An Empirical Analysis Of The Relationship Between The Listing Company’s Growth And Equity Characteristics

Sustainable growth of listed companies is concerned by shareholders, managers, investors and regulatory authorities and others. It is also one of the listed attack operations strive for the goal, and now has become the focus of academic attention. The equity characteristics as an important part of corporate governance will inevitably produced a critical impact on the growth of the listed. With the gradual implementation of the share reform, the liquidity of the capital markets continue to strengthen, the degree of market deepening facing increasingly complex and uncertain environment, the company’s growth, increasingly uncertain equity characteristics and the relationship between the growth of the Company. How to play to the maximum value the actual control of a person’s role, how to balance between shareholders, the relationship between the interests of the shareholders and senior management, allows the company to sustainable development and growth, how to be able to take advantage of features to improve the efficiency of corporate governance regulation equity, so as to create greater value for the company, this is an important issue in the study of modern corporate governance. The ultimate theory of property rights, the company’s ultimate property owner can be divided into state-owned assets management institutions directly under the central state-owned enterprises, local government-owned state-owned enterprises, private property rights, foreign institutions, financial institutions and universities. Research equity characteristics, and ultimately different property owners will lead to results very different, if you do not distinguish between them, will no doubt affect the accuracy of the findings. The experience of developed countries, with the continuous development of the economy, the state-owned shares in addition to the need to maintain its controlling position in relationship to the national economy, the proportion of state-owned shares in the economy should gradually decline in trend. Order to make optimal growth of the company, we need to study the relationship between company growth and the proportion of state-owned shares, both linear relationship or a more complex relationship between the level to determine the proportion of state-owned shares should be able to achieve the optimal. Similarly private property rights is not completely private when the company’s ability to grow before it reaches the maximum, which is what we expect to resolve the problem.This article as a starting point, review results of previous studies, the use of the combination of qualitative and quantitative analysis, select2007-2011motherboards, small plates listed companies sample data, in mid-2010to2012companies listed on GEM the sample data, the nature of equity ownership concentration, equity incentive correlation with the growth of the listed testing and analysis, and compare the empirical results of the different sections, draw the following four conclusions:First, the nature of equity, that the actual control of human nature to have a significant effect on the growth of listed companies, the empirical results show that the actual control growth of listed companies are state-owned assets management institutions best, followed by state-owned enterprises directly under the central and local governments under the Finally, there is the right to private property. Three sections of the regression results further comparative analysis, indicating the nature of the actual controller of the company growth more significantly in the GEM.Second, the stake of the largest shareholder, with growth of listed companies was inverted "U" shaped relationship, following a certain extent, the higher the stake of the largest shareholder, the more conducive to the growth of the company exceeds a certain level, the first The higher the shareholding ratio but will reduce the company’s growth. Further comparative analysis showed that this inverted "U" shaped relationship GEM more significant.Third, the proportion of Shareholdres growth was inverted "U"-type relationship, that the stake of the largest shareholder, with the top ten shareholders proportion than the existence of optimal values below a certain ratio, the first large shareholding relatively Top Ten Shareholders the greater the more favorable to the company’s growth; opposite above the optimal value, the largest shareholder of the relative of the top ten shareholders greater the number, the largest shareholder of arbitrary decision-making may be the greater, more likely to damage the interests of the listed company’s ability to grow and other shareholders. Fourth, the the executives stake of the company’s growth are not significantly related, and different signs. May be the the executives stake for the company’s growth is not stable, or there is a more complex relationship, pending further study in the future.