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The modern listed’s characteristic is the property rights and the domination separates, the property rights and the domination two power separation is acts the root which the cost produces to be. The trustee is company’s owner, but they are engaged in enterprise’s management and operation not directly; Is entrusted with something the management company’s operators is the agent, the agent is the self-interest economic man, what they pursue is own benefit maximization, but take owner’s benefit maximization as the goal. Because the information asymmetrical as well as the two benefit is inconsistent, this causes the agent and the trustee has in the goal the conflict, departs from owner’s benefit, has the proxy cost. The proxy cost waste company’s resources, harm owner’s benefit, causes the harm to the socio-economic development. Is opposite says in the Western developed country, our country To be listed proxy cost is quite soaring. How can the better solution proxy question, thus reduces the proxy cost, already became one of our country To be listed’s major issues.The western financial theory thought that debt financing may reduce the free cash current capacity, reduces has the financial crisis’s possibility, and can strengthen the Loan company the surveillance, then reduces manager to act the cost, achieves improves the company quality, to increase the enterprise value the goal. But our country capital market’s establishment is late, but our country special system background and the Western developed country has the very big difference, China’s To be listed has its own distinctive quality, all sorts of reasons cause debt financing release lever government effectiveness not to play its proper role in our country To be listed, even possibly causes the agent cost the rise.This article in profits from the domestic and foreign massive research results in the foundation, take equipped the manufacturing industry To be listed as to study the sample, the empirical analysis proxy cost and the debt financing relations. Simultaneously unifies the state-owned stockholder’s rights structure, will equip the manufacturing industry To be listed according to the state-owned shares proportion size division will be three kinds, further analyzes other proxy cost and the debt financing rate relations, obtains the debt release lever government effectiveness and the state-owned shares proportion has the very big relations, along with the state-owned shares proportion’s enhancement, release lever government display’s effectiveness weakens gradually.Finally, the article basis findings, from the system construction’s angle, to reduce our country to equip the manufacturing industry To be listed proxy cost, enhanced our country to equip the manufacturing industry Enterprise company to govern the level to propose the related policy suggested that this to improved to be listed quality, promoted our country capital market health, the fast development to have the very vital significance.
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