The Influence Of The Equity Structure Of Agricultural Listed Companies On The Value Of The Company

Agriculture is a pillar industry of China's national economy.The development oflisted agricultural companies plays an important role in agricultural modernization.However,the unreasonable arrangement of equity structure restricts the improvement of the operating performance of agricultural listed companies.Under such circumstances,clarifying the relationship between the ownership structure and the company's value has important implications for building an effective corporate governance mechanism and promoting the value-added of the company.The research goal of this paper is to accurately grasp the evolution of the equity structure of China's listed agricultural companies,and to further study the influence relationship between equity structure and corporate value,and provide reasonable policy recommendations for promoting the improvement of enterprise equity structure and the construction of modern corporate governance mechanisms.Therefore,this paper selects the relevant statistical data of China's agricultural listed companies from 2011 to 2016 to construct a panel data system,starting from the industry of"agriculture,forestry,animal husbandry and fishery" and the two sub-sectors of"agriculture and forestry industry" and "animal husbandry and fishery industry".Analysis of the evolution and status quo of the equity structure of China's agricultural listed companies and the differences between "agriculture and forestry industry" and"animal husbandry and fishery industries".At the same time,a panel data model was constructed based on the theoretical analysis of the relationship between equity structure and company value,and empirical analysis method was used to verify.The main conclusions of this paper are:(1)The impact of shareholding structure on company performance has industry differences.For "agriculture and forestry industry" and "animal husbandry and fishing industry",the impact of ownership concentration on company value is different;(2)For the listed companies in the"agriculture and forestry industry",there is a negative linear relationship between the concentration of ownership and the value of the company;(3)For listed companies in the "herd and fishery industry",the concentration ratio of the top five shareholders,shareholdings and the company's value are inverted "U" type.Relationship,and there is no significant relationship between the proportion of shares held by the largest shareholder and the value of the company.According to the conclusions,the corresponding policy implications are as follows:(1)In the process of reforming the equity structure of the agricultural listed company,it should be treated differently according to the characteristics of the various sub-sectors of agriculture,forestry,animal husbandry and fishery;(2)The "public agriculture and forestry industry" listed public ownership is concentrated High,should be moderately dispersed;(3)Listed companies in the "herd and fishery industry" have the best arrangement of ownership concentration,and they should be guided to improve the ownership structure.