Empirical Analysis Of The Impact Of Ownership Structure Upon Market Value Management Effect Of Listed Companies

Since 2005,the implementation of split share structure reformation,the ture value of theory and the practice of management,in contrast,and has become a strategic management company listed on the important content.Market value management is an fatal strategy for the management of listed companies,long-term development of listed companies and the capital market stable and the healthy development of the state play an important role.Market capitalization value management transition management in mature capital markets in the future,the market value of management will eventually evolve into value management,internal and external value of listed companies to reach consensus.However,as we mature capital market,the existence of the intrinsic value of listed companies and external market performance big difference,resulting in the market value of management can not play its due effect.Therefore,how to effectively manage the market value of listed corporate governance has become an important issue in the current market environment in China's capital.By reading the relevant literature and summarized the domestic and foreign ownership structure,value management,capitalization and management,elaborated on the basis of ownership structure,market value management related concepts,the article discusses the relationship between ownership structure & firm value and the market value management and value relationship between management and as a theoretical foundation,empirical analysis of the ownership structure affects the market value of the management of listed companies.Select A company contracted 30 A-share listed companies in2006-2015 years of financial data,the establishment of the company's value management listed as a research dependent variable,equity structure related factors as independent variables,and other control various in the regression model the empirical results whitch shows that:(1)ownership concentration and the market value of a U-shaped relationship management effectiveness;(2)positive correlation with equity restriction market capitalization of listed companies management effectiveness;(3)management shareholders and the market value of listed companies management effectiveness positively correlated.So,the equity structure of companies of the variables listed companies in China for effective management of the market value has important implications,the market value of listed companies to improve management effectiveness by optimizing the equity structure of listed companies to achieve.For improving the management level of the market value of listed companies,listed companies should establish the scientific concept of market value management,strengthen supervision and management of the market value of the ways.In addition,the Chinese government must regulate the market and at the same time,improving the professional manager and training for taking certain measures on mature capital markets,the market value of the listed companies effectively managed to provide a good market environment.