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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.

股权结构构成了治理框架的基石，而激励机制与约束机制则居于其核心。二者协同构建了一套完整的公司治理体系。本研究选取了在上海和深圳A股市场的纺织行业上市公司作为样本。本研究采用主成分分析法构建了激励机制与约束机制的复合指数，以探讨股权结构及其机制对公司代理成本的影响，并检验股权结构、激励机制与约束机制之间的相互关系。