The Influence Of The Actual Controllers Of Several Listed Companies At The Same Time Controlling On The Value Of The Company

The actual controller has a significant influence on the company's value and it relates to the company,shareholders,and employees' related interests.In the case of controlling a number of listed companies at the same time,the actual controller's energy resources are precious.Actual controllers may have limited performance because of their limited energy.On the other hand,controlling the scale effect or complementary effects of multiple listed companies may lead to an increase in the value of the company.This article examines the effect of controlling the actual controllers of several listed companies on the value of the company.By 2017,2,101 of the 3,444 A-share listed companies were privately-owned companies.The number of private listed companies controlling a number of listed companies was also increasing,rising from 60 in 2006 to 179 in 2017.Under the premise that the actual controller controls a number of listed companies at the same time,the contradiction between the limited energy of the actual controller and the complex situation of the corporate governance becomes increasingly acute and affects the development of the listed company.There is an urgent need for relevant theoretical guidance or an in-depth explanation of the environment.The existing literature only focuses on the theoretical research for the allocation of energy resources,lacks measurement of the allocation of energy resources,and does not explain well the contradiction between the limited energy of the actual controller and the complex situation of corporate governance.The research results of this paper are conducive to the way that the supervisors of listed companies take measures to supervise this kind of complex governance model,help establish the logical analysis framework for the relationship between the actual controller and the company value,and provide information support for complex corporate governance.The article selected 76 sets of data controlled by actual controllers of several listed companies from 2006 to 2016 for panel analysis.By using the empirical tests toanalyse the relationship and influence of the actual controller value of a number of listed companies with company's long-term value and short-term performance,the actual controller's ownership with company's long-term value and short-term performance,and the circumstances of actual controller's part-time chairperson or general manager with company's long-term value and short-term performance.Then use the robustness test to test the empirical test results.The empirical results show that the value of the actual controller has a positive and positive relationship with the company's value and short-term performance.The listed company with concentrated energy resources is beneficial to the company's value;the ownership has a negative relationship with the company's long-term value,due to the actual control.The scarcity of human resources is not conducive to the long-term value of the company,but it has a robust and positive relationship with the short-term performance of the company.Controlling a number of listed companies may produce scale effects or complementary effects,which is beneficial to the short-term performance of the company;actual controllers The part-time chairman or general manager has a negative relationship with the company's long-term value.The actual controller has limited energy resources.Part-time chairman or general manager is not good for the long-term value of the company,and has no obvious impact on the company's short-term performance.This research conclusion can help the actual controller to establish a logical analysis framework for the relationship between the actual controller and the company's value under the circumstances of multiple listed companies are controlled by the same controller,and provide corresponding information support for complex corporate governance.The introduction of the new variable of actual controller value has more explanatory advantages than ownership,it would enrich related research measurements of the actual controller's energy scarcity study.The discussion of the company's long-term value and short-term performance can bring corresponding theoretical support to the actual controllers controlling multiple listed companies,and can provide new methods and new ideas for solving actual management problems.For regulators,this study can help increase their knowledge of the special circumstances of multiple listed companies are controlled by the same controller,as well as provide information guidance and effective management over such companies during the necessary period.