A Empirical Study Into The Influencing Factors Of The Major Shareholders Capital Occupying In Private Listed Companies

In China, the private listed companies has made tremendous contributions toChina’s economic development. The private listed companies is also an important forceto promote the development of productive forces. On the number of businesses, by theend of2013, the total number of the private listed companies is1418, which isaccounting for58%of all the listed companies in Stock exchange. Private listedcompanies as a representative of private enterprise which is the gradual developmentand growth of enterprises in China’s stock market. Private listed companies is also themost dynamic companies. The private listed companies select the panel data betweenthe2007-2013as research subjects. The panel data of private listed companies is studiedfor regression analysis. According to the empirical results, we can conclude therelationship between variables.This can provide decision for the private listedcompanies.The first part focuses on study abroad,significance and background about theinterests of the major shareholders occupation factors. The second part is the basictheory and hypothesis of this paper. Part IV describe the sources of data and the selectedvariables which are used in the regression analysis.This paper drawn the main conclusions from the analysis is:（1）The ratio of thelargest shareholder with shareholder interests encroach into the inverted "U" shapedrelationship.（2）The ratio of the largest shareholder with shareholder interests encroachinto the inverted "U" shaped relationship.（3） Coefficient between the assets andliabilities and shareholders’ interests are being invaded extent, that liability can not playthe constraints of shareholders of listed companies occupied the role of interest.（4）Between the percentage of ownership of the second largest shareholder to the tenthlargest shareholder with explanatory variables is a positive correlation, which meansthat other shareholders did not encroach on the interests occupying of majorshareholders, as with the second largest shareholder to the tenth largest shareholderrise, the interests occupying of major shareholders rise, which means that equitybalance did not play a large to curb the interests occupying of major shareholders in the private listed companies.In this paper, the relevant proposals are put forward from the macro and microaspects.In the macro perspective, the countries need further improve the relevant legalsystem and strengthen the supervision of related party transactions.In the microscopicperspective, the private listed companies should improve governance and ownershipstructure of private listed companies.For example,optimizing the ratio of shareholdersand introducing the institutional investors and improving the incentive mechanism inthe private companies.