Research On The Ownership Structure,Connected Transaction And Enterprise Value

The related party transaction is the internal transaction between the enterprise and the affiliated party.With the development of economy and the market,the frequency of related party transactions is getting higher and higher.This kind of insider trading brings great convenience to enterprises,so enterprises are more and more inclined to related party transaction.However,the regulatory mechanism of related party transactions is still not perfect,the relevant laws and regulations are more inclined to the theory than practice.Therefore,scholars pay more and more attention to the research of related party transactions."Enterprise Accounting Standards No.thirty-sixth-related party disclosure" gives a clear specification to improve information disclosure of related party transactions,and identifies the related party relationship and the pricing system of related party transactions.But the specific operation is still quite a long way to go.Based on the background,this paper takes the data from 2010 to 2015 as the sample,based on the research status and related concepts and theories at home and abroad,and puts forward the relevant research hypotheses and selects relevant variables.Multiple regression analysis was used to construct the regression model.Through the introduction of intermediary variables,with the help of Stata11.0 software,the empirical analysis of the sample data,and studies the relationship between ownership structure,related party transactions and enterprise value of the three companies.Then divides the transaction into fair related transactions,non-fair related transactions and mortgage guarantee,and divides into the regular occurrence of the related transactions and unusual transactions research of what types of transactions and by what means to achieve,so as to provide the basis for enterprises to improve their own value.In this paper,I study on related party transaction,by equity concentration(the largest shareholder shareholding ratio)and the degree of equity checks and balances(second to the fifth shareholder of the total shareholding ratio of the largest shareholder ratio)to measure the ownership structure of the company,using Tobin Q to measure enterprise value,discusses the mediating effect of related party transactions on ownership structure and firm value.Empirical results show that(1)there is a significant negative correlation between the proportion of the largest shareholder and the enterprise value.The greater the proportion of the largest shareholder,the more difficult to enhance the value of the enterprise.There are other shareholders for the first major shareholder equity checks and balances is conducive to the promotion of enterprise value,it means other shareholders plays a supervisory role.This proves that the study of the balance of ownership with many scholars can improve the corporate governance structure and enhance the value of the enterprise.(2)There is a significant positive correlation between the proportion of the largest shareholder and related party transactions.The higher the proportion of the largest shareholder holds,the more motivated he is to use related party transactions to reduce transaction costs,or the less he wants to harm the interests of the company.And there are other shareholders of the largest shareholder equity checks will inhibit the occurrence of related party transactions as well.(3)Related party transactions have mediating effects on ownership structure and firm value,one of this real role is to play a non-fair related party transactions.The significance test of the mediating effect proves that the mediating effect of the related party transaction on the ownership structure and firm value is significant.(4)After the regression analysis of related party transactions,it is found that the effect of related party transactions on the ownership structure and firm value is mainly realized by the way of non-recurring related transaction.Although the frequency of this kind of related party transactions is low,and the amount is not particularly large,but it is easy to be used because of these characteristics,so as to cause damage to the enterprise,reduce its enterprise value.At the end of this paper,the related research results are summarized,some suggestions are put forward according to the results.At the same time,it also points out the shortcomings of the research and the possible research directions in the future.