Research On The Correlation Of Ownership Structure And Sustainable Growth Rate

The shareholding structure has been a hot topic in the past30years the field ofcorporate finance, it includes two aspects, the equity nature and concentration ofownership in terms of research. In equity nature of the research focuses onstate-owned share proportion of impact on corporate performance, or enterprisevalue such as the while very few state-owned shares and non-state-owned shares forcontrast type of study therefore this article in equity nature through on two of thecomparison to analysis this is a point of departure for this study.Sustainable growth can be traced back to the1960s, most scholars graduallybecame aware of the high growth and low growth will have a negative impact, onlyto maintain a healthy, long-term, stable and sustainable growth of enterprises havebeen maintaining a certain level of competitiveness, so as not to be eliminated by themarket. Whether high speed or slow the growth of low growth, and for enterprisesthat want to occupy a stable share in the market is not a desirable decision-making.Because, when the listed company’s sales growth is greater than the sustainablegrowth, it is possible to generate constraints on the production of capital, are likelyto cause the financial crisis, if prolonged definitely go the brink of insolvency. Lessthan sustainable growth too, the production capital of the enterprise there is a certainamount of surplus or idle phenomenon in the listed company’s sales growth,companies do not take full advantage of the good interests of shareholders funds, along time in this slow growth state, it may be forced to gradually out of the market,face bankruptcy.Therefore, the listed companies in order to maintain a stable sales growth, to getin the healthy development of state enterprises, be sure to choose a suitable to their own company’s sales growth, sales growth can promote the healthy development ofsustainable.Suited to their sales growth this article to be analyzed next.According to the research needs, and taking into account the number ofsampless and the timeliness of research, and this paper selects all listed companieson the Shanghai Stock Exchange and Shenzhen Stock Exchange A stock market in2008-2010three years financial data as the study sample. In the study, this papermethods of statistical analysis of empirical research on the equity nature ofownership concentration and the listed company’s sustainable growth rate. Equitynature of this article first study the sustainable growth rate of state-owned listedcompanies and non-state-owned listed companies, its two compared to study thedifferent analysis of state-owned listed companies and non-state-owned listedcompanies in the sustainable growth rate. Second, we selected the seniormanagement ownership of the shareholding structure, and the sustainable growthrate of the multiple regression analysis model, senior management stake in the wholesample, the sustainable growth rate of the listed companies. In ownershipconcentration side, selected the square of the proportion of the largest shareholderand as a research object, and the sustainable growth rate to establish a multipleregression model, concluded that the empirical results.According to the results of empirical analysis, when the sample of state-owned listed companies and non-state-owned listed companies sample regression,the state-owned listed companies in the sustainable growth rate is lower than thesustainable rate of growth of non-state-owned listed companies. When theregression for all samples, the stake of senior management and corporate sustainablegrowth rate was a significant positive correlation, there is a significant negativecorrelation between ownership concentration and sustainable growth.