| Ownership structure affects the distribution and governance structure of enterprise ownership,which is an important factor to affect the company’s management ability,and the reasonable allocation of ownership structure is the necessary condition for the company to improve the enterprise value.After the reform of non-tradable shares,China securities market to further enhance the level of corporate governance ability after the baptism of the market,and gradually improve the ownership structure,taking them as the sample is of great significance to explore the equity structure of listed companies and corporate value.This paper firstly reviews the relevant literatures on the relationship between ownership structure and corporate value,and then puts forward two concepts and measure,elaborated how ownership structure through the incentive theory,supervision theory,principle theory and principal-agent theory over the impact on the enterprise value.On this basis,the paper puts forward 5 assumptions,followed by the data from 2004 to 2006 as a comparative study of the impact of the ownership structure of China’s main board IPO listed companies from 2007 to 2015.After controlling the level of industry competition,individual characteristics and the influence of the time variable,we use a variety of analysis methods to make empirical analysis,and draw some important conclusions.Due to the correlation test,the author realized that ownership concentration index BS and equity balance degree is related to the larger,so the first correlation between the proportion of the first shareholder and corporate value index was studied,using piecewise regression analysis also verified.After the analysis of the 2007 groups of other explanatory variables from 2004 to 2006 and from two to 2015.The regression results show that no matter before and after the reform,the first major shareholder equity ratio and the enterprise value index of the regression parabolic relationship is more significant,and compared with the restructuring before the nonlinear relationship is more significant.On the other explanatory variables,the proportion of top five shareholders after the restructuring and enterprise value index showed a significant positive correlation,the proportion of corporate shares and corporate value index showed a positive correlation is more significant,the proportion of state-owned shares and corporate value index is a significant negative correlation,but both before and after the reform of equity balance degree was not significant.Therefore,the future of listed companies can reasonably adjust the proportion of large shareholders according to their own equity status,making the best of the largest shareholder is located 20%to 30%or more than 70%.In about 30%,the shareholders of the company can cooperate with each other,mutual checks and balances,the interests of major shareholders occupy the motivation to be restricted,conducive to the formation of a sound corporate supervision,checks and balances mechanism.In more than 70%,the interests of the company directly affect the interests of major shareholders,large shareholders can consciously strengthen the management of enterprises,the effect of convergence in this interest is more obvious.In addition,listed companies should be appropriate to increase the shareholding of corporate shareholders,both to raise funds,but also for the formation of a sound equity structure to lay the foundation.The proportion of corporate shares increased,the proportion of large shareholders and the proportion of state-owned shares will decline,the proportion of other shareholders will rise,which will help the company to form a good equity structure and corporate governance mechanisms.The main content of this paper is:The first chapter is the introduction.The research background and significance of this paper are briefly introduced,and the research framework of this paper is made,and the possible innovations are put forward.The second chapter is literature review.Review and summary of the ownership structure and firm value of foreign research results,divided into ownership property,ownership concentration and equity balance degree were expounded.The fourth part of this chapter is to review some previous research results.This paper found that most of the previous research is a period of data,using empirical research,variable selection is very different.The author intends to use comparative analysis and multiple regression analysis method,collecting mixed data,and using the corporate value index((equity value + liabilities value)/total assets)to study the factors of influencing the value of the company.The third chapter puts forward the theoretical basis,and then obtains the related research hypothesis.The definition of ownership structure and corporate value index is explained,and the theory of incentive theory,principal agent theory and so on are reviewed.The fourth chapter the variable calculation and data selection are described,and the combination of theory and the background,puts forward the research hypotheses and empirical design corresponding regression model of relationship between internal governance and corporate ownership structure and corporate value.For the large shareholder,the proportion of BS indicators,the use of nonlinear regression model;the analysis of other variables,set a linear regression model.The fifth chapter is the empirical analysis.First,the use of linear and nonlinear analysis model,and the relationship between ownership structure and corporate value of IPO company is empirically studied.The first part,through the contrast before and after the reform,found that the first big shareholder and corporate value index for the nonlinear relationship,and after the reform,the effect is more significant,using piecewise regression analysis to verify the second part;descriptive statistics on the other explanatory variables;the third part is the empirical analysis;the fourth part of the robustness test using two methods one is based on the motherboard,data index replacement,two is through a comparative analysis of small and medium-sized board.The sixth chapter is the conclusion and suggestion.Through the comparison of the main board listed companies and small and medium-sized listed companies to return to the data analysis,draw relevant conclusions,on this basis to the early listing of the company put forward some development proposals.The main conclusions are:first,adjust the proportion of various types of shareholders,the controlling shareholder of the best proportion is located 20%～30%or more than 70%;second,the appropriate increase in the proportion of institutional ownership.. |
