A Study On The Enterprise Value For Private Enterprise Based On Different Equity Structure

Different types of enterprises have different from other companies' equity structure,the difference in corporate value makes the company show a different level of governance.The more reasonable the structure of equity structure,the more stable the development trend of enterprises,the construction of a reasonable equity structure has become the focus of enterprise development.As private enterprises by their own environmental impact,failed to maximize the profits of enterprises,optimize the equity structure has become an important part of the development of private enterprises.On the basis of comparing the characteristics of foreign equity structure,this paper summarizes the influence of Chinese equity structure on enterprise value.This paper summarizes the characteristics of the equity structure of private listed companies,and puts forward that the actual controlling shareholder's shareholding ratio and the Tobin Q value are U-shaped structure,and the proportion of shareholders holding shares is negatively correlated with the Tobin Q value,There are three assumptions about the correlation between executive holding ratio and Tobin Q value.Based on the assumption that the establishment of mathematical models,the use of Eviews regression analysis,study the relationship between variables,and the results of the test.Finally,it is concluded that the shareholding ratio of the actual controlling shareholder is the U-shaped structure with the value of the Tobin Q,and the Q value is the smallest at a certain value.The proportion of the outstanding shares is negatively correlated with the Tobin Q value,indicating that the shareholders of the social circulation Willing to spend a higher cost to supervise the manager;executives' shareholding ratio and Tobin Q value is positively related to a certain extent,increase the proportion will increase the value of the enterprise.At the same time,the government needs to develop and perfect the legal environment of the current capital market in China,and it is necessary for the private enterprises to set up a reasonable equity structure and form a mechanism of equity checks and balances in order to improve the enterprise value.Equity optimization provides the corresponding legal protection.