Research On The Relationship Among Ownership Structure,Environment Characteristics And Company’s Growth

Enterprise growth describes the sustainable growth ability of the enterprise, it should also contain the current operation status and description of future growth potential. To analyze enterprise’s growth, is important for managers, investors and other stakeholders to realize the company’s position in market competition and development prospects. This research has chosen China’s a-share listed manufacturing companies from the year2009to2011as sample, trying to find out the influence factors of enterprise growth.This paper firstly combed the relevant research literatures at home and abroad, and found that previous research focused on small and medium-sized enterprises, and the conclusions about the impact of ownership structure on enterprise growth was different. So, this paper develops five hypothesis to study the effect of ownership structure on enterprise growth from the aspects of equity structure and ownership concentration. Furthermore, This paper studies the dynamic external environment features produces the regulating effect on the relationship between ownership structure and corporate growth from two aspects of the external environmental dynamism and product marketing competition.In order to measure the enterprise growth accurately, this paper constructs the evaluation index system of enterprise growth from four aspects of the level of profitability, growth potential, capital operating and survival state and obtains a comprehensive enterprise growth evaluation index.And then, this paper builds the regression model of ownership structure, environment and enterprise growth characteristics to find conclusions that state-owned shares equity percentage is negatively related with the enterprise growth, management ownership percentage is positively related with the enterprise growth, the first major shareholder’s shareholding percentage is positively related with the enterprise growth and that external environment dynamism negatively regulates the corrclativity of state-owned shares equity percentage and corporate growth. This paper also finds that product marketing competition negatively regulates the correlativity of proportion of state-owned shares and corporate growth, the correlativity of proportion of legal-person shares and corporate growth and the correlativity of he first major shareholder’s shareholding percentage and corporate growth.Finally,according to the result of theoretical deduction and empirical research, the paper puts forward the corresponding policy recommendations includes reducing the shareholding proportion of state-owned shares, improving management shareholding,improving the degree of equity concentration, enhancing the ability to adapt to the dynamic environment and improving enterprise’s market position and competition ability.