Study On The Influence Of Wbd's Major Shareholders' Clearance Reduction On Enterprise Value

Since the split share structure reform,China's capital market has developed rapidly and made brilliant achievements,but at the same time,many problems have been exposed.With the capital market gradually entering the era of full circulation,the shares held by the original major shareholders appreciate rapidly.After the lifting of the ban on restricted shares,the major shareholders began to reduce their holdings of shares.In recent years,the behavior of large-scale liquidation of major shareholders to reduce their holdings has occurred frequently.The consequence of this behavior is not only to bring huge pressure to the stock market,but also to affect the enterprise value,which has brought great impact to the domestic capital market,and to a large extent hindered the steady growth of China's capital market.Therefore,more and more attention is focused on the A-share market In terms of the behavior of the major shareholders' clearance reduction,the influence of the major shareholders' clearance reduction on the enterprise value has also become a problem worthy of study in the theoretical circle.At present,the academic discussion on the major shareholders' clearance reduction is mainly based on empirical research,with relatively few case studies,and most of them focus on the motivation,motivation and economic consequences of the reduction.Few literatures study the impact of the major shareholders' clearance reductionfrom the perspective of enterprise value.Therefore,from the perspective of enterprise value,this paper makes clear the impact of major shareholders' clearance reduction on enterprise value,which provides a new way to study the problem of major shareholders' clearance reduction.First of all,the paper combs the literature related to major shareholders' clearance reduction and enterprise value,expounds the concept of major shareholders' clearance reduction and enterprise value,discusses the theory of enterprise value based on EVA momentum,and puts forward the path to analyze the impact of major shareholders' clearance reduction on enterprise value based on EVA momentum.Secondly,starting from the case of enterprises,based on the idea of major shareholders' clearance reduction ? business performance(profit efficiency,operating efficiency)? EVA momentum to measure the value of enterprises,this paper discusses that WBD's major shareholders' clearance reduction has changed the business performance,that is,the profit efficiency and operating efficiency of enterprises,and then changed the EVA momentum,which eventually led to the change of enterprise value.Finally,Tobin Q value is used for comparative analysis to verify the change of EVA momentum,and then explain the impact of major shareholders' clearance reduction on enterprise value.Based on the above theory and analysis,it is concluded that the clearance reduction of WBD's major shareholders leads to the reductionof the enterprise's profit efficiency and operating efficiency,and ultimately leads to the decline of the enterprise's value.