Equity structure and equity governance effect of Chinese listed companies: Empirical evidence based on the equity structure reform

摘要

Using data of 701 listed companies during 2005–2007, this paper analyzes the impacts of equity structures on different agency conflicts under the impacts of equity structure reform. The results show that: due to the particularity of economy and capital market in China, most of the mechanisms of equity governance do not efficient as expected. Furthermore, the influences of equity structures on equity right conflict are greater than on control right conflict.