Study On Ownership Structure, Related Party Transactions And Corporate Value

Related party transactions as listing Corporation important and common economic activity, the enterprise has a far-reaching influence.Related party transactions in the full use of enterprise resources to reduce the transaction cost, increase the value of the enterprise at the same time, can also through the trading conditions or relatively low price to form non fair related transactions, the interests of small shareholders by embezzlement led to major share holders use the unfair related party transaction for the transfer of resources, the profits of enterprises, there by reducing the value of the enterprise.Shareholders decision process in affiliated transaction is an important participant, so the ownership concentration degree, degree of checks and balances in the transactions have a vital role, transactions of the economic consequences of a direct impact on the enterprise value.Therefore, there are important realistic meanings to study the ownership structure, related party transactions and corporate value.Based on the study of ownership structure, related party transactions and corporate value as the theme.Take the listing Corporation as the research object, mainly study on correlation between ownership structure and related transactions, the relationship between ownership structure, related party transactions and corporate value,This analysis is as follows:(1)Based on the review on the existing research on ownership structure, related party transactions, the enterprise value and the concept of(2)Descriptive statistical analysis of ownership structure of listing Corporation in China, characteristics and current situation of affiliated transactions(3)Based on the "agency theory","transaction cost theory","tunneling theory" analysis of ownership structure and related party transactions have what relation, further analysis is extended to what is the relationship between equity structure and related party transactions and corporate value, and put forward the hypothesis.(4)A regression model was constructed and the relevant data of related party transactions of the listing Corporation as the basis, using SPSS software to test hypotheses.(5)he empirical results show:Ownership concentration is positively related to degree and the related transaction size, show that the controlling shareholders in the company to increase the control force, enterprises affected by the transaction will occur more to maximize revenue;Balance of ownership and related party transactions scale significantly negative correlation, that balance degree is higher, the controlling shareholders are more difficult to use related party transactions for personal gain, the largest transactions will be reduced;Ownership concentration is negatively correlated with corporate value, scale and enterprise transaction value is negatively related, that ownership concentration, controlling shareholders to pursue private interests of non related party transactions rational existence against the interests of small shareholders, or transfer of assets of the company, the interests of the "empty" reduce the value of the enterprise;The enterprise value and the equity restriction ratio is associated with the transaction size is negatively related to the existence of a listing Corporation, shows that when large shareholders can contend with the controlling shareholder of culti phase, not only can effectively restrict and supervise the behavior of controlling shareholders, reduce agency costs between shareholders, protecting other shareholders and other stakeholders, can also be used to perform and realize the goal of management of enterprises, improve the enterprise value;Related party transactions and corporate non fair value are negatively correlated, but not significantly, the controlling shareholder of the residual income advantage is not obvious, the controlling shareholder of the company through related party transactions of resources,property transfer to get more benefit related parties to, reduce the enterprise value.(6)Finally, based on the result of empirical analysis suggestions.