Research On The Impact Of Ownership Concentration On Company Performance From The Perspective Of Enterprise Life Cycle

Our country’s economy is in a period of rapid development.In order to seek more benefits,the enterprise separates the management right and ownership of the enterprise to form a principal-agent relationship.So how to arrange the distribution of equity,avoid the occurrence of agent ultra vires,and then improve the efficiency of corporate governance,and then promote the improvement of the company’s performance?At present,scholars have two distinct views on the impact of ownership concentration on corporate performance.The first is the supervisor hypothesis,which holds that higher ownership concentration will increase the enthusiasm of shareholders to supervise and motivate managers,so that easing the principal-agent relationship can reduce the cost paid for it,thereby promoting the improvement of company performance.The other is the occupier hypothesis,which holds that the higher the equity concentration,the easier it is for major shareholders to take the interests of other shareholders,thereby hollowing out the entire company,which is not conducive to the improvement of company performance.Due to the different development stages of enterprises,the internal management,external environment and risk mechanism faced by enterprises are different,so the existence of the above two different viewpoints may also be because enterprises are in different life cycles and have different degrees of fairness.Concentration affects every aspect of a company.The mechanism and intensity of the action will be different,and the impact on the company’s performance will also be different.Based on this,this paper combines the theory of enterprise life cycle to explore the impact of weight concentration on company performance.And further combine principal-agent theory and corporate governance theory to construct a result equation model(SEM)to explore the intermediate path of ownership concentration on company performance.The results show that:(1)In the full sample companies,the ownership concentration is conducive to promoting the improvement of the company’s performance.(2)From the perspective of the enterprise life cycle,the positive effect of ownership concentration on company performance is the highest in the growth period and the weakest in the recession period,indicating that with the evolution of the enterprise life cycle,the positive effect of ownership concentration on company performance is affected.is positive.gradually decreases.(3)Further analysis of the middle path of ownership concentration found that ownership concentration can improve performance through two middle paths of reducing principal-agent costs and improving business efficiency,thus verifying the previous theoretical and empirical analysis.Finally,based on the research conclusions drawn in this paper,relevant guidance and suggestions are put forward for the arrangement of equity allocation,operating efficiency and corporate governance mechanism of enterprises with different life cycles in my country.