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The Study of Capital Structure and Cost-agent Relationship of State-owned Listed Company

Author: LuoLiLi
Tutor: WangHouJun
School: Guizhou University
Course: Business management
Keywords: State-owned listed companies Capital Structure Agency costs Share Segregation Reform Empirical Analysis
CLC: F275
Type: Master's thesis
Year: 2009
Downloads: 201
Quote: 0
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Abstract


Capital structure and firm value relationship has been the corporate governance an area of ??great concern. The vast majority of studies suggest that: effective capital structure arrangements can increase the effectiveness of corporate governance, liability constraint manager behavior, to better solve the principal-agent problem, to enhance corporate value. However, the liabilities will produce a new agency - the agency problem between the shareholders and the debtor. China's listed companies as a whole, it has an obvious choice for the preference of equity financing, the capital structure of China's state-owned listed companies showed biased in favor of equity financing while maintaining a high level of debt financing of the status quo. Corporate financing and not in accordance with the the financing sequence described by Western theories, only be considered from the point of view of the demand for capital funding, and did not consider the impact of the actual operating conditions and prospects for the development and the different means of financing the enterprise. The actual situation in China and the Western theory of difference larger because Western Capital Structure and agency cost theory is based on the Western developed countries, institutional environment, and to assume that the premise of the model as. In full circulation pattern, the shareholding structure of listed companies in China has undergone major changes, listed companies from the dominance towards dispersed ownership, gradually expand the common interests of the controlling shareholder of the existing shareholders of tradable shares, the majority shareholders and minority shareholders' interests conflict will be greatly reduced. The split share structure reform of background research before and after the split share structure reform, capital structure can effectively reduce agency costs between shareholders and managers, shareholders and creditors to enhance corporate value. The paper first introduces the essay writing background, purpose, meaning and methods of the theory and literature reviewed, and then describes the current capital structure and agency costs status quo of China's state-owned listed companies and analyzes the relationships between them, the split share structure reform, the impact of the capital structure and agency costs. The empirical analysis part of the split share structure reform of state-owned holding A-share listed companies in Shanghai and Shenzhen Stock Exchange in 2006 for the study, using SPSS software for statistical analysis of the sample indicators. Linear regression curve regression analysis to determine the agency cost indicators before and after the split share structure changes each year to reflect the capital structure of the indicators reflect the agency cost index. It was found that the impact of China's state-owned listed company's capital structure on agency costs after the split share structure reform showed good correlation between the increase in the ratio of long-term liabilities, within a certain range can reduce agency costs and enhance enterprise value. Based on the results and make the appropriate governance recommendations on optimizing the capital structure of China's state-owned listed companies to optimize and reduce agency costs.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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