Research On Industry Competition And Corporate Control Right

As an important part of the corporate theory, Control right study has both great theoretical and practical significance. Different from the former studies which chosen the control right as the independent variable, this paper focuses on the control right structure influencing factors and puts forward a innovative viewpoint that the corporate chooses the optimal structure of control right based on the internal and external factors.For the research method, this paper analyzes theoretically how the corporate chooses the optimal structure of control right based on the decision timeliness profit and agency cost. Meanwhile, this paper verifies the above theoretical inference from the perspectives of industry competition and life cycle to observe the control right structure differences between industries. For the index selection, this paper chooses the effective controlling shareholding based on the probabilistic voting model as the measure of control right structure.The results of this paper showed:(1)The equity resources have wasted in the listed companies and the state-owned enterprises is more apparent among these listed companies compared to non-stated owned enterprises;(2)Companies in a high degree of competition industry tend to have a dispersed control right structure, and vice versa.(3)There is a U-shaped relationship between control right structure and industrial life cycle.;(4)Control right structure also affected by some other factors such as asset size, leverage etc.