Two Kinds of Agency Problems of Listed Companies:Which is More Important——Take 118 Agricultural Listed Companies as an Example

The author measures the severity of two kinds of agency problems of 118 agricultural listed companies on Shenzhen Stock Exchange and Shanghai Stock Exchange by using factor analysis approach for the first time in China and positively analyses the effect of the severity of two kinds of agency problems on the value of companies by building fixed effect model of variable intercept.The result finds that the first kind of agency problem and second kind of agency problem exist in sample companies.The second kind of agency problem is less severe than the first kind of agency problem.Two kinds of agency problems have obvious negative effect on the value of companies and the first kind of agency problem has bigger effect on the value of companies than the second kind of agency problem.