Equity Concentration, Equity Balance And Corporate Performance

Since 2005 after the reform of non-tradable shares in China,the rapid development of capital market,equity diversification degree high quality enterprises have suffered from the impact of the master of capital operation,especially at the end of 2015 real estate vanke has experienced A battle for control,and facing the same dilemma and gree electric appliances,south bo A diffuse ownership enterprise of high degree.Compared with the equity diversification,the equity-focused pony galloping enterprise also suffers from severe trauma.In the process of the management of contemporary company,the equity structure of the distribution of corporate governance structure is the fundamental work,not only affect the efficiency of the company's operation and management,and also can improve about the performance of companies.Relatively concentrated equity of listed companies can promote equity to checks and balances,help enterprises to form a scientific and reasonable equity structure,at the same time,the rights and interests of all stakeholders,coordinate enterprise to promote the improvement of operating performance of listed companies,further enhance its market competitiveness and achieve the objectives of the company's long-term sustainable development.Therefore,how to optimize the equity structure and improve corporate performance has become the problems to be solved,in this paper,starting from the overall corporate governance,A more comprehensive exploration of China's a-share listed companies from 2012 to 2017,equity concentration,equity checks and balances the relationship between corporate performance and hopes to further improve the equity of a-share listed companies in Shanghai and shenzhen two city layout,in regards to the creative Suggestions to company performance.Based on 2012-2017,the data of a-share listed companies in our country as the research basis,in combination with equity concentration and overly dispersed the reality of the case,to establish relevant regulation effect test model,in the form of empirical analysis and combining case analysis and shenzhen a-share listed company ownership concentration values of two cities and the relationship between corporate performance and ownership balance numerical relationship with corporate performance,the intrinsic relationships between ownership concentration and equity checks and balances and ownership concentration is in the equity checks and balances relationship exists in the influence to corporate performance.Research results show that the Shanghai and shenzhen two city A share of ownership concentration and corporate performance of listed companies in 2012-2017,the existence of inverted u-shaped relationship,Shanghai and shenzhen two city a-share listed company's equity balance degree and the company performance indicators in 2011-2017,show the negative correlation,2012-2017 a-share listed companies of Shanghai and shenzhen two city ownership concentration and equity balance must be within the scope of expression is positive correlation,the excessive concentration of equity of listed companies and overly dispersed is exacerbate equity checks and balances the negative effect on corporate performance.At the same time,according to the 2012-2017 a-share listed companies of Shanghai and shenzhen two city on ownership concentration,equity internal checks and balances and corporate performance correlation of exploration,on the one hand,this article put forward about the moderate concentration of Chinese listed companies choose equity,further improve the company's equity between the checks and balances mechanism;Improve the management's equity incentive mechanism,improve the scientific and efficient decision-making;Actively guide institutional investors to participate in equity purchase and create diversified shareholding structure;Promote the coordinated development of shareholding structure and corporate performance,and fulfill the business mission of maximizing the company value pursued by modern enterprises.Proposed in this paper,on the other hand,about countries to perfect the listed company's equity acquisition methods,strengthening the independent director system and so on,further deepening the reform of state-owned enterprises mixed ownership,to promote the value of the company,optimize the allocation of capital,actively safeguard the rights and interests of shareholders.