上市公司大小股东持股比例对代理成本影响的研究

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1、AbstractAgencycosttheoryisoneofmostimportanttheoryinthecorporategovernanceoflistedcompany.Inearlyyears,theresearchfortheagencycostproblemstudyingthemanagementoflistedcompaniesisbetweenshareholdersandcorporateagencycosts.However,asthelistedcompaniesreformingth

2、eownershipstructure,thecontrollingshareholderandminorityshareholdershavebecomeincreasinglyintensified.Controllingshareholdersusetheirrightwhichcanvoteandcontrolthecompanytogetmuchmoremoneyfromtheminorityshareholdersintheboardofdirectorandboardofsupervisor.Ono

3、nehand,controllingshareholdersusuallychoosethedecisionsbasisontheirowninterest.Sothedecisionsmaynotbethebestonesforthecompanies.Theresultsofthedecisionwillincreasethecostsandreducetheincome.Ontheotherhand,thecontrollingshareholderoflistedcompanieswillincrease

4、consumptionthroughavarietyofadditionalrevenue.Controllingshareholderswillusetwomethodsagainsttheinterestsofsmallshareholders.MoreandmorescholarsathomeandabroadhaveinterestinginstudyingtheAgencycostbetweencontrollingshareholdersandminorityshareholders.Respecte

5、dtoWesterncapitalmarketsandmaturelistedcompanies,evidenceofagencycosttheoryisrelativelyearlier.However,duetoChinesecapitalmarketdevelopingtoolate,thelistedcompaniesalsohaveacertainparticularitythatlistedcompaniesinChinaaregenerallysetupbyjoint-stockreformofst

6、ate-ownedenterprises,sothemoreperfecttheWesternmodelofgovernanceforlistedcompaniesdonotfortheChinesecompanies.Asaresult,ourdomesticscholarsstudyourcompaniesandmakemodelbasedontheWesterntheoryandthefeaturesofourownlistedcompanies.Thisarticleisbasedondomestican

7、dforeignscholars,anempiricalmodelofthesizeoftheagencyproblembetweenshareholders.Firstly,thepaperintroducetheagencycosttheoryfromthecorporategovernancetheoryandagencycosttheoryofthesizeoftheshareholders,mainlyontherootcausesoftheagencycosttheory,howtoproduceag

8、encycostoftheshareholders.Second,byintroducingstructureoflistedcompaniesinChinacurrentlyleadsthecharacteristicsofownershipstructureoflistedcompanies.25Thenwewilltrytofondouthowthecontroll