Research On The Impact Of G Company’s Equity Structure

Under the environment of deepening reform of state-owned enterprises,many state-owned enterprises began to explore diversified shareholding structure reform.This thesis takes G co.as a research case,and studies its market reaction and financial performance.According to the case study,the conclusion that the equity structure reform is conducive to improving the company’s performance provides countermeasures and suggestions for the equity reform of state-owned listed companies.Based on the analysis of domestie and foreign related research achievements,this thesis first introduces the content of the equity structure reforam of G co.from 2005 to 2017,and finds that G co.has realized the diversification of shareholding structure through the equity structure reform.Then using the event research method to empirically test the market reaction of the company’s shareholding structure reform.Through the short-term and medium-term analysis of the market reaction before and after the equity change,it is concluded that the implementation of the share-trading reform and the introduction of strategic investors by G co.have a positive effect on the company.Thirdly,through the profitability,solvency,operational capability,development capability analysis and DuPont analysis of G co.,it is found that the financial performance of G co.has been improved with the diversification of equity,the company’s profitability and operational capacity have been strengthened,and the asset scale has expanded rapidly.The debt repayment level has been improved step by step and is highly developed.Finally,by summarizing the experience and shortcomings of G co.,two suggestions for the establishment of a good equity institution reform path for state-owned listed companies are proposed:improving the equity incentive system and constructing a diversified shareholding structure.