The Contrast of Agency Costs between Nongovernmental Public Companies and Governmental Public Companies

摘要

This paper tries to use Maan-Whitney U test, which is one of the demonstration means, to contrast agency costs between nongovernmental public company and governmental public company. In the contrast analysis, operating expenses ratio and total assets turnover ratio are used to estimate agency cost. From the result we find that compared with governmental public companies, nongovernmental public companies have obvious effect on reducing agency cost which is caused by managers' extra expenses, but don't have obvious advantages in decreasing agency cost caused by the lack of managers' effort.