Research On The Relationship Between Ownership Structure And Enterprise Value Of Civil-Military Integration Listed Company

The enterprise value of the civil-military integration listed company can reflect its result of operation.Enhancing enterprise value is the long-term goal of civilmilitary integration listed companies.The factors that affect the value of the enterprise include both macro and micro factors,as well as many aspects of management,finance and economics,including ownership structure,capital structure,human capital and the economies of scale.The model based on the agent theory proves that there is a close relationship between the ownership structure and the enterprise value in the imperfect capital market environment.The risk bearing mechanism and the benefit allocation mechanism of the enterprise will be affected by the ownership structure.Therefore,the ownership structure will not only affect the supervision of the management and the choice of the growth opportunities,but also affects the value creation and distribution of the firm's investment in free cash flow,which has a key impact on the value of the enterprise.Under the historical background of rising civil and military integration into national strategy,it has important realistic meaning practical significance to promote the development of civil and military integration industry in China to find out the effective methods to improve the value of the company through the study of the relationship between the ownership structure and the enterprise value of the civil-military integration listed companies.Scholars at home and abroad have done a lot of research on the relationship between ownership structure and enterprise value,and the theory is rich,which provides a reference for the study of this article.However,there is no foreign scholar has studied the relationship between the ownership structure and the enterprise value of the civil-military integrated enterprises,and the domestic scholars are mostly selected the SME board listed companies,GEM listed companies,etc.,according to the listed plate,or the agricultural listed companies,real estate listed companies,etc.,according to industry classification as the research subjects.In other words,the research on the relationship between the ownership structure and the enterprise value of the civil-military integration listed companies is still lacking of empirical evidence in the context of the rise of military and civilian integration into the national strategy.Based on the above research background and the existing research foundation,this paper selects civil-military integrated listed companies as the research object and studies its the related data from 2013 to 2016 year.The content of the study mainly includes the following parts: first,according to the theory of ownership structure,the theory of enterprise value and ownership structure and principal-agent theory,this paper puts forward the research hypothesis about the relationship between the enterprise value and the four characteristics of ownership structure which are the ownership concentration,equity restriction ratio,the ownership property and the the ratio of managerial ownership.Second,define the variables that describe the enterprise value and ownership structure of civil-military integration listed companies.Third,using the principal component analysis,three kinds of variables that represent the enterprise value evaluation system which are the profitability,solvency and growth ability of the enterprise are selected as the random variables of different dimensions,and the principal components are extracted by dimension reduction,and then the comprehensive value of the enterprise value is calculated.Fourth,the regression model of the relationship between the characteristics of the ownership structure and the enterprise value is established according to the research hypothesis,and the relationship between the two are determined by using regression analysis.Then,the suggestions of improving the enterprise value of the civil-military integration companies are put forward according to the results of the regression.This paper forms the following conclusion: first,the relationship between the ownership concentration and the enterprise value is positive “U”,that is,the entrenchment effect and convergence of interest effect exist simultaneously in the ownership structure of civil-military integration listed companies in China.Second,the equity restriction ratio is positively related to the enterprise value.Third,the ratio of legal share is positively related to the enterprise value.Fourth,the ratio of managerial ownership is positively related to the enterprise value.In order to improve the enterprise value of civil-military integrated listed companies in China,this paper puts forward the following countermeasures and suggestions based on the empirical research: strengthening the protection of small and medium investors;building the equity restriction mechanism and increasing the ratio of managerial ownership of civil-military integrated listed companies and so on.Based on a large number of research results at home and abroad,this paper has made possible innovations about the research of the relationship between ownership structure and enterprise value.It has complemented the domestic research achievements in this field to a certain extent.The conclusions of this paper provide theoretical support and decision-making reference for the promotion of enterprise value of the civil-military integrated listed companies in China.It has important practical significance and guiding role in the optimization of the ownership structure of the civil-military integrated listed companies,and has certain reference significance for government management departments to formulate relevant corporate governance policies and investors choose target company and grasp the investment target.