Research On The Influence Of Ownership Structure On The Performance Of Listed Companies In Semiconductor Industry

Semiconductor industry is the foundation of high-tech industry,which has important strategic significance.At present,China's semiconductor self-sufficiency rate is still low,supporting the semiconductor industry has always been the top priority,and semiconductor companies have naturally become the focus of the capital market.In academic research,whether there is a relationship between shareholding structure and firm performance is a hot topic.A reasonable shareholding structure can enhance the efficiency of corporation governance,alleviate the principal-agent problem,and ultimately have an impact on corporate performance.This paper focuses on semiconductor listed companies to explore whether shareholding structure affects firm performance and how it affects the results.This paper combines theoretical research and empirical research.In the aspect of theoretical research,through the combing of domestic and foreign literature and the in-depth analysis of the theories of separation of two rights,information asymmetry theory and principal-agent theory,this paper puts forward some hypotheses from three aspects of shareholding structure;In the aspect of empirical research,this paper chooses the related data of public companies in China's semiconductor industry from 2010 to 2019.Instead of using single financial indicators to represent the company performance,in this paper,factor analysis method is used to calculate the comprehensive performance which can fully reflect the situation of the company.In terms of equity structure,the paper chooses the degree of concentration,balance and attribute of equity to carry out the research.Taking company performance as the explained variable,ownership structure as the explanatory variable,asset liability ratio and company size as the control variables,regression model is established to explore the relationship between shareholding structure and firm performance.This paper also makes descriptive statistical analysis of sample data,analyzes the status quo of ownership structure and performance of semiconductor listed companies in China.Through regression analysis,the following conclusions are drawn: the degree of ownership concentration is positively related to the performance of semiconductor listed companies;equity balance is not related to the performance of semiconductor listed companies;the proportion of senior executives' shareholding is not related to the performance of semiconductor listed companies;the proportion of institutional shareholding is positively related to the performance of semiconductor listed companies.In addition,this paper also explores whether the shareholding structure has a moderating effect on the relationship between R & D investment and firm performance,as an important supplement to the theme of this paper.Ultimately,this paper brings forth the corresponding proposals to optimize the shareholding structure and enhance the efficiency of corporate governance from four aspects of the ownership structure: appropriately improve the ownership concentration to maintain the relative concentration of the shareholding structure;moderately introduce the equity balance system and improve the shareholder supervision mechanism;establish a reasonable equity incentive mechanism to give full play to the advantages of senior executives;actively introduce institutional investors to enhance the professionalism of shareholders.