Ownership Structure,Diversification And Firm Value

Ownership structure and corporate performance,diversification and corporate performance,ownership structure and diversification of the research has been the focus of theoretical research.However,there are few studies on the combination of the three,to explore the relationship between the ownership structure of the coal industry,diversification and corporate performance of the relationship between the three.In recent years,with the China overall decline in economic growth,energy conservation and emission reduction,foreign coal substitution,the use of new energy,coal prices have been hovering in the low,the coal industry in the "ten years" ended.The coal enterprises need to change the traditional production and competition mode,to seek more clean and efficient use of coal,have embarked on the road of diversification.The future of the coal industry will go from here?This paper attempts to give some suggestions.Based on the data of 35 coal listed companies in 2008?2015 as samples,through descriptive statistics and empirical regression methods,and studies the relationship between ownership structure and corporate performance of coal enterprises,and further confirm whether the diversification of ownership structure as an intermediary to influence on enterprise performance.And on the basis of coal enterprises is analyzed,and then make a reasonable explanation for the coal enterprise ownership structure,etc.,and then put forward the corresponding countermeasures and suggestions the starting point,but also provide a reference for the transformation of other resource-based enterprises.The results of empirical research on the basis of the discussion,the main results of this thesis are:(1)ownership concentration on firm performance positive impact,the proportion of state-owned shares has a negative impact on corporate performance,managerial ownership has no effect on the performance of enterprises.(2)there is no influence on the performance of diversified enterprises of coal listed companies in China.(3)the ownership concentration has a positive impact on diversification,but the coefficient of influence is small,the proportion of state-owned shares and the proportion of managerial ownership have no effect on the performance of enterprises.(4)in the relationship between ownership structure,diversification and corporate performance,diversification does not act as an intermediary variable,there is no mediating effect.