The research on financial monitoring of managers based on dynamic capital structure adjustment

摘要

In agency theory, the debt right and equity ownership of capital structure have the effect of government, which can realize the monitoring of the managers' financial behaviors. In this paper, we use a dynamic multi-agent model to study how to dynamically adjust the capital structure to achieve the target of monitoring the managers' investment, financing and profit sharing behaviors. In the established investment environment, in order to avoid infringing the interests of clients and maximize the enterprise value, each party in agency relationship can reduce the agency costs and achieve capital structure improvement by the game process of dynamic adjustment of capital structure. We also believe that in order to protect the interests of minority shareholders, over-concentration and over-dispersion of equity should be both avoided and diversified ownership structure of investment should be advocated.