Empirical Research On New Energy Listed Companies Ownership Structure And Growth Sexual Relations

Ownership structure is the foundation of company management; it determines themake and operation of the internal management system. Growth refers to a trend which,in the process of its own development, the company gradually expands the scale andincreases the operating efficiency; it has been the focus of investors, operators,authorities and government, therefore, has important both research and practicesignificance. Currently, domestic and foreign scholars have not reached a consensus inthe study of the relationship between ownership and growth, and the difference is great.Due to the deterioration of ecological environment, energy depletion, to develop alow-carbon economy is of great significance for the sustainable development of China.The trend that new energy as a strategic industry is set in the “Twelfth Five Year Plan”and the government has formulated a series of policies to encourage the development ofnew energy industry. In this background, the growth of new-energy listed companies hasbeen our attention. By affecting the efficiency of company governance, ownershipstructure has impact on growth, so this thesis tries to discover the relationship betweenthe two, based on principal-agent and growth theory; then optimize the ownershipstructure of new-energy listed companies, enhance their growth and build beautifulChina.The paper reviews the origin and development of the theory of the ownershipstructure and growth; it also sorts out the research results of the relationship betweenthem, thus finding foothold and possible innovative ideas. With a clear definition, thepaper analyzes how the ownership structure affects company governance, which in turnaffects the growth, and then proposes a hypothesis. Closely followed are68new-energylisted companies as subjects, the report of2010to describe the features and the operatingresults between2010and2012to show the growth. The thesis sets new standards fit toassess the growth of new-energy listed-companies,(Standards being: profitability,operational capability, capacity expansion, and cash flow capacity and researchcapabilities and13indexes), then does factor analysis through these standards, gets thescore of growth, meanwhile does the regression analysis on the7variables of ownershipstructures.The empirical results show that ownership concentration, equity restriction,proportion of corporate shares is in proportion to growth, which supports the hypothesis;the proportion of the largest share holder is in inverse proportion to it, contrary to theprevious hypothesis, reflecting the fact that when the largest share holders have too much stock, it is easy for them to occupy the interests of smaller holders by their holdingpositions, therefore affecting the overall growth of the company. The relationshipbetween the ratio of floating stock to senior management and growth is not significant, itdoes not agree with the hypothesis, showing that China’s capital market isunderdeveloped, that shareholders see price differences as the goal, do not care aboutcompany governance and ignore growth. Senior management’s having only a smallproportion of the shares are results of the unclear boundaries on shareholding; it isirrelevant to the growth of the company.At the end of the paper, according to the theoretical and empirical results,appropriate suggestions are made for the new-energy listed companies.