Ownership Structure,Industry Competition And Asset Restructuring Performance

The literatures about relationship between ownership structure and corporate performance is very rich.Scholars maintain a high level of attention to this problem.Because studying how ownership structure affects the firm's performance can not only help to improve related theoretical system,but also have important guidance to the management practice of enterprises.State-owned enterprises in our country generally exist the phenomenon of higher ownership concentration,the scholars about this ownership structure characteristics hold negative attitude.Since this year,as the supply side of the reform and the continuous deepening of the reform of state-owned enterprises,improving state-owned enterprises' quality has became into the crucial year,merger and reorganization become the important driving force in improving corporate performance and competitiveness.Equity structure as the foundation of establishing the mechanism of corporate governance,has a great influence on the enterprise all aspects of the business activities,the assets restructuring activities,is no exception.Classification of a new round of state-owned enterprises reform policies also reflect the important role of the ownership structure to improve enterprise performance.It emphasizes that the state-owned enterprises is of.the different division in accordance with the industry as well as the main business and the core business.This paper,based on the background of the reform of state-owned enterprise merger and reorganization and diversified ownership structure,tries to discuss how ownership structure,industry competition affect enterprise asset restructuring performance.The author found that,when reviewing the related literature at home and abroad,there is a large number of literature on the impact of ownership structure on corporate performance and it has established a relatively mature theory system,but few literatures in view of the enterprise assets reorganization to study the relationship between ownership structure and asset restructuring performance.In recent years,some domestic scholars begin to pay close attention to the influence of ownership structure on corporate performance exist state dependence,that is to say,the research conclusion varies with the degree of competition in the industry,but there are few literature combined with equity structure and industry competition to study their effects on asset restructuring performance.Based on this,from the perspective of industry characteristics,this paper which combining the theory of principal-agent theory and product market competition takes the state holding listed companies which reorganizing their company's assets during the period of 2008-2012 as research sample to study the impact of equity structure,Industry characteristics on asset restructuring performance.This paper has important theoretical significance of reform for equity diversification based on the characteristic of industry.Considering the theme of study,this paper is divided into six parts:The first part is the introduction,which introduces the background and research value of the paper.At the same time introduces methods,and outlines the technology road map.The second part is literature review,which includes the measure of asset restructuring performance,the influence of ownership structure of asset restructuring performance,and considering the industry characteristics,how the ownership structure influence asset restructuring performance.The third part is theoretical analysis and research hypothesis,which theory analysis was carried out on the relationship between ownership structure,industry characteristics and asset restructuring performance.Then,put forward hypothesis based on this.The forth part is empirical study design.Empirical models and the variables used in them are elaborated in this part according to the research content of article.The fifth part is the empirical results and analysis,which includes descriptive statistical analysis and regression analysis.Plus,this paper conducted a series of robustness tests in order to verify the robustness of the results.The sixth part is the conclusion and prospect.In this part,conclusions are made according to the results of regressions and relative policy advises are put forward on the basis of research conclusions.Besides,the innovation points and shortcomings of the study are also pointed at last.This paper finds that the inverted U type relationship between ownership concentration and asset restructuring performance which means along with the increase of equity concentration,asset restructuring performance shows the tendency of first rise after fall.This article conclusion proved that only when ownership concentration in a moderate level,as to effectively solve the principal-agent problem,asset restructuring performance to achieve the optimal level of the enterprise.And industry competition degree is lower,the inverted U type relationship between ownership concentration and asset restructuring performance is more significant.This article research conclusion has proved that with the increase of ownership balance degree,the enterprise is to effectively solve the problem of agency for gradually,so the enterprise asset restructuring performance better.But also found that with the improvement of industry competition,equity balance degree of asset restructuring performance boost.Confirmed the industry environment can actually lead to the influence of ownership structure on asset restructuring performance differences,the causes of this phenomenon lies in the degree of industry competition can partly replace equity governance mechanisms play a role.The conclusion confirmed the influence of the equity structure and industry environment on restructuring activities,also reveals the significance of improving the industry environment to diversify the reform.