The Nature Of Property Rights,Ownership Concentration And Stock Return

This article proves that all the stocks in the manufacturing sector of A-shares are sampled.All ST stocks and incomplete stocks are excluded.Based on the five-factor model of Fama and France,they are constructed from the factors of Fama and French.The method adds the equity concentration factor,and introduces the nature of property rights by using the dummy variable method to explore whether the listed company's ownership concentration and the nature of property rights have a direct relationship with its stock yield.The empirical results show that for the listed company stocks in the manufacturing industry,state-owned enterprises often have a high degree of ownership concentration,which is higher than the level of ownership concentration of private enterprises.That is to say,the degree of ownership concentration is related to the nature of the actual controller..However,the degree of correlation is mainly reflected in the combination of listed companies with high equity concentration of state-owned enterprises,which means that they cannot substitute for each other when explaining stock returns.The newly added profit factors and investment factors in the five-factor model have a strong correlation with the sample data of our manufacturing listed companies.The corresponding investments made by high-profit manufacturing companies will be more positive,and companies that invest positively will be more likely to obtain high profits.At the same time,the higher the equity concentration of listed company stocks is,the higher the return rate of listed companies is.Private equity-controlled listed companies have higher stock returns than central SOEs and local SOEs.There is no significant difference between the stock returns of central SOEs and local SOEs.