중국기업의 지배구조가 대리인비용에 미치는 영향

This study is focused on the findings of corporate governance elements which effect on the agency costs in Chinese enterprises. The processes of this empirical study are establishment of research hypotheses, elaboration of test model, definition and measurement of sample companies, empirical analysis and interpretation of results. The samples of this study are 180 firms registered on Shanghai Stock Exchange from 2005 to 2008 excluding financial and insurance business. The data used in this research are provided from SSEportal and SinoFin information service Co. in China. The proxies of corporate governance (dependent variables) are board independence, outside director. auditor council, ownership structure, and proxies of agency costs(independent variables) are sale and management expenses/operating revenues, operating revenues/total assets, operating revenues/other operating expenses, control variables are firm size, ratio of current liabilities/total assets, ratio of net cash inflow /total liabilities, dummy variable. The results of this study are as followings. First, the activity and independence of board takes positive effects on the agency costs, but size of board does not take effects on the agency costs in Chinese enterprises. Second, the size of auditor council takes negative effects on the agency costs in Chinese enterprises. Third, the concentration of ownership takes negative effects on the agency costs in Chinese enterprises.