Empirical Research Of Shareholding Structure And Company Value Relevance

All along, the value of the company are the most important corporate governance research, it means the market value of all assets of the company that the stock market value and liabilities and can be seen as the company's future cash flows of the total present value, depending on the future cash flows created by the company's size. According to the requirements of corporate governance, corporate performance evaluation of the target company should be chosen to maximize the value. Maximize the value of the company while also maximizing shareholder wealth can be achieved only in the realization of shareholder wealth maximization, but also pay attention to the bond value and the best interests of employees, more conducive to corporate governance.Associated with research firm value is the most frequent research on the ownership structure, ownership structure refers to the shares of the company's total share capital, the different nature of the proportion of shares and their relationship. Equity holders of the equity that has rights and the need bear some responsibility for the rights of the size of these interests and rights are owned by the equity holders of the shares determined. The main factors affect the ownership structure has ownership concentration, ownership structure, equity balance degree. Ownership structure is the basis for corporate governance, corporate governance structure is to run form the specific ownership structure. As the ownership structure of the different kinds of companies have emerged organizational model, leading to different corporate governance structure, ultimately affecting the company's behavior and performance. Company ownership structure can change, so the company's management also should be a dynamic process. Changes in company ownership structure of these shows in the company's resources should be the dominant stake in all the most scarce and most of the shares are not readily available resources. Therefore, a reasonable value for the company ownership structure to maximize the realization and improvement of corporate governance has far-reaching practical significance. Ownership concentration in the study, shareholding structure, degree of checks and balances such factors as equity, you also should consider corporate control and cash flow rights of the separation of this relationship. Corporate control problem is another core issue of corporate governance. Generally speaking, shareholders hold control of the company, is a source of all power companies.As China's securities market is not mature, the rules and regulations are also not perfect and reasonable, subject to conditions coupled with the impact of ownership structure of listed companies are mostly controlled by the government and other agencies, which greatly limits the company's normal operation and development, in addition to listed companies in China also appears the phenomenon of split share structure reform. Before 2005, shares of Chinese listed companies and non-tradable shares into tradable shares, which form different from the same stock price, shares of different weights with the phenomenon, which affects the normal development of the securities market. In 2005, China began in the capital markets for listed companies tradable share reform. The split share structure reform with results, the academic view of its mixed. Some people think that the share reform after the stock to achieve the "same stock, the same price, with the right" to hold the same stock shareholders can receive the same return, greatly increased the shareholder on the market enthusiasm for investments to stimulate the market liquidity. Some scholars think that the stock changed significantly after the circulation of non-tradable shares in the market, will cause the stock price fell, so that shareholders receive reduced benefits. The reason why the views of different scholars, ownership structure of listed companies is unreasonable and can not play a role, and therefore can not form more effective corporate governance structure, corporate value can be maximized China's securities market for a number of listed companies operating activities, such as RTO, structural reform, corporate restructuring, corporate mergers and acquisitions, with the balance of corporate control and equity are related degree, thereby affecting the real value of listed companies. Therefore, China's control of balance and degree of equity factors, the period for the share reform to achieve "the same stock, with rights, with the price," plays an important roleBased on these studies, in order to better research the company ownership structure and corporate value, relevance, this paper several aspects of analysis and research:The first part, through the ownership structure and company set the value of relevance of the research background, research significance (theoretical and practical significance), research methods and thesis frameworks, examining ways to pave the way of this article.The second part, the literature review section, review domestic and foreign companies listed on the ownership structure and corporate value-related theoretical and empirical results, after integration of the literature and found that scholars of foreign-related changes in ownership structure affect the value of size were in favor, Chinese scholars believe that the equity structure of listed companies to some extent, restricts the company's growth, affect the company's value, and some scholars, through Empirical Analysis of the ownership concentration of listed companies and the value of the company was positive correlation; corporate control rights and cash flow rights The separation and firm value was significantly negatively correlated; when the company stock to balance state, the company value is often higher.The third part of this paper will analyze several factors the main theoretical exposition and explanation, which is the theoretical basis for this in the third section introduces the ownership structure, ownership structure formation, ownership structure of factors (ownership concentration, ownership structure, equity balance degree), control over the value of the company and so on, both from the theoretical level, the main factors in this paper are also described some of the inherent links between them, for the following empirical analysis laying a good theoretical basis.The fourth part, empirical analysis, this paper based on the share reform of this historical period, select the companies listed before 2003, a total of 988, excluding financial companies, PT class company, Tobin's Q greater than 10 companies and the net return on assets is less than-100% of the company, the final sample size was 886 companies. Study samples June 30,2003 to June 2008 30 year-end of the separation, ownership restriction, the second to the fifth largest and the shareholding of the relationship with corporate value. An Empirical Study of Listed Companies by Ownership Structure and Firm Value performance in 2003-2008, we find: the rights of shareholders separation rendered as "two big middle small", with the implementation of split share structure reform, the situation is more significant; in the share reform before the separation is less than 0.05, the lower the value of the company his company in the 0.05-0.1 range in separation of the company's corporate value, but the phenomenon is exactly the opposite after the share reform, while the share reform on the value of the company after the separation of significantly enhanced, the reason may be the share reform and improved corporate governance structure, separation and return to the rational relationship between the value of the company. Further studies revealed that, after the share reform to strengthen the constraints between shareholders. In short, the equity division reform, corporate control rights and cash flow rights and firm value separation correlation and negative correlation, that when the separation of the drop, the company value has been increased; Guquan increasing degree of checks and balances are Li Yu enhance corporate value.The fifth part, conclusions and policy recommendations. Based on the above theoretical analysis and empirical research, combined with practical, to improve the ownership structure proposed in this paper, several suggestions to improve corporate value:the right to improve the structure of corporate control; cultivate a natural person shareholders, encourage institutional investors; ownership structure diversified, actively promote the company value.