Empirical Research of the Impact of Capital Structure on Agency Cost of Chinese Listed Companies

Mengmeng Zheng

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Empirical Research of the Impact of Capital Structure on Agency Cost of Chinese Listed Companies

机译：资本结构对中国上市公司机构成本影响的实证研究

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This paper, selecting 775 listed companies from Shanghai and Shenzhen stock markets during three years from 2010 to 2012 as samples, studies the relationship between agency cost and capital structure, using two econometrics methods which are ordinary least squares (OLS) and panel data respectively. Capital structure is calculated by debt-to-asset ratio and long-term liability rate while agency cost is measured by overhead expenses rate and asset turnover rate. The result shows agency cost has a slightly negative correlation to debt-to-asset ratio and there is a positive and insignificant correlation relationship between long-term liability rate and agency cost.

机译：本文从2010年至2012年从2010年至2012年选择了775家上海和深圳股市上市公司作为样本，研究了代理成本和资本结构之间的关系，使用了两种经济学方法，分别是普通的最小二乘（OLS）和面板数据。资本结构按债务资产率和长期责任率计算，而机构成本是通过开销费用和资产营业额率衡量的。结果显示代理商成本与债务资产率略有负相关，长期责任率和代理费用之间存在积极和微不足道的相关关系。

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《International Journal of Economics and Finance》 |2013年第10期|共8页
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Mengmeng Zheng;
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中图分类经济学;
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Empirical Research of the Impact of Capital Structure on Agency Cost of Chinese Listed Companies

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