An Empirical Study On The Impact Of The Ownership Structure Of China’s Listed Companies On Corporate Value

Under the modern enterprise system,the ownership structure is the basis of the corporate governance structure,and different ownership structures have different effects on the corporate governance structure.The shareholding structure determines the shareholder structure and the shareholders’ meeting,and then influences the composition of the board of directors and the board of supervisors through the shareholders’ meeting,which directly affects the company’s supervision mechanism and decision-making mechanism,and thus affects the governance structure of the entire enterprise.The effectiveness and rationality of the corporate governance structure will directly affect the value of the enterprise.A reasonable shareholding structure will optimize the corporate governance structure and organizational structure,improve the efficiency of resource allocation,and have a positive impact on the value of the enterprise.Textile enterprises play an extremely important role in China’s economic and social construction.As a labor-intensive industry,the textile industry has created a large number of employment opportunities for China.At the same time,as an export-oriented industry,it has made great contributions to China’s foreign exchange revenue generation,balance of payments,and exchange rate stability.In recent years,with the gradual decline of China’s demographic dividend advantage and the rise in raw material prices,the production and operation costs of enterprises have increased year by year.China’s textile industry has entered a low-speed growth from high-speed growth,and at the same time is facing tremendous development pressure.In order to continue to maintain a good growth momentum,we must change the development mode and carry out transformation and upgrading.This will be a great test for the level of corporate governance.The textile industry is closely related to the lives of ordinary people and is of great significance to China’s economic development.At this time,it is at the critical stage of the transformation and upgrading of textile enterprises.Under this background,this paper hopes to optimize the governance structure of textile enterprises by studying the influence of the ownership structure of textile enterprises on the value of enterprises and finding the shareholding structure that is most beneficial to the value of enterprises.And organizational structure to promote its transformation and upgrading to maximize its corporate value.Based on the relevant sample data of China’s listed textile enterprises from 2012 to 2017,this paper uses EXCEL and STATA15 software to process and analyze the data.Based on the longitudinal analysis of the equity structure of listed textile enterprises,the author uses the descriptive statistical analysis and the model to carry out the regression analysis method,trying to find out the relationship between the equity structure of textile enterprises and corporate value.In the end,we conclude that the shareholding ratio of the largest shareholder and the shareholding ratio of the top ten shareholders are significantly negatively correlated with the value of the company.The balance of equity is positively correlated with the value of the company.The management shareholding ratio is significantly positively correlated with the corporate value,while there is no significant correlation between legal person shares and corporate value.Then combined with the empirical results,some suggestions on the shareholding structure of listed textile enterprises in China are put forward.