Impact Of Ownership Structure On The Value Of Listed Companies In China

Generally the equity is the foundation of the corporate governance, and the corporate governance decides the corporate performance. Therefore only the reasonable equity could lead the forming of perfect corporate governance structure, and then guarantee (ensure) the company to obtain good business performance and increasing company value. This paper mainly studies the impact of equity on Chinese listed companies' value on the background of the split-share reform.The arrangement of this thesis is as follows: the first chapter is the introduction of the writing background and study methods; the second chapter analyses the status in quo of our Chinese listed companies' equity and the impact on the corporate governance thereof, mainly analyses the flaws of corporate governance thereof; by using the Eviews software and selecting 329 listed companies as the samples, the demonstration research about relationship between the equity and company value of Shanghai & Shenzhen 300 Index component stocks are given in the third chapter, the biggest stockholder, the equity restriction ratio all impact the company's value; the fourth chapter discusses the equity design on the background of the split-share reform at present, and some relative feasible improving measures, which aim at the existing problems of our Chinese listed companies' equity and corporate governance, are also explained here; finally, the conclusion.The study of this paper indicates that, the equity impacts the company's performance by making an influence on the mechanism of the corporate governance; though there is no obvious correlativity between the stockholding proportion of the biggest stockholder, the equity restriction ratio and the company's value, the equity is to a certain extent still one of the most important factors, which would make an impact on the company's value movement; the establishment of a appropriate controlling stakes and a equity restriction ratio would benefit to the company's value improvement; taking the spilt-share reform as a turning point, by setting minimum stockholding proportion and state-owned stocks reduction fund alike ETFs, by importing executive incentive mechanism in virtue of the spilt-share reform, the equity of Chinese companies would be optimized, the companies' value would be increased, and therefore the Chinese capital market would be completed.