Pyramids Ownership Structure,Balance Mechanism Of Shareholders And Investment Efficiency

The relative concentration of ownership structure has led to the conflict between large shareholders and small shareholders.Large shareholders usually use the ownership structure of Pyramid to get excess control rights,and the ultimate controller can gain interest control if they obtain excess control.Investment activities are related to the promotion and development of enterprise value,which is an important way for the ultimate controller to encroach on the interests of small and medium shareholders.In this paper,we use equity balance as the main point,based on the analysis of the impact of China's enterprises in Pyramid equity structure on investment efficiency,combined with the modern property rights theory,principal-agent theory and corporate governance theory,to explore the equity balance moderating effect on the relationship between ownership structure and investment efficiency in Pyramid.This paper takes 2010 to 2015 as the research area,and takes A stock holding listed companies as the research object.The empirical research method is used to test the impact of Pyramid's ownership structure on investment efficiency and the moderating effect of equity incentive on the relationship between them.In order to get more specific and more according to the research results of this paper will be divided into investment efficiency,insufficient investment group and over investment group,the results show that:(1)the degree of separation of two rights and Pyramid levels were negatively correlated with the overall efficiency of investment enterprises;(2)equity balance has a positive moderating effect on the relationship between the separation of two rights and excessive investment,and considering the direct control of the chain of circumstances,the regulation will be strengthened;meanwhile,equity balance with reverse regulation effect on the relationship between Pyramid and the level of investment.According to the research results,we further put forward relevant conclusions and suggestions.This research complements the related research on equity characteristics and investment efficiency in Pyramid,and provides reference for enterprises to improve investment efficiency.