本文认为，完善公司治理结构是降低代理成本的关键性因素。我国目前公司接管主要通过收购控股权进行。日益活跃的收购和接管活动已经开始在改善上市公司的治理结构方面发挥一定作用；股权分散的公司体制对接管市场的依赖较强，这是导致频繁的公司接管的根本原因；现阶段的接管市场仍存在一些问题，如国资管理体制改革仍需加强、国有股和法人股不能在交易所流通影响了接管市场的有效程度等等 This article argues that improving the corporate governance structure is a key factor in reducing agency costs. China’s current takeover of the company is mainly through the acquisition of controlling interest. The increasingly active takeover and takeover activities have begun to play a role in improving the governance structure of listed companies; decentralized ownership of the corporate system is more dependent on the market takeover, which is the root cause of frequent corporate takeover; the takeover market at this stage There are still some problems. For instance, the reform of the state-owned assets management system still needs to be strengthened. The inability of state-owned shares and legal person shares to circulate on the exchange has affected the effectiveness of taking over the market, etc.