Research on Factors Affecting Agency Costs by Occupied Capital of Listed Companies in Construction and Real Estate Industry

摘要

Currently,shareholders usually occupy great amount of capital of listed companies.This paper,with listed companies in construction and real estate industry between 1999 and 2004 as its research subjects,focuses on research of factors affecting agency costs by occupied capital in the corporate governance.With figuring out agency costs and establishing multiple regression model,relations between agency costs and major indicators in corporate governance are studied.Research result shows: (1) there is a remarkable negative correlation between the proportion of the number of shareholders in the senior management and agency costs aroused from occupied capital;(2) the degree of restriction and occupied capital agency costs are directly and greatly negative to each other; (3) there is a remarkable positive correlation between the ratio of the number of managers in the board to the total number of directors and agency costs in construction and real estate industry.