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The equity structure forms the foundation of the governance framework, while the incentive and constraint mechanisms are at its core. Together, they establish a complete corporate governance system. This study takes listed companies in the textile industry on the Shanghai and Shenzhen A-share markets in China as the sample. Principal component analysis is employed to construct composite indices for the incentive and constraint mechanisms, to explore the impact of equity structure and these mechanisms on corporate agency costs, and to examine the interrelationships among equity structure, incentive mechanisms, and constraint mechanisms.