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The "separation of ownership and management" has become a marked characteristic of modern corporate system enterprises. In the case of separation between the "ownership" and "management rights", the shareholders as the owner and its agents-business managers in a series between the presence of the inevitable conflict of interest, and because there is information asymmetry that exists between owners and managers, this will cause the agency problem, resulting in agency costs. The paper focuses on the study of the factors of equity agency cost problem that caused by different financing structure.This article referred to foreign experience of corporate governance, using data from listed companies in China for empirical research, selected the 349 listed companies,2006 cross-sectional data as sample data. The independent variables are equity structure, such as equity concentration, equity ristriction ratio; capital structure, such as asset-liability ratio, long-term asset-liability ratio, current assets-liability ratio; the board structure in the supervision mechanisms, such as board scales, the proportion of independent directors; and management’s stake of incentive mechanism. Asset utilization ratio is the independent variable. We use the SPSS statistical software for statistical analysis to deal with all the indicators through descriptive statistical analysis, correlation analysis, and multiple regression analysis and so on.Through descriptive statistical analysis results can be found that the proportion of long-term debt is far lower than the proportion of current liabilities, as well as the lower management’s stake.It can be drawn by regression analysis, two variables of equity structure and equity agency cost had a negative impact, in the capital structure, the total asset-liability ratio, current assets-liability ratio was negatively correlated with equity agency costs, long-term asset-liability ratio and the equity agent costs are positive related; and the board structure as a monitoring mechanism, in addition to the proportion of independent directors with no correlation with equity agency costs, the board size and the two functional status had a negative correlation with the equity agency costs; management’s stakes of incentive mechanism had a negative correlation with equity agency costs. Which is the overall impact of the factors that affect greatly the agency costs of equity contribution to, it has achieved through the stepwise regression:long-term asset-liability ratio had the greatest impact to the equity agency cost, followed by the asset-liability ratio, meaning that the impact of debt capital structure of factors on the impact of agency costs than equity structure, and monitoring and incentive mechanisms. Corporate agency costs can reduced by decreasing the long-term debt ratio of listed companies, appropriate improving equity restriction ratio and current assets-liability ratio, choosing the big size board, and so on.At the same time the study had a number of deficiencies such as the sample selection, the choice of indicators has been explanatory variables as well as research methods will bring some impact to the stability of research results. We can take complete ownership structure; actively develop the corporate bond market. While expanding financing channels for enterprises to strengthen the corporate bond constraints to the role of business operations, and strengthen supervision and incentive mechanism to strengthen capacity for governing listed companies and so on to achieve further reduce agency costs.
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