Research On The Impact Of Multiple Major Shareholders On Market Value Management Under The Regulation Of Information Disclosure

In China,for a long time,listed companies have been in a state of equity division,which has led to the fluctuation of the market value of listed companies will not have a substantial impact on the interests of major shareholders,so the management of market value did not attract attention.On April 29,2005,with the approval of the State Council,the China Securities Regulatory Commission(CSRC)issued the Notice on Issues Related to the Pilot Reform of Equity Separation of Listed Companies,initiating the pilot reform of equity division.The completion of this initiative marks that the goals of China’s nontradable shareholders and tradable shareholders have become consistent,the income of nontradable shareholders is no longer related to the stock price,and the stock price directly affects the interests of shareholders holding a large number of non-tradable shares,so the company’s goal is no longer simply to maximize profits,but to maximize corporate value;The market capitalization is no longer a number unrelated to the interests of shareholders,but a comprehensive reflection of the healthy development of listed companies.Inspired by the popular value management theory abroad,the management concept of market value management has emerged in China.Based on the background and significance of the research,this paper first sorts out the research literature of mainstream scholars on the influencing factors of market value management,multiple major shareholders and the governance effect of information disclosure,defines the three core concepts of market value management,multiple major shareholders and information disclosure,and puts forward the research hypotheses based on tunnel mining theory,shareholder collusion theory,shareholder check and balance theory and value management theory.Secondly,with reference to the relevant research of previous scholars,the selected variable indicators were designed,and the A-share listed companies in China from 2015 to 2019 were selected as the research samples,and the impact of the equity structure of multiple major shareholders on the market value management of listed companies was empirically investigated,and the information disclosure level of listed companies was used as the regulating variable to explore its impact on the main effect.The results show that:(1)the equity structure of multiple major shareholders is more conducive to the market value management of listed companies than the equity structure of a single major shareholder;(2)The information disclosure level of listed companies plays a reverse regulating role,that is,in companies with lower information disclosure levels,the equity structure of multiple major shareholders can play a better role.Further,the variables are grouped according to the legal environment to study the impact of multiple major shareholders on market value management in different legal environments.The results show that in regions where the legal environment is weaker and investor protection is inadequate,the easier it is for the shareholding structure of multiple major shareholders to promote the market value management of listed companies.The conclusion of this paper provides new ideas for promoting the high-quality development of listed companies from the perspective of equity structure,and also provides updated evidence for listed companies to improve the level of information disclosure and the government to strengthen investor protection.