Research Of The First Big Shareholder Decision-making Influence Factors

In the listed company’s largest shareholder behavior in the early stages, change of largest shareholder mainly reflected. The first change is the major shareholder of a listed company’s largest shareholder through the original off-transferable way to transfer shares held subject to the new behavior of holdings, after the transfer, the original largest shareholder is no longer the largest shareholder. Investigate the reasons for their change, mainly lies in the original largest shareholder to gain control over income. especially with the acquisition of the company as a representative of a change of control, This changes the behavior not only greatly promoted the capital-intensive industrialization, but also on the development of the market economy development, and promote the role of securities.Of course, the largest shareholder in addition to behavioral change than non-largest shareholder, there is another relatively peaceful manner, which is to keep the largest shareholder of "dominance" status unchanged; only the appropriate changes in the amount of shares held by them. Currently, research stake largest shareholder of listed companies focused on the impact of changes in the shareholding proportion of the company’s shareholders arising from the performance of the company. And conversely, stood the largest shareholder perspective, whether its largest shareholder is the state-owned shares, legal person shares or individual shares, held by its main purpose is to pursue economic interests. However, consider the first major shareholders as rational economic man, in order to maximize the benefits of constant pursuit, holding decision-making will be the largest shareholder of the company’s performance as good or bad but subsequently changed. As the largest shareholder of the company, focused on maintaining stability and power of the shares of the most important, especially after the equity restructuring, state-owned shares, legal person shares in circulation so that the liquidity of the shares of the largest shareholder is completely lifted, the first major change in overall circulation for the stake provides a convenient policy conditions and market space. Therefore, we investigated the influence of change in the company’s financial performance and other factors, the largest shareholder holdings decisions occurred.In this paper, specification analysis, statistical analysis, multiple regression analysis and other methods, in order to explore the relationship between the performance of listed companies and the largest shareholder among decision. Specifically, the use of standard research method and foreign research results are discussed and analyzed the behavior of listed companies in China Exploration holdings largest shareholder, made decisions affecting ownership hypothesis.During the study, the paper selected China’s electronic information industry in the listed company as a research object, collected between2008to2012listed companies in the industry this year the largest shareholder stake each performance indicator data and company data. Specific studies include the following contents:First, Based on the background analysis and interpretation of the relevant literature and research to find the starting point of this article, be the largest shareholder holdings factors influence behavior and decision-making analysis of the relationship between research and design Second, by analyzing the relationship between the largest shareholder holdings factors influence behavior and decision-making, raise the proportion of the largest shareholder affected by the performance of the enterprise research hypotheses. Third, through modeling, empirical analysis of the study sample, and stake examine the impact of the performance by the basic situation of enterprises, research the correlation between the two. Fourth, according to the results of empirical analysis, and draw relevant conclusions of the study, and stakeholders targeted recommendations put forward in this paper concludes this study and the possible lack of innovation.Of this study has some theoretical and practical significance. Specifically, in theory, this paper corporate financial performance data of listed companies in some industries, based on research when the financial position changes, the largest shareholder of enterprises are affected, and what the impact being by way of empirical research to prove the relevance of these two before. Characteristics and patterns can be the largest shareholder decision in a particular case by research data in this paper, can be explained as the largest shareholder actual change in the decision-making reasons, and the behavior of major shareholders of listed companies can be certain prediction so for the majority of investors.