Research On The Impact Of Shareholding Structure On The Financial Governance Efficiency Of Chinese Agricultural Listed Companies

At present,the research on the ownership structure of agricultural listed companies has formed some theoretical results,but it is not very mature and there are many problems.The reasonable ownership structure is conducive to improving the level of corporate governance,promoting the efficiency of financial governance,so as to obtain more financial performance and increase the interests of stakeholders.First,it discusses the relationship between ownership structure and financial governance efficiency in theory;Second,based on the results of theoretical analysis,it uses the financial data of agricultural listed companies listed in Shanghai and Shenzhen A shares and B shares from 2011 to 2018,and uses the fixed effect model and threshold regression model to study the relationship between them;Finally,it uses the method of grouping test to analyze different scale companies.It is found that the relationship between the shareholding ratio of the largest shareholder and the efficiency of financial governance tends to be "marginal utility decreasing" in terms of equity concentration.At the same time,the second to the fifth largest shareholders of the company effectively check and balance the first largest shareholder,which has a significant role in promoting the efficiency of financial governance;In terms of equity attribute,in addition to the management shareholding,the increase of state-owned shares,corporate shares and circulating shares are not conducive to the improvement of financial governance efficiency.However,with the increase of the management's shareholding ratio,the efficiency of financial governance has been significantly improved,with the characteristics of interval effect,showing the trend of "increasing marginal effect";In the grouping test of different scale companies,the increase of equity concentration in small-scale companies is more conducive to improving the efficiency of financial governance,while the negative effect of corporate shares on the efficiency of financial governance is higher than that of large-scale companies.The higher the degree of equity check and balance of large-scale companies is,the better the efficiency of financial governance is.The proportion of shares held by the management is significantly higher than that of small-scale companies.However,the negative effects of state-owned shares and circulating shares on financial governance efficiency are higher than that of small-scale companies.Therefore,in order to improve the efficiency of financial governance,agricultural listed companies should maintain 27.5% equity concentration and 28% management shareholding ratio,actively cultivate institutional investors,enhance strategic cooperation between companies of different scales.