Research On The Impact Of Heterogeneous Equity On Corporate Value

In the area of asset valuation,evaluating the value of an organization is an important element.Because there are many factors that affect the value of an enterprise,it can be difficult to assess the value of the enterprise.Ownership structure is a very important part of corporate governance,which is an important factor affecting the corporate governance environment and corporate value.Therefore,the ownership structure of listed companies has always been the focus of both theorists and practitioners.Atpresent,due to the different methods of analysis and analysis,there is not a clear conclusion abou the relationship between ownership structure and enterprise value.Many scholars at home and abroad focus on the correlation between these two factors,such as ownership concentration and equity balance.Some scholars also study the mechanism of introducing intermediary variable sthrough the agency of agency.However,the study of the heterogeneity of ownership in this area,few scholars in China involved.Through the research on the relationship between equity heterogeneity and enterprise value,it can enrich the research on enterprise value in the field of asset valuation and broaden the research ideas.And in the future when assessing the enterprise value,we can fully consider the impact of the ownership structure on the enterprise value,so as to obtain a more accurate assessment result.Based on the domestic and foreign literatures,this paper explores the relationship between ownership structure and corporate value of listed companies from the perspective of principal-agent.Taking the enterprise value as the dependent variable,taking four different kinds of equity as the independent variables and other characteristics that affect the enterprise value as the control variables,the panel fixed effect model is established to examine the relationship between the heterogeneous equity and the enterprise value.Inaddition,considering the relationship between heterogeneous equity and firm value maybe affected by the independence of the board of directors,this paper adds the independence of the board of directors of the company as a moderator variable into the model.Then the DD-item is introduced for statistical regression and the group regression is conducted according to the state-owned and non-state-owned nature of listed companies.The results show that the larger the proportion of individual stocks,the greater the value of the firm;the greater the proportion of institutional shares,the greater the value of the firm;the greater the proportion of foreign stocks,the less significant changes in the firm's value;the greater the proportion of corporate shares and the smaller the firm's value.The proportion of independent directors has a positive regulatory effect on the relationship between heterogeneous equities and corporate value,including individual stocks and foreign shares.In the regression results of listed SOEs,there is a significant positive correlation between individual shares and corporate value.There is a significant positive correlation between institutional shares and corporat evalue.There is no significant relationship between foreign shares and corporate value.Corporate shares and corporate value have significant.In the regression results of non-state-owned listed companies,there is a significant positive correlation between individual stocks and enterprise value.There is no tobvious relationship between institutional stocks and enterprise value.There is a significant positive correlation between foreign shares and enterprise value.Corporate value has a significant positive correlation.In further research,this article explores the ways in which the individual and institutional shares of listed state-owned enterprises affect corporate value.Improve the executive compensation of the company as the dependent variable and the corporate value as the independent variable,and introduce the cross-product of the heterogeneous equity and the corporate value.The results show that individual stocks and institutional stocks have a significan tregulatory role,indicating that heterogeneous shares affect the enterprise value by affecting the commercial management of state-owned enterprises.