Study On Relationship Between Ownership Structure And Company Value In Our Country

Ownership structure is the core issue of corporate governance which determines theeffectiveness of corporate governance.The relationship of the Ownership structure and thecorporate value is a hot debate in academia since the pioneering study of Berle and Means in1932,but did not come to a unified conclusion. Because it is not the product of marketdevelopment,but the part of national macro-control.It is a part of deform of property rights.Thephenomenon of the split share structure with Chinese brand seriously restricted the developmentof the stock market and the development of the Listed companies.China carried out the splitshare structure reform at the end of 2005.Circulation time is coming.Both in theory and practiceis important in the new era.Firstly, theoretical and empirical research developments were reviewed and evaluated;Secondly, the introduction of the international equity structure of the typical pattern of two, andmake a comparative analysis of ownership structure of listed companies; Then,based on thedatabase to Shenzhen A share listed companies in the manufacturing industry as the sample,Make the correlation analysis of ownership structure and corporate value, and then establish itsLogistic regression model. Make the empirical research of the ownership structure and corporatevalue of the relationship, and make a steady test about the results.Study found that: nationalshares, circulates shares and firm value are related; A corporate shares and firm value is notapparent. It does not exist a significant relationship between ownership concentration and firmvalue; the more balanced distribution, the higher the company value. Finally, in the light ofconclusions made the following recommendations: continue to promote the split share structurereform; improve the information disclosure system of listed companies; promoting thediversification of shareholding structure; continue to promote the independent director system;enhance the liquidity of shares, split state-owned shares.