,etc.,there are few relevant researches at present.Therefore,based on the data of listed companies in shenzhen,this study will study the influence of articles of association on the entrusted agent.The purpose of this study is to understand the significance of articles of association to investors in corporate governance.This study was carried out according to the following steps:The first part,First,This paper introduces the origin of the study on the autonomy of the company's articles of association.And the importance of articles of association for the establishment of an enterprise.Then elicit the connection between the articles of incorporation and the entrusted agency.Second,The paper points out the practical and theoretical significance of studying the influence of the articles of association on the principal-agent.Last,Find out the research expectation about the influence of the establishment of relevant articles of the company's articles of association on the entrusted agent,how to study and how to study it.The second part,First,Literature review of domestic and foreign scholars on the articles of association and the study of agency costs.Second,Study the theory of the articles of association.The theories of the articles of association include anti-takeover clauses,directors' liability insurance clauses and capital increase procedure clauses.And relevant theoretical explanation of the principal-agent.The third part,The empirical analysis includes three steps: research design,research hypothesis and regression analysis.The research design mainly includes the source of data and the selection of data;The research hypothesis is first analyzed by relevant theories,and then the design of related hypotheses and models is derived;The regression analysis is based on the research hypothesis and the data proves that the hypothesis established before.The purpose of this study is to find out the behavior relationship among controlling shareholders,management and other shareholders by verifying the influence of the establishment of six articles of the articles of association on the agency cost of entrustment.The final result of the regression is the six clauses established in the articles of association,which protect the controlling rights of the controlling shareholders and strengthen the exploitation of the management by the controlling shareholders.Finally,the controlling shareholders' tunneling will increase and other shareholders will suffer losses.But strengthening the supervision of management.But it will deepen the management's inaction.Finally,some research suggestions are provided according to the problems found in the research process.