我国上市公司代理成本与资本结构关系的实证分析

现代资本结构理论指出:在有效的市场条件下,上市公司资本结构的变动会影响代理成本的高低,它对公司代理成本有着直接的影响。相关文献大都是通过对资本结构如何影响公司绩效的研究来间接分析资本结构与代理成本之间关系的,本文试图通过选取适当的指标,来直接反映代理成本与资本结构之间的关系,并进行实证分析,得出相应的结论。

Chins listed company agent cost and capital structure relation's demonstration analysis

As modern capital structure theory indicates, under the effective market conditions, the variance of capital structure of listed companies will affect the agency cost directly. It is found that in concerning documents, the scholars mostly study the relationship between agency cost and capital structure indirectly through the research of the impact of capital structure on agency cost. This paper is trying to choose several indicators to reflect the relationship between the agency cost and capital structure directly and finally we will present conclusion and advices based on our empirical analysis.