我国上市公司股权结构与代理问题关系研究论文

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1、AbstractTITLE：THERELATIONSHlPBETWEENOWNERSHIPSTRUCTUREANDAGENCYCOSTlNOURCOUNTRYPLCMajor：TechnologicalEconomics&ManagementName：LiuLianHuiSignature：趄!些I迹8匦Supervisor：ProZhangDaohongProHuHaiqingSignature：nerelationshipbetweenownershipstructureandagencyproblemistheheatpointsofcorporategovemnn

2、ce．Theexpertsthinkthatincompanywithlowconcentrationofownership,theagencyproblemistheinterestcontrastbetweenshareholdersandmanageLbut纽companywithhighconcentrationofownership,theagencyproblemisexpropriationproblem．Theconcentrationofownershipstructureinourcountryisveryhigh，SOinprinciple，them

3、ainagencyproblemshouldbebigshareholderextractsmallones．But，thecontrolshareholderscouldbedividedintostateandnon—state，andtheyhavedifferencesinnature．hIpaper,wedividethePLCintostateownersandnon-stateowllers．andresearchtheirownershipandagencyproblem．Wefindthatalthoughtheconcentrateofownershi

4、pilIPLCisveryhigh，themainlyagencyprobleminstate-ownerPLCisstilltheinterestcontrastamongshareholderswithmanagers，butinnon—stateownerPIEistheproblemofcontrolshareholderextractsmall咖龉．Throughtheempiricalstudy,wefindthat：(1)Inthestate—ownerPLC．withtheincreasingoftheperCentofcontrolshareholder

5、holdingandtheconcentrateofownershipstructure，themanagerswillworkmoreefficient，buttheproblemofmanagerinvestmentbiasforwarddecisionwillbemoreworse．Thelargerofstate—ownerPLC．theinterestcontrastbetweenshareholderandmanagerwillbesmaller,andthebankhavenoinfluentfortheefficientofmanager,butcanco

6、ntrolthebiasforwardofmanagerinvestmentdecision．(2)Inthenon·stateownerPLC,thereisnotobviousrelationshipbetweenownershipstructureandagencyproblem，andthebankalsocannotsurveytheactionofCOntroIshareholder．So，inordertolowdowntheagencycostofPIE，forthestate-ownerPLC，weshouldmakebetteroftheownersh

7、ipstructure，buildmuchbetterinnercorporategovernancesystem，andstrengthenthesurveyfortheagentofgovernmentwhoworkinthePIEorthecontrolshareholderofPLC．Forthenon-state-ownerPLC,weshoulddependonthesurveyoflawandpolicy．Keyword：ownershipstructure；agentcost；ultimatecontrol；t