Multiple Major Shareholders Have Developed High Quality Development Of The Enterprises Impact Studies

Since the 19 th National Congress of the Communist Party of China,China has entered a new era of high-quality economic,social and environmental development,and General Secretary Xi Jinping has emphasized that the real economy is the foundation for promoting high-quality economic development and creating international competitive advantages.As the main body of the development of the real economy,enterprises still have problems such as unreasonable use of resources and low efficiency,and how to solve existing problems and achieve high-quality development has attracted attention.In order to comply with the development trend of economic transformation,enterprises take the equity structure as the starting point to promote the improvement of governance structure and organizational system,innovate the development model that meets the new requirements of the times,enhance total factor productivity,and promote high-quality development.In addition to the two categories of single holding and highly decentralized,the equity structure of some listed companies is still relatively concentrated,and the research on the coexistence of multiple major shareholders has gradually become a hot topic,but it is rare to explore its impact on the high-quality development of enterprises,clarify the relationship between the two,and explore its mechanism of action to help form a reasonable equity structure,analyze and solve existing problems.This paper takes A-share listed companies as a sample.First,a two-way fixed effect model is constructed to test the relationship between multiple major shareholders and the high-quality development of enterprises.Secondly,the effect of multiple major shareholders on management incentives and thus affecting high-quality development is analyzed.Third,the role of enterprise scale in regulating between multiple major shareholders and high-quality development is discussed.Finally,the heterogeneity test is carried out,and the return is grouped according to the degree of marketization and the nature of property rights,and the impact of multiple major shareholders on the high-quality development of the enterprise under different circumstances is tested.The results of the return prove that other major shareholders can form effective checks and balances on controlling shareholders and management,improve the high-level incentive system,and significantly improve the effectiveness of corporate governance;the scale of enterprises plays a significant positive regulatory role between multiple major shareholders and the high-quality development of enterprises;and the positive impact of multiple major shareholders on the high-quality development of enterprises is more prominent in regions with high levels of economic marketization and state-owned enterprises.