A Research About Actual Controller,SEO And Corporate Value In Private Manufacturing Enterprises

Along with the economic development,China's private enterprises also experienced a change process and gradually turned into an important economic component.The principal-agent problem in the company may lead the actual controller sacrifice minority shareholders' interest for their own interest,which will also influence corporate value.Based on this background and principal-agent theory,the basic research methods of the paper are empirical research and comparison.This thesis is about the effect between actual controller,SEO and corporate value in private manufacturing enterprises.Firstly,the paper introduces Information asymmetry,principal-agent theory and pecking order theory,the concept about actual controller,SEO and corporate value,and the related research of equity financing preference,shareholders ' tunneling behavior and the influence to corporate value.Then this paper analyzes how actual controllers transfer the value of the company,and proposes hypothesis and the corresponding model about interrelationship of the separation between ownership and the controlling rights of actual controller,ownership of actual controller,SEO and corporate value.From GTA CSMAR database,the paper selects qualified private manufacturing companies and analyses them by SPSS Statistics.In this paper,the following conclusions are drawn:?If the percentage of separation between ownership and the controlling rights of actual controller is larger,the corporate value will be smaller,and the companies are prefer SEO.?When the controlling rights of actual controller reaches a certain level,the lower the percentage of ownership of actual controller is,the larger corporate value is,and the companies are prefer SEO.?Compared to the other companies,the corporate value of the companies with SEO will be smaller.?Equity financing does weakens the positive impacts of the percentage of ownership of the company and corporate value.From the conclusions we can see,actual controller in private manufacturing enterprises has great influence on SEO and corporate value.In the end,the paper makes some proposals in view of the above conclusion.