Empirical Research On The Relationship Between Ownership Structure And Growthofenergy Saving Listed Companies

Since 2005 reform of non-tradable shares was beginning, and now it’s been nearly a decade.The reform has been completed. There are a lot of outstanding shares in the market. Increased stock liquidity, capital deepening degree, and therefore ownership structure also will be changed. As the basis of corporate governance, the ownership structure will determine the company’s internal governance mechanisms and the company’s operational mechanism. This model has a direct relationship with the company’s operating performance, thereby affecting the company’s growth. In 2010 strategic emerging industry is rising, and it’s related business growth is attracting a lot of attention of government, social and related investors. In "Thirteen Five" planning, the energy-saving and environmental protection industry is a key development target. The state governs environment and invests huge amount of money to related fields, providing a number of preferential policies and measures. In such a social environment, a large number of investors are also concerned about the energy-saving and environmental protection industry’s growth. The state is vigorously supporting the energy-saving environmental protection industry in recent years, as an entry point, the research has a strong practical significance. First, the performance of the company’s growth is sustainable development. The growth expand business scale, increasing investment in research and development, operational efficiency continue to strengthen, is a dynamic process of development.This paper analyzed the relationship between business growth at home and abroad, ownership structure and growth of the literature, and dates back to the growth theory and the theory of the ownership structure and performance,in order to find in this article may innovation, the starting pointand have a research. This paper defines the concepts of energy-saving and environmental protection industry, the company’s growth, shareholding structure, combing the domestic and foreign scholars on the enterprise growth theory, the principal-agent theory of two aspects of agency problems and proposed ultimate ownership theory in recent ten years, deriving the relationship between the ownership structure and growth in the from the aspects of theory, and put forward relevant hypothesis.By the gold online, flush and other websites, and combine the state limit on energy conservation and environmental protection industries, selected 300 samples from 2010-2013 years, in order to study the relationship between Ownership Structure and firm growth.For a comprehensive evaluation of the company’s growth, the paper selects six aspects(operating capacity, profitability, cash flow capacity, business development, risk control and corporate research capacity) of 19 financial indicators, uses factor analysis and derives eight main factors to calculate the composite score of growth.From four angles of ownership structure to do regression analysis, in order to verify the hypothesis of this paper.Through the empirical analysis, the conclusions are as follows:Ownership concentration and energy saving company’s growth are significantlyPositive correlation.The growth of energy saving and environmental protection type of company and equity balance degree are not significant.Probably because of energy conservation and environmental protection industry is just emerging, most companies are private in nature,.In the formative years, they will choose to concentrate ownership, and the checks and balances of equity is not obvious.Stake owned shares and the company’s growth relationship is not significant.Probably because of the completion of the split share structure reform, the stake of state-owned shares dropped significantly, thus there are a large number of outstanding shares, and the advantages of state-owned shares in the conditions no longer have a clear advantage.Legal person shares and firm growth are significantly positively correlated.Outstanding shares and the company’s growthare significant negative correlation.The actual controller is the national background, energy saving and environmental protection of companies’ growth is positive.Separation of ownership and the company’s growth are significant positive correlation.This is inconsistent with the theoretical hypothesis. the actual control of the national context will actively support the company’s development.According to the specification and empirical research conclusions, put forward some suggestions:In energy-saving environmental protection industry, to maintain a certain degree of ownership concentration, exert the advantage of ownership concentration, but also focus on the role of equity balances.Actively introduce institutional investors to play an active role, because institutional investors are more rational, and will be consider long-term development of the company in making decisions.Having a rational view at the effect of separation of two rights, to prevent the generation of control level from being too long, and the separation from being too large.To establish an effective and transparent capital market, so the value of the stock can be truly reflected. Then investors will do more rational investment.Increasing the formulation of law and policy of environmental protection industry, we can create a favorable external environment for energy saving companies.