This paper chooses the companies listed on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2017 as the research object, screens out the panel data of 26 leisure service listed companies, and uses the panel smooth transition regression (PSTR) model to analyze the size of the company and the circulation of equity as the control variables. The conclusions are consist with agency theory. Thereafter, according to the actual situation of Listed Companies in China, the above conclusions are explained, and relevant suggestions are put forward to reduce agency costs between shareholders and managers.