The Study On Influence Of Listed Company Ownership Structure On Financial Development Capacity

Listed company is the social economic organization and makes profit as their goal, each company want to achieve sustainable development, survive for a long time.There are more and more competitive among companies, especially in today’s China in economy transformation period. Listed companies in China can survive in the fierce market competition only by improving their development capacity. Company’s development capacity is closely linked with its future prospects. It has become one of factors in evaluating the value of the company, whether the companies have good development capacity. At the same time, companies’ ownership is the key factor to affect corporate governance structure. It would affects all aspects of the company‘s development capacity, whether listed companies could established effective and perfect corporate governance structure, without healthy ownership structure,listed company is difficult to achieve sustainable development.This paper based on principal-agent theory and company development theory, By using principal component analysis and financial indicators lasted three years to establish a model about the company’s financial development capacity, and this model analysis company’s financial development capacity from four aspects: survival ability、to obtain cash ability、competitive ability、to resist risks ability. In this way, overcome the limitation which chooses single indicators at past, make the evaluation of company development more dynamic. This paper also through the multiple regression analysis to research the influence of ownership structure on financial development capacity, from three aspects: ownership concentration、ownership property、blockholders.First, the first chapter elaborates and domestic research background 、 research significance 、 research method of this paper, and reviews related literature about ownership structure and financial development from scholars in China and abroad. Second, this paper analyses the main theories on ownership structure and financial development, and definition of relevant concepts about this paper. Third, this paper concludes the sample firms’ ranking on financial development capacity, by using principal component analysis method to establish a comprehensive evaluative model from four-dimension. Fourth, through controlling the factors such as size of assets, this makes a deep and systematic research that the effect of ownership structure on financial development capacity, by using linear regression method from three-dimension. At last, this paper put forward some policy suggestions that could improve companies’ financial development capacity about ownership structure, such as maintaining moderate shareholding structure 、 improving shareholding proportion of legal person and management、improving the external environment and so on. It also points out the limitations of this study and research prospects.