The Research About Ownership Structure Of Listed Companies On The Impact Of Investment Efficiency

Stock sharing structure plays an essential role in company’s governance structure.Different stock sharing structures not only determine different company’s organizationstructure, but also affect the investment efficiency for listed company, then determinedifferent company’s business governance, finally determine company’s operativedecision behaviors and performance. Stock sharing structure will affect the efficiency ofinvestment, which can be evaluated from two aspects: the efficiency of investmentindicated by accrual basis and the efficiency of investment indicated by cash basis.Accounting on the accrual basis emphases on the matching of income to cost, whileaccounting on the accrual basis emphases on the receipt or pay of cash. The quality ofinvestment can be well represented and explained by the cash flow-related indicators. Inother word, the quantity and quality of cash flow will both affect the efficiency ofenterprise investment, and will definitely indicated in the profit statement (they willmainly affects the net profit of enterprise). So more and more attention are paid to themby company share-holders.Many researches on the relationship between stock sharing structure andinvestment efficiency can be found. But they only focused on shareholder structure andstock sharing concentration counterbalances, and have not combined them with indexessuch as internal cash flow, and analyzed based on a specific industry. Wine companiesare the representatives of the consumer companies, and play a key role in thedevelopment of the country’s economy. Since the latter part of the year2012, theannouncement of “the prohibition of alcohol” and “the policy of three publicconsumptions”, as well as the influence of the bulking wine event made the scale ofwine market more or less wither. The golden period of development for the wineindustry ended. Top grade wine companies face huge pressures and challenges, andenter the period of structure adjustment. So, the research of influences of stock sharingstructure on the investment efficiency with related accountant indexes based on aspecific company can investigate the relation between them more deeply and concretely,and is greatly important to the improvement of stock share structure of the listedcompanies.Drawing lessons from related research both here and abroad, this paper takes thedata of listed companies from2003to2013in wine industry as a sample, combines practical and theoretical methods, and studies the influence of stock sharing structure onthe company’s investment efficiency. The results shows that:(1) the negative correlationwith investment efficiency factors are: the state owned share and tradable share, Innercash flow and dividend payout ratio industries;(2)with the investment efficiencypositively correlated factors: ownership concentration, debt to assets ratio, return ontotal assets and rate of return on common stockholders’equity;(3)in model1, the largestshareholder ’ s shareholding proportion, natural logarithm of total assets, common stockprofitability ratio, dividend payout ratio, Z index and S index are not significantlyrelated to investment expenditure; in model2, the largest shareholder ’ s shareholdingproportion, natural logarithm of total assets, rate of return on common stockholders’equity, common stock profitability ratio, Z index and S index are not significantlyrelated to new investment. This research offers suggestions about ownership structurerationalization and efficiency of investment efficiency in the influence of stock sharingstructure of listed companies in wine industry on investment efficiency, and istheoretically and practically valuable.