现代资本结构理论指出,上市公司的资本结构对代理成本有着直接影响。本文试图从我国的资本市场出发,基于国有上市公司和民营上市公司两个角度,选取上市公司数据进行统计回归分析,实证检验资本结构对股权代理成本的影响。结果表明,我国上市公司的资本结构对股权代理成本有着显著的影响,因此,可以通过优化上市公司的资本结构来降低股权代理成本,提高公司财务治理效率。 Modern capital structure theory points out that the capital structure of listed companies has a direct impact on agency costs. This paper attempts to set out from the capital market of our country and select the data of listed companies for statistical regression analysis based on the state-owned listed companies and private listed companies, and test the impact of capital structure on the cost of agency. The results show that the capital structure of the listed companies in our country has a significant impact on the cost of the agency. Therefore, we can reduce the cost of the agency by improving the capital structure of listed companies and improve the efficiency of corporate governance.