Research On The Relationship Among Ownership Concentration,Debt Financing Scale And Corporate Value

The market economy in our country enjoys a prosperous development after the equity reform.With market competitions,how enterprises stand firm in this macro-environment has become the focus of the enterprises.In addition,many scholars are pursuing the goal of financial management based on the hypothesis of "economically rational persons".They hope to find the way of raising enterprise value under academic theories that can indicate the direction.The advent of computers and the Internet has brought convenience to people and new business opportunities for enterprises.At the same time,competition among enterprises has become more and more intense.As a feature of the new era,the Internet industry has its own influence.It is of profound significance to explore the improvement of the corporate value of companies in the internet industry.The concentration of equity and debt financing in an ownership structure are not only related to the value of the enterprise,but also the survival of enterprises.There are numerous studies on the relationship between ownership concentration and corporate value.It is reported that there is a relationship between the two.Some scholars think that higher ownership concentration will bring higher work efficiency and higher enterprise value.Some believe that decentralization of ownership concentration is good for enterprises,which can prevent enterprises from having an overwhelming malpractice and improve enterprise value.However,the relationship between the two in the Internet industry has yet to be studied,and the role of debt financing as an intermediary variable is unclear.Therefore,this dissertation uses debt financing as an intermediary variable to explore the relationship between the ownership concentration of internet listed companies and enterprise value.This dissertation chooses listed companies in the Internet industry as study cases.It includes main-board companies,small and medium board companies and GEM companies.This dissertation has done a theoretical study and empirical analysis on the relationship among ownership concentration,debt financing and enterprise value.It has changed the index to test its robustness,and the conclusions are as follows:(1)In the Internet industry,there is a negative correlation between ownership concentration and enterprise value.(2)In the internet industry,ownership concentration is positively related to debt financing.(3)In the Internet industry,the debt financing level of the company plays an intermediary varnable role between equity concentration and enterprise value.According to this dissertation,a relatively decentralized ownership concentration and lower debt financing levels are very helpful for companies in the Internet industry to enhance their enterprise value.Internet industry competition is quite fierce and resource mobility is strong.The probability of a principal-agent problem is expected to be very low.The decentralized ownership concentration can make enterprises to choose more comprehensive strategies when they encounter problems.The lower debt financing level may make the enterprise's financial leverage not fully utilized,but it will reduce the risk of financial distress,and in general,improve the value of the enterprise.Combination accounting serves for acquisition and merger,the importance of which determines the signification of research on combination accounting.