Study Of The Ownership Structure Impact On Corporation Value Under Game Theory Perspective

All of the corporation activities focus on creation of value and aim at maximizing corporation value, but corporation value is effected by multi factors. Shareholders set up the corporation and have incontrovertible property and control rights to the corporation. Ownership structure determines not only the interest pattern among shareholders but also how to supervise managers, then it will effect corporation productivity and value. In modern corportions, control rights separated from ownership makes the contradiction between shareholder and managers actue, the problem of substantial shareholders infringe minority shareholders interest and damage corporation value by control right is also very serious. So, academia always pay close attention on how the ownership structure effect corporation value.On the issue of how ownership structure effect corporation value, domestic and overseas scholars have not get a comparative agreed conclusion for the differentiation on research methods and sample selection.From the unique game theory respective, this paper utilizes game theory model to successively elaborate the interest conflicts between shareholders and managers, conflicts between substantial shareholders and minority shareholders, and conflicts among balanced shareholders in theory, and then analyse how the different game results effect corporation value.On the empirical study, this paper select appropriate corporations in SSE and SZSE for sample, adopt corporation relative to industry ROA and ROE to represent corporation value, take the shareholding ratio and character of first major shareholder into account, and utilize statistical regression method to successively analyse how the ownership structure effect corporation value in the absolute, balanced and dispersed shareholding corporations. On the basis of theory analysis and empirical study, this paper gets following three conclusions.First, in the absolute and dispersed shareholding corporations, increasing the shareholding ratio of first major shareholder can improve the corporation value.Second, in absolute shareholding corporations, the common domestic legal person shareholders are more positive to improve corporation value than state-owned shares. Third, in balanced shareholding corporations, restriction to first major shareholder can improve corporation value.