湖北省上市公司资本结构与代理成本实证研究

以湖北省上市公司为研究样本,运用实证分析方法,建立多元线性回归模型来验证资本结构与代理成本之间的关系,结果表明,第一大股东持股比例与代理成本存在显著负相关关系,管理层持股比例与代理成本不存在显著线性关系,负债融资对降低代理成本的作用也不显著。湖北省上市公司应通过适当增加大股东持股比例、实施股权激励以及适当的负债融资比例等途径,以降低代理成本,优化资本结构。

Empirical Study of the Capital Structure of Public-Listed Companies and the Agency Cost in Hubei Province

Taking public-listed companies in Hubei as the samples of this empirical study,a multiple linear regression model is constructed to examine the relations between capital structure and agency cost.A conclusion is made that the shareholding ratio of the first majority stockholder has negative relations with the agency cost;the shareholding ratio of management layer has no prominent linear relationship with the agency cost;debt financing plays an unobvious role in decreasing the agency cost.In order to reduce the agency cost and upgrade the capital structure,public-listed companies in Hubei should increase the shareholding ratio of major shareholders in proper manners,enforce stock right incentives and appropriate debt financing ratio.