Major Shareholders Of Listed Companies Impact To Invest In The Empirical Study

This paper researches the major shareholder changes in shareholding ratio after share-trading reforming, and then points out that the shareholding average ratio of major shareholders dropped from 45.58 percent to 36.92 percent. To some extent,it dispersed control and narrowed the gap of the shareholding ratio among the shareholders, likely to form a number of major shareholders of mutual checks and balances of the situation, thereby improving the ownership structure. On this basis, using data of listed companies about China's manufacturing, this paper studys that whether the dropping of the major shareholders average ratio will impact investment of China's listed companies by empirical analysis, Accordingly, five conclusions are obtained: First, investment of listed companies is related to the flow and they are singificantly positive relationship, the investment in a cash-flow sensitivity is promotly affected by the first major shareholder. the major shareholding ratio dropped after share-trading reforming, therefore, relevant shares to less than before; Second, the reason of the investment in a cash-flow sensitivity is that over-investment of the prevailing hypothesis of free cash flow sets up in China's listed companies, while shares changed after the first major shareholders holding an average decline in the proportion, this trend of excessive investment has increased; Third, the scope of the shareholding ratio among the top five shareholders is narrowed, equity shares of the checks and balances eased over the level of investment after share-trading reforming, but the effect is not very clear. It implies that share-trading reform has not wholely changed "Yigududa" pattern, the equity pattern of checks and balances is further improved; Fourth, investment and asset liability ratio was a negative correlation, on the one hand, it is reflected that the introduction of China's listed companies liabilities Financing as a priority for repayment of the debt (debt principal and interest repayment) and the supervision of creditors curbed the excessive investment; On the other hand, the listed companies in China have the strong preference to the equity financing; Finally, before and after the share-trading reform, the relationship between the major shareholders nature and the investment is not significant, there may be due to less-selected samples, or the industry can not be selected to reflect the problem,The trend shows that this issue still needs to be later on.