Research On The Correlation Between Equity Concentration And Corporate Investment And Financing Behavior

Most of the listed companies in China belong to the equity centralized enterprises,the resulting problem is:control of the company by the controlling shareholder,or grabbed a handful of big shareholders,to the company's business decision-making,especially the great impact on investment and financing activities.Therefore,it's more accord with national conditions to effectively solve the governance problems caused by centralization of control rights.At the same time,the research on this field,the Chinese and foreign scholars have failed to form a unified conclusion.On this basis,this paper starts from the specific industry to study the association of ownership concentration and corporate investment and financing behavior,not only has important theoretical significance,also has a guiding significance to the reality for enterprises to choose reasonable equity structure.In this paper,the correlation between ownership structure and investment and financing decisions as the research object,based on corporate finance,financial management and theories of management,mainly adopt the method of empirical study,in accordance with the "literature review"-"question"-"status quo"-"theory analysis"train of thought for studying the "empirical" gradually.In the concrete research,in order to make the result more accurate and specific,grouping contrast is adopted in this paper,regression analysis,respectively.The empirical results show that the pharmaceutical industry in our country listed company do exist the phenomenon of equity concentration,and ownership concentration is associated with a significant company level of investment and financing structure,the company's new investment expenditure and increase gradually with the increase of ownership concentration,equity financing preference is also more prominent.And in non-state-owned listed companies,this phenomenon is more obvious.This article is based on the research results to analyzes the necessity of reform of non-tradable shares,and puts forward some correspond suggestions,in view of the problems existing in the investment and financing activities.In general,this paper base on the theoretical analysis,through empirical research,studied "pharmaceutical manufacturing",the particular industry's relationship between equity concentration and investment and financing behavior,making the research more concrete to avoid industry differences on the empirical results of the impact.To do in-depth study from the surface to the point,as well as by the point and the extension.