The Mode Of Matching Effect Theory Building Between Ownership Structure And Corporates’ Life Cycle Performance

On the arrangement of enterprises, the ownership structure performs the features of equity concentration and balance degree. As for the relationship among ownership structure arrangement, the effect of corporate governance and corporate performance, current theoretical circle has formed the monitor hypothesis and the occupation hypothesis, two opposite hypothesis. However, the theoretical circle has not yet determined which effect the ownership structure arrangement has on the corporate governance and performance. The main reason may lies the choice, which has not consider a contingency perspective combined with enterprise life cycle while discussing the rationality of ownership structure arrangement. In fact, each life cycle has its own characteristics, the conclusion can’t be consistent if ignoring the cycle to find the enterprise’s sound equity structure. Using grounded theory, by the study method of the cases, making the same industry of the two companies as the research object, from the perspective of enterprise life cycle, with the survival capacity theory of enterprise, We established the qualitative and quantitative chains of evidence respectively to study the effect that the ownership concentration and balance degree have on the enterprise survival ability when the enterprises are in different life cycle stage. The results show that, at different stages of life cycle, the ownership concentration and the balance degree have different impact on the viability of the enterprise during different life cycle stage. On this basis, a theory model was established for the influence the equity structure and matching effect of corporate life cycle theory have on the enterprise survival ability to study the impact the phased evolution ownership structure has on the enterprise survival ability. This research improves the theories of the enterprise life cycle and the equity structure and provides guidance to optimize ownership structure.