An Empirical Study The Relationship Between The Equity Properties And Corporate Value Of Listed Companies

The relationship between equity properties and corporate value is an important area of corporate governance. Current research on the relationship between equity properties and corporate value focuses on equity properties,ownership concentration,ownership balance and so on. However, there is a big difference in conclusions. State-owned equity's "owner absence" leads to a serious departure between the controlling shareholder's interest demand and the listed company value ascension. The phenomenon that controlling shareholders delve listed company through controlling rights often occurs. Liaoning province which lies in old Northeast China industrial base positively responds to the country's call of "Revitalizing old Northeast China industrial base", and finally becomes the best and fastest province on economic area in the Northeast China. At the same time, the manufacturing industry is as pillar industry in the northeast old industrial base. The research on the rationality of equity property in a particular region and specific industries not only improves corporate value in local area, but also enlightens other provinces in Northeast and China.Firstly, this paper reviews the correlation theory about the relationship between equity properties and corporate value at home and abroad, and advance the point of innovation. Secondly, a theoretical analysis on equity properties,ownership concentration,ownership balance and corporate value based on EVA made in this paper based on agency theory and property theory, and a research hypothesis is put forward. Finally, this paper uses adjusted EVA as substitute variable of corporate value, percentage of the first majority shareholder as substitute variable of equity concentration and equity balance, herfindahl index as the percentage of state-owned shares and Z index as the percentage of corporate shares and circulation shares. And this paper investigates the equity properties's impact on listed companies in manufacturing industry in Liaoning Province by descriptive statistics, correlation analysis, multiple linear regression and so on, and compares the empirical result with the native samples'. The corresponding progress path is found out on the basis of the characteristic of Liaoning Province's equity properties; And this paper tests the correlativity of equity properties and corporate value in manufacturing listed companies through correlation analysis and multiple linear regression and then according to empirical result and theoretical analysis, makes the optimization analysis of equity properties in manufacturing in Liaoning Province. The final part of this paper raises the suggestions and strategies.