The Relationship Between Ownership Structure And Firm Value Of Listed Companies

This paper provides a recent research on the relationship between ownership structure and firm value of Public Companies. Because the relationship is stronger in the high competitive industries relatively, the research is based on Public companies in the textile and clothing industry.Firstly, the paper introduces the theoretical base. The paper introduces the three types of ownership structure and discusses the ownership structure of Chinese listed companies with its characters.As for Public companies in the textile and clothing industry, the paper firstly surveys its ownership structure and the difference with overall listed companies. Secondly, it provides the performance of all companies in the industry with comparison to overall listed companies, too.In empirical research, the paper studies the influence of capital concentration rate, state-owned shares proportion, corporation-owned shares proportion and negotiable shares proportion separately on the company value, adding three controlled variables-SIZE, GROWTH and DAR. As for the company value, the paper considers it with TOBINQ. After the analysis with EVIEWS, the paper gets some valuable results.1. The relationship curve between the shares proportion held by the first major shareholder and the company value is to be U shape;2. There is no obvious relationship between the state-owned shares proportion and the company value;3. There is no obvious relationship between the corporation -owned shares proportion and the company value;4. There is a positive relationship between the negotiable shares proportion and the company value.