The Empirical Research on the Affection of Shareholders' Pledge to Agency Cost

摘要

The main purpose of the paper is to examine the relationship between the shareholders' pledge factors and the agency cost of listed companies in China. This study is based on an analysis of 182 listed companies and 99 ones for year 2001 and 2002; it is used regression analysis and Two-related-Samples-Tests of Nonparametric Tests. The shareholders' pledge factors are measured by SPR and SPM, it is found that although there is a little affection of the stock impawn to the agency cost, it is not remarkable.