CAJ | 학술논문

公司治理的基础是股权结构，核心问题就是如何降低代理成本，但是由于特殊的历史原因，我国股权分置制度存在的弊端严重影响着公司治理。根据代理理论，股权代理成本可以划分为管理层与股东之间利益冲突引起的第一类代理成本和控股股东与中小股东之间利益冲突引起的第二类代理成本。所以本文就基于股权分置改革后的视角，以2011年创业板上市公司为样本，采用理论与实证相结合的分析方法来分析股权结构与股权代理成本之间的关系，得出股权集中度可以降低第一类代理成本和第二类代理成本；股权制衡度在一定程度上可以降低第二类代理成本，但会提高第一类代理成本；负债也会有助于降低第一类代理成本；而管理层和机构投资者持股并未起到降低代理成本的作用。
공사치리적기출시고권결구，핵심문제취시여하강저대리성본，단시유우특수적역사원인，아국고권분치제도존재적폐단엄중영향착공사치리。근거대리이론，고권대리성본가이화분위관리층여고동지간이익충돌인기적제일류대리성본화공고고동여중소고동지간이익충돌인기적제이류대리성본。소이본문취기우고권분치개혁후적시각，이2011년창업판상시공사위양본，채용이론여실증상결합적분석방법래분석고권결구여고권대리성본지간적관계，득출고권집중도가이강저제일류대리성본화제이류대리성본；고권제형도재일정정도상가이강저제이류대리성본，단회제고제일류대리성본；부채야회유조우강저제일류대리성본；이관리층화궤구투자자지고병미기도강저대리성본적작용。
Equity structure is the basis of corporate governance, the core problem of corporate governance is how to reduce agency cost, but due to special historical reasons, the existing disadvantages of equity division system in China has seriously affect on the corporate governance. According to agency theory, agency cost of equity can be divided into the first kind agent cost caused by conflicts of interest between shareholders and management and the second agent cost caused by conflicts of interest between controlling shareholders and minority shareholders. So this article is based on the perspective of after equity division reform, and takes data of listed companies in 2011 from the GEM board as samples. By adopting the combination of theory and empirical analysis method to analyze the relationship between equity structure and equity agency costs, the results shows that equity concentration can reduce the first agent cost and the second agency cost. To a certain degree, equity balance can reduce the second agency cost, but will improve the first agent cost. Debt would also help reduce the first agent cost. But holdings of managers and institutional investors does not have the effect of reducing agency cost.