A Study On The Equity Concentration And Enterprise Competitiveness Of Cross-listing Enterprises

Cross-listing refers to the behavior of a company's shares listed on more than one stock exchange.Compared with foreign enterprises,the cross-listing behavior of Chinese enterprises starts late.However,in recent years,Chinese enterprises to realize the cross listed company quantity increase,more and more not only has been successfully implemented in Chinese companies listed abroad to return to the cross-listing in the securities market,and initially only in the domestic securities market listed Chinese companies are also beginning to choose to get listed overseas securities markets cross.As of 2017,there will be more than 100 cross-listed companies in China,and six cross-listed companies will be cross-listed in 2017,such as zhongyuan securities,China galaxy and qinhong kong.Cross-listing has an increasing influence on investors,listed companies and securities markets.Due to China's enterprises to choose cross-listings tend to have a specific historical background,often and state-owned enterprises reform,the construction of our country capital market distribution,lead to cross the equity of listed companies in our country concentration are often relatively high.Companies choose cross-listing are often faced with strict supervision and management mechanism in overseas markets,in equity concentration and the change of environment,the cross listed companies,which occupies a large proportion in state-owned enterprises,how to keep the equity concentration is reasonable,is a problem worthy to be discussed.The purpose of this paper is to listed companies by empirical studies reveal that cross ownership concentration and the enterprise competition relations,and to explore how cross listed companies should keep the ownership concentration can be achieved to maximize enterprise competitiveness,these for cross listed companies has a certain practical significance.This paper involved in reviewing and combing the existing ownership concentration and corporate competitiveness correlation research results,and on the basis of related literature on the cross-listing fields,analyzes the research achievements of previous scholars and deficiency,combined with cross-listing,ownership concentration and corporate competitiveness of principal-agent theory and constraint theory,and the theory of corporate governance theory,further analyzes the cross-listing in the impact of corporate governance and corporate competitiveness.Then,this paper makes some descriptive statistics on the history of cross-listing of Chinese enterprises,mode,mode characteristics,ownership concentration and enterprise competitiveness.Based on this,the paper analyzes the influence of the concentration degree of cross-listed companies on the competitiveness of cross-listed companies.On the research object,this article selects 45 cross companies as the research object,selected sample data sample companies from 2011 to 2016,for six consecutive years of data,combined with Wind sample cross listed companies listed in the database data,company information,financial data and other related data,the empirical analysis cross listed companies of the correlation between ownership concentration and corporate competitiveness.This article for cross enterprise competitiveness of listed companies value obtained by factor analysis method,mainly using gold research institute of Chinese academy of sciences measurement concept,from the aspects of growth capability,output capability,efficiency,financial data,such as dimension reduction with the method of factor analysis to calculate,and ownership concentration is mainly USES the Z value and fender of the top five shareholders,the index to measure and control variables selection asset-liability ratio and firm size.The empirical results show that the value of the equity concentration of cross-listed enterprises and the value of the hindar value of the top five shareholders and the enterprise competitiveness have the "U" relationship.In the cross listed companies equity highly fragmented,with the rise of enterprise ownership concentration,listed companies listed on the cross constraint mechanism and company principal-agent mechanism under the interaction of enterprise competitiveness will rise,but as to further improve the degree of equity concentration,company will bring the second category of agency costs,making the declining competitiveness of the enterprise.Using empirical regression results,the optimal concentration level of equity is calculated.Based on the empirical results and the current situation of China's cross-listed enterprises and capital market,the article provides some reference Suggestions from the aspects of shareholding structure,government intervention and institutional investors.