Ownership Structure And Firm Value Of The NEEQ Listed Companies

The National Equities Exchange and Quotations has become an important part of China's multilevel capital market system,so researches about the NEEQ and its listed companies are getting more and more attention.As it is known,the NEEQ listed companies' value varies differently.And researches about value of the Stock Exchange listed companies focus on the relationship between ownership structure and firm value.But compared to the Stock Exchange market,the NEEQ has a different system design,so that ownership structure of the NEEQ listed companies has its differences.So methods and conclusions used in the Stock Exchange can not be simply applied to the NEEQ.It is necessary to reveal the new relationship between ownership structure and firm value based on the characteristics of the NEEQ listed companies.The inquiry of this topic becomes the basis for the evaluation and improvement of the NEEQ system design as well as transformation of ownership structure.This paper combines the qualitative and quantitative methods to explore the characteristics of ownership structure of the NEEQ listed companies based on different system design.Ownership structure is measured by ownership construction,the degree of equity control,managerial ownership and venture investment institutions ownership.Considering of lack of liquidity in the NEEQ market and the limitations of using single financial index,this paper uses the principal component analysis to obtain the value index of the NEEQ listed companies.This study applies GMM in empirical Analysis,combined with segmented regression analysis method.And based on factor density,listed companies will be divided into three industries and used for structural regression analysis.The empirical results show that equity concentration is more suitable for the development of the NEEQ listed companies;balance ownership is not conducive to enhance firm value;there is no significant correlation between managerial ownership and firm value;the relationship between venture capital ownership and firm value is negatively correlated,but there are significant differences in different shareholdings ratio range.Different factor-density industries possess different relationships between ownership structure and firm value.The findings have certain reference significance for enhance of the NEEQ listed companies' value,equity investment and market system design.