Empirical Study Of The Relationship Between Corporate Value And The Ownership Structure In China

Since the subject of corporate value was put forward in western countries, a remarkable achievement has been made on the related researches in theory and practice. Comparatively speaking, researches on corporate value in China just start, which don't, keep up with the reform of Chinese state-owned enterprises. At present, a lot of studies on the relationship between the listed companies' ownership structure and corporate value, point out that there is some correlation between a company's value and its ownership structure, and the company's ownership structure has positive or negative effect on corporate value. The ownership structure is an important part of corporate governance. It infects the operation through some certain process mechanism, and infects corporate value eventually. An appropriate ownership structure helps to establish an effective corporate governance structure and improve corporate value. So to build a rational ownership structure is the first step to improve the corporate value. On the basis of previous researches, the dissertation is managing to make a further study on how the listed companies' ownership structure affects corporate value.There are five important parts in this thesis totally:The first, analyzes the actuality of the ownership structure in recent capital market in China. Statistics research and comparison on a series of market data have been used to discuss the ownership problems of present domestic corporations. The result is that high state stock proportion, low floating stock proportion and centralized ownership lead to inefficiency of the corporations.The second, review the precious researches on the relationship between ownership structure and corporate value. Firstly, we qualify the researching corporations and variations. Then theoretic hypothesis is listed to describe the relationship between the ownership structure and corporate value. The multi-variation regression research to the data shows that there have some correlations between corporate ownership structure and corporate value.The third, using example to verify the reset of the multi-variation regression research.The four, analyzes and concludes different owner ship structure forms from the point of ownership structure mechanism.The next and last part is the result of this thesis. On the foundation of the demonstration research before, we conclude the inner disciplinarian of the corporations in domestic capital market. Some advises and designs are given to improve the corporate governance as a finality of this thesis.