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基于公司内外部治理机制的角度,以2013年中国沪、深两市发行的A股非金融类上市公司的数据为样本,设计建立研究模型,运用EViews软件对我国的上市公司股权结构对股权代理成本的影响进行了实证研究。结果表明:越高的股权集中度,会有越低的股权代理成本;越高的股权制衡度,会有越高的股权代理成本;选择适度的负债能够起到降低股权代理成本的作用。因此,我们可以通过改善上市公司的股权结构,适度负债来降低股权代理成本,从而使财务治理效率得到提高。
Based on the internal and external governance mechanisms of the company, taking the data of A-share non-financial listed companies issued in Shanghai and Shenzhen in 2013 as samples, this paper designs a research model and uses EViews software to analyze the ownership structure of listed companies in China. The impact of cost is tested empirically. The result shows that the higher the ownership concentration is, the lower the agency costs of equity; the higher the equity balance, there will be a higher cost of agency; the appropriate choice of debt can play a role in reducing the cost of agency. Therefore, we can improve the efficiency of financial management by improving the equity structure of listed companies and moderate liability to reduce the cost of equity agency.