| Enterprise value is the important basis of company activities. For a company, from the strategy, investment, financing to corporate governance, the starting point is always about increasing enterprise value. This viewpoint has been developed both theoretically and practically in western countries. Compared with western countries, since the specificity of the history and reality of reform, the study of enterprise value has not gone further enough. For now, domestic and international relevant researches mainly discuss how the ownership structure exerts impacts on enterprise value. Ownership structure is one of the important parts of corporate governance, which could exert impacts on company from several perspectives, especially on the creation of enterprise value. Therefore, ownership structure is one of the most essential factors that need to be explored when we study enterprise value.By observing the global development in recent decades, it is not difficult to find that with the fast development of economy, human are facing with increasingly serious environmental problems, such as water pollutions, land pollutions, excessive emissions of carbon dioxide and destruction of the ozone layer. The catastrophic climate change are frequently happening all around the world. The phenomena such as haze in most of Chinese cities enables people to start to rethink the consequences of previous human activities. The traditional concept of simply pursuing economic development has been unable to adapt to the present conditions. In order to better adapt to the reality, the environmental protection industry, which embraces both economic and social benefits, arises at the historic moments. Around the world, environmental protection industry has great economic potentials. In several developed countries, environmental protection industry has become the main force to support their GDP development, and its growth momentum is far better than other industries. The start of Chinese environment protection industry is late, however, the growth momentum should not be underestimated. The existing study of environmental protection industry focuses on the theory of industrial organization from the perspective of industry research, which includes concepts, connotation, technical innovation, development and performance evaluation of the environmental protection industry, etc. This paper attempts to explore the relationship between ownership structure and enterprise value in environmental industry from a new perspective, that is, the micro-level based on the accounting theory.This paper firstly describes the general situation of environment protection industry, introducing the development of Chinese environment protection industry from related fields, the industrial layout and development capability. Then this study compares the domestic and foreign situation, discussing the development gap between Chinese and international developed countries, and the growth direction of our country. Besides, this paper defines the connotation of environmental protection industry based on the above-mentioned overview, and introduces the related theories of ownership structure and enterprise value, in order to establish the theoretical foundation. What’s more, this paper will implement statistical and empirical analysis on ownership structure of environmental protection industry, mainly from the perspectives of ownership concentration, equity checks and balances, the nature of controlling shareholders, etc., fully reflecting how the ownership structure and its related factors exert impacts on enterprise value. Finally, based on previous parts, this paper will explore the reasons why defects of ownership structure exists in environment protection industry, then proposes recommendations for the development of Chinese environment protection industry from the perspective of ownership structure.This paper includes the following chapters:Chapter one is the introduction. This part mainly introduces the meaning of this topic, practical and theoretical significances of this study. Besides, this chapter conducts literature review on existing literature of domestic and foreign study, then introduces the study path, methodology and the potential innovation and inadequacy.Chapter two is the theoretical foundation of analyzing ownership structure in environmental protection industry. Firstly, this part defines the environmental protection industry and introduces the concepts of ownership structure and enterprise value, which is helpful for defining research subjects. Besides, this chapter organizes the related theories about equity theory such as the principal-agent theory, asymmetric information theory, property rights theory, etc., which becomes the theoretical foundation of the following study.Chapter three is the overview of environmental protection industry. On one hand, this part introduces the general situation of environmental protection industry, including the development history and situation of Chinese environmental protection industry; the existing situation of foreign environmental protection industry and comparison between Chinese and foreign development condition, which could fully reflect the features and potentials. On the other hand, this chapter analyses the related information of ownership structure and enterprise value from the perspective of relevant listed companies, such as the biggest controlling shareholder’s stake, the top ten shareholders’ stake, the proportion of state-owned shares, the performance of listed companies and enterprise value. This part initially introduces ownership structure of environmental protection industry, compares this industry with other main industries in China and summarizes the characteristics of ownership structure and enterprise value of Chinese listed companies in environmental protection industry.Chapter four analyses the correlation between ownership structure and enterprise value in environmental protection industry. Firstly, this part makes use of statistical analysis to describe ownership structure of environmental protection industry, then conducts empirical analysis on how the ownership structure exert influences on enterprise value, analyzing the impacts of each related factors. Finally, based on the analysis results, this part summarizes the reasons why ownership structure influences enterprise value in environmental protection industry.Chapter five gives recommendations for the reform of environmental protection industry based on previous study, which could provide help for the development of Chinese environmental protection industry and reform of corporate ownership structure, in order to enhance the healthy development of Chinese environmental protection industry. |
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