| At present, our country stock market has developed rapidly, from single motherboard market gradually extended to the main-board, small and medium-sized plate. The four plates has been developing rapidly, how to improve the enterprise value maximization is the focus of companies. Scholars also analyses the factors that affect the enterprise value, from the aspects of ownership structure researches have a lot of achievements. But the object of study only forces on a single plate, not made comparison research of the three plate, and just a few of scholars conducted comparative study. And the scholars results have not take account the different characteristics of each plate. Before writing, I noticed that the new third board has a certain particularity. It is not listed on the Shanghai and Shenzhen stock exchange, trading form is over-the-counter trading, stock without price.So when the market value calculated on the basis of the price of the stock it do not comparable with other sections. In this paper, I do not study the new three board. This paper choose manufacturing industry as the research object. The manufacturing industry reflects a country’s productivity level, it is the pillar industry of the country, and it has important practical significance to the research of manufacturing industry.With the development of the investment industry, small and large investment institutions is more and more attention to enterprise value, both Goldman Sachs and Boston credit bank, will be used as the basis for investment. In the influence factors of enterprise value, the company’s governance structure have a vital role on it. At the same time,for the corporate governance structure, and ownership structure is the key to corporate governance, the distribution of the company control and corporate governance mechanism of the running processes are under the influence of ownership structure. Therefore, for the company’s long-term development, equity structure play an important or even critical role on it. Regarded as highly concentrated ownership structure prone to "free rider" and "collective decision cost" problem, and highly decentralized equity structure is likely to lead to low efficiency, mutual shuffle the dispute and a series of decisions.This article from the perspective of equity structure to explore the relationship between the equity structure and enterprise value. I’m going to comparing the relationship between ownership structure and corporate value of the three plates, finding out the similarities and differences between the three plates, and analysis, according to the results of the analysis of the proposed recommendations. This article mainly divided into three parts.The first part introduces the research background and related theories. The second part is the empirical analysis of descriptive statistics and research variables.. The third part comparing the results of the study and making variance analysis. I was collect the relevant data and made the filter among them. I selected the three plates, a total of 762 manufacturing listed companies in2014 at the end of the data. Based on analysis of the first part of the theory, I chose the Tobin’s Q value to evaluate the enterprise value of the three plates, and building the regression model. Finally, I found the relationship between ownership structure and corporate value. According to the comparison of three groups of samples of the similarities and differences, finding the reasons of the differences, and summarizing the deficiencies and putting forward the prospect of research. Through the study found that the gem, small board and the main board of the ownership structure of the three aspects of the impact of corporate value has obvious differences, but there are some similarities between the three plates. |
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