| Firm value is always the core of corporate finance research,shareholders set up a firm for weath growing,if the firm straggled to deliver value for shareholders,they won’t provide the enterprises with nothing,thus any production and operation activities will not be carried on.Therefore,maximization of corporate value is usually the target that management layer chase,investors and creditors make the judgement about the future of a firm based on the value of corporate.Nowadays,the times for business management is characterized by value management, enterprise financing, investment activities and corporate governance would be in the creation of value maximization as a standard. Many scholars have a lot of in-depth study on the value of the firm from the angle of corporate governance, ownership structure which is an important internal governance factor has become the focus of the academic community, the complex mechanism has also become an important content for studying.In the related literature at home and abroad, many scholars believe that the ownership structure is an important variable affecting the value of company, ownership structure reflects the distribution of power between shareholders, besides it’s in favor of company governance which would affect the value of the company. However, the ownership structure affects company value through the way unknown and there is obvious nothing to say in this area.Researchers from the perspective of capital structure, that ownership structure influence the decision of company capital structure, eventually lead to changes in the value of the company.In this paper, through the analysis of the conclusions of other scholars’ research, the company’s cash holdings will have an important impact on the company value, but the ownership structure significantly affects corporate cash holding policy. Therefore, this paper stand on a new point of view, the cash holdings as the intermediate variable that ownership structure affects the value of the company, studies the interaction between the three variables and reveal the mechanism of the effect of ownership structure on firm value.This paper first reviews the relevant research literatures about ownership structure, cash holdings and the value of the company at home and abroad,moreover, in the ownership structure as the basis, the company value as the core,in accordance with the main line of "ownership structure--cash holdings—company value",through the analysis of the interaction among listed companies’ ownership structure,cash holdings and the value of the company, thisarticle put forward the research hypothesis;this paper selects the 2011-2013 year of listed companies form China’s Shanghai and Shenzhen A shares as the object for the study,excluding financial and insurance industry, public utilities, ST, PT companies and enterprises with incomplete financial data, finally we achieved 252 listed companies as the research samples, making multiple regression analysis to the model with SPSS 17.0 statistical software,then we will reveal ownership structure that how to affect the value of the company through the intermediary role of cash holdings.Empirical results show that: in the background of China’s economy under downward pressure,the ownership concentration degree is low,companies are more likely to excess cash holdings,thereby increasing the value of the company;managerial ownership shareholding ratio has positive correlation with cash holdings,and have positive effects on the corporate value added;the proportion of state-owned shares lead to the decline of listed companies’ cash holdings,therefore,it’s not conducive to enhance the value of the company.According to the above research,combined with the actual situations of our country’s enterprises,this paper puts forward the measures to increase the value of the company from the perspective of ownership structure,in the environment of the overall economy under downward pressure,more cash holdings is obviously beneficial to the value of the company, it has important reference value for the board of directors and management. This paper finally summarizes the limitations of the study and the conclusions discussed. |
