An Empirical Study On The Influence Of Ownership Structure On Agency Cost Of Coal Listed Companies

As an important energy industry in China,coal industry is also an important supporting industry in China’s modernization drive.After a series of state-owned enterprise reforms,coal enterprises have now become an important industry in the supply-side structural reform that China is vigorously promoting.Due to the influence of historical conditions,the internal economic composition of the coal industry is complex,and the old management mode seriously hinders the transformation of the operation mechanism of the coal enterprises and the improvement of the vitality of the enterprises.As a result,while the coal enterprises have achieved fruitful reform results,there are still complex and diverse agency problems inside the coal enterprises.The high agency cost will directly affect the overall operating conditions of listed companies,and the development of listed companies will be hindered accordingly.How to further improve the ownership structure of the company so as to reduce the agency cost is particularly critical for promoting the reform of coal enterprises and the healthy development of the industry.Therefore,it is of certain practical significance to study the relationship between the ownership structure and agency cost of coal listed companies and explore the ownership structure suitable for the development of coal listed companies to improve the efficiency of corporate governance and achieve sustainable development.Firstly in this paper,the related literature at home and abroad were reviewed and the comprehensive and comprehensive evaluation,in this paper defines several important concepts involved,according to the theory of two rights separation and the principal-agent theory as the foundation,this paper involved in corporate governance theory,and on this basis the ownership concentrration and corporate ownership,the proportion of management shareholding and tradable shares ownership structure is an important part of the four,respectively,if the two agency cost analysis of the meclunism in detail and the corresponding research hypothesis is put forward.Then coal listed companies as the research object,combined with the collected 35 a-share listed coal companies in 2017-2019 annual data,by adopting the combination of theory and empirical methods,from the ownership concentration and corporate ownership,the proportion of management shareholding and tradable shares four aspects to study the equity structure and the relationship between the two different agency cost.The results show that the listed coal companies in China have problems such as too high concentration of ownership,single financing method and lack of incentive of management.Finally,corresponding countermeasures and suggestions are put forward from three aspects of perfecting ownership structure,optimizing financing method and paying attention to incentive of management.