An Empirical Study On The Influence Of Ownership Structure And Corporate Value

Since the convening of the Third Plenary Session of the party in 2014, actively developing the mixed ownership economy has become a focus of our country at the present stage. With the National development and Reform Commission issued the first batch of the implementation of mixed ownership reform of central enterprises list, the local state-owned enterprises have also responded to, started private capital into the process of the reform of state-owned enterprises. But so far most of the studies are stuck at the macro level, and lack of supportive data. The entry of private capital will change the ownership structure of these state-owned enterprises, and the ownership structure is the foundation of corporate governance. Changes in ownership structure will affect the corporate governance structure, and then determine the behavior and performance of enterprises.Up to now, the research on the relationship between ownership structure and corporate value is still not conclusive. But due to the difference in backgrounds of the times and sample selection, conclusions obtained from previous studies cannot guide our existing mixed ownership reform mechanically. At the same time, capital market in our country is totally different from that in foreign countries, and state-owned shares "dominance" phenomenon exists generally in China, so based on the mixed ownership of state-owned enterprises in the "Chinese characteristics", the study on influence of ownership structure towards the corporate value has extraordinary significance.In this paper, the previous research conclusions were summarized, and the related theories of ownership structure and corporate value were expounded. Considering the mixed two aspects of the meaning of ownership of state-owned enterprises and the particularity of ownership structure can be roughly basic mixed ownership of ownership structure of the state-owned enterprises explanatory variables are divided into three types of data analysis and verification, and corporation value to represent the company’s performance, we choose Tobin’s Q as a measure of the value of the company. Then analyzes the current situation of China’s mixed ownership of state-owned enterprises, combined with the previous theory from the two dimensions of ownership structure and equity concentration proposed a total of six assumptions. In the next part of empirical research, this paper selects the major central enterprises and local implementation of the mixed ownership reform of state-owned enterprises of the relevant data as sample data, sample data acquisition time for 2012 to 2015. This includes data before and after the mixed ownership reform The author makes a descriptive analysis, correlation analysis and regression analysis of the data from 202 samples with the help of SPSS software, and verifies the six hypotheses proposed before.Empirical research on the mixed ownership of state-owned enterprises shows that:(1) the proportion of state-owned shares and corporate value has a negative correlation;(2) corporate shares proportion and the company value has a positive correlation;(3) distribution shares proportion and the company value is positive correlation;(4) the largest shareholder ownership and corporate value is negative correlation;(5) the shareholding ratio of the top ten shareholders of square and with the value of the company is an inverted U-shaped relationship;(6) the second largest shareholder shareholding ratio and state-owned shares ratio and corporate value is positive correlation.According to the above conclusion, the author thinks that the mixed ownership reform in state-owned enterprises can expand fund-raising channels and improve the efficiency of enterprises by improving corporate capital proportion, "Guotuiminjin" concept can also let more people participate in the management of state-owned enterprises and red to. Mixed ownership reform of state-owned enterprises can reduce the proportion of state-owned shares appropriatelyand decrease the state-owned shares "dominance" phenomenon; at the same time ownership structure should maintain moderate concentration, and private capital shareholders should not be too scattered and maintained in a relative scale, which would improve the value of the company. Of course, management of enterprises should also be more in-depth understanding of the basic mixed ownership of state-owned enterprises in the process of reform has been the problem and the potential cause of corporate value decline. The phenomenon that the ownership structure is unreasonable, the concentration degree of ownership is too concentrated or dispersed is not essential to the reform of state-owned enterprises, which is inherent in the birth of the stock system. Therefore, the management of state-owned enterprises in China can improve the corporate governance and improve the value of the company by absorbing the essence of the research results and drawing lessons from the successful cases.