Empirical Research On Ownership Structure Of Excessive-investment Listed Companies Impact On Enterprise Value

In this paper, I select the a-share excessive investment companies who have listed in Shenzhen and Shanghai as my research samples. Based on the status and characteristics of its shareholding structure, through theoretical analysis and multiple regression analysis, from the equity structure, ownership concentration, ownership blance these three angles to explore the influence of ownership structure on corporate value.This article is divided into five parts. The first part expounds the thesis research background, practical significance, the domestic and foreign related research situation and the innovation of the thesis. The second part is of the theoretical basis of this text, the paper introduces the excessive investment, equity structure and enterprise value, just as the basic theory of the theoretical analysis and empirical analysis in the late. The third part is about the present situation of the excessive-investment listed companies’ ownership structure, the characteristics of comb, and according to the characteristics of the structure of equity, to analyze the influence of ownership structure on corporate value, as the theoretical basis of the following empirical analysis.The fourth part is the core content of the full text, selected the A-shares listed companies in Shanghai and Shenzhen who has the phenomenon of excessive investment as research samples and then get the useful information comes from 2011 to 2013, with the total return on assets(ROA) as the explained variable, the proportion of state-owned shares, legal person share proportion, the proportion of tradable shares, executive shareholding ratio, ownership concentration and equity balance coefficient as the explanatory variable, and choice the enterprise scale, the risk of enterprises, the growth of company as control variable, to study the effect of the excessive investment in the listed companies’ ownership structure to corporate value, and at the same time inspection the related assumptions. The fifth part is to analyze the empirical results, summary the research conclusion and discuss the research limitations.The results show that the proportion of state-owned shares is positively related to enterprise value for the excessive-investment listed companies, but not significantly. Legal person shares’ proportion has positive correlation with the enterprise value and significant at the 5% level. Float is negatively related to the enterprise value at 1% level significantly. The increase of executives’ shareholding can promote the improvement of enterprise value. Based on the cost-benefit principle, equity concentration can improve the supervision of the management and shareholders which is helpful to improve enterprise value. The balance of ownership can play its positive role which does good to improve the value of enterprise, but the significant of effect is slightly less.