The Relationship Between China’s Iisted Companies Ownership Structure And Firm Value

Under the modern corporate system, the operation and development of completely controlled by the company’s board of directors, the composition of the Board depends on the company’s ownership structure. Therefore, the ownership structure is the basis of the corporate governance structure, the equity structure of the company’s shareholder structure and the general meeting of shareholders, and thus determine the composition and operation performance of the internal of the oversight mechanisms. The only reasonable ownership structure in order to promote the improvement of the corporate governance structure. With a sound governance structure in order to fully guarantee the good performance of the company’s irrational ownership structure will inevitably have a negative impact on firm value.Utilities are closely related to the life of its citizens, occupies an important position in the national economy. A long time, most of the utilities listed companies in China’s shares are controlled by the state, there may be a serious problem in the absence of owners,"and" internal control ". In recent years, China’s public utilities privatization reform, ownership structure gradually diversified, then, the effect of these reforms? Whether improved value for the enterprise?Constructed the value of the evaluation of utility companies by the debt ratio, interest coverage ratio, liquidity asset turnover, total asset turnover, return on total assets, net assets yield rate of capital accumulation and net profit growth of8indicatorssystem of indicators, the index system summarizes the utility company’s profitability, solvency, operational capabilities and the ability to grow. According to this index system, select47,2008to2010, the Shanghai stock market utilities listed companies as samples, and factor analysis methods on the value of the sample of utility companies in2008-2010conducted a comprehensive evaluation. The results show that the sample value of the company in2010over the previous year after year has improved.Explanatory variables as being an integrated performance score, and to the shareholding structure, ownership concentration, the equity balance is the explanatory variable, control variables, the use of panel data regression analysis model to measure the size of the company, the results show that the ownership structure and firm valuethere are significant nonlinear relationship between the performance of the top five shareholders of shareholding ratio is positively correlated; equity balance degree and the value of the company there is a significant positive correlation between the equity balance the higher the greater the value of the company; equity balance morelow, the smaller the value of the company.In order to enhance the value of the utility companies should continue to deepen reform, appropriate to the introduction of private capital, so that the diversification of ownership structure, the formation of the equity checks and balances.Keywords:utilities; ownership structure; enterprise value; factor analysis.