Case Study On The Influence Of Major Shareholder Structure Change On Enterprise Performance Of Wushang Group

In recent years,studies at home and abroad show that there is not only a single large and dispersed share structure in the capital market,but also a share structure of multiple major shareholders.In the listed companies with multiple major shareholder shareholding structures,there are still differences on whether the existence of major shareholders other than controlling shareholders can restrain the "tunnel behavior" of controlling shareholders and improve the performance of the company.This paper discusses the impact of structural changes of multiple major shareholders on corporate performance by taking Wu Shang as an example in China's department store industry.In case analysis,from the motives,ways and results of the second largest shareholder of checks and balances mechanism are discussed in this paper,found the nature of the equity and cash flow rights will be the second largest shareholder of checks and balances,all have great influence motivation,and in the process of checks and balances,increase the stake and the introduction of relationship between shareholders,fight for a seat on the board and seek legal protection is an effective way of checks and balances,Wu Shang company's second largest shareholder of checks and balances to protect oneself and minority shareholders interests,reduce the agency cost control,reduce the self-interest behavior,improve the quality of decisions and finally improve the business performance.In order to increase the reliability of the conclusion,this paper further used the econometric model to analyze the time series of thesemi-annual data of Wu Shang company from 1999 to 2017.Through JJ co-integration test,it is proved that after the share reform of Wu Shang company,the structure of major shareholders has changed from "one share is dominant" to the form of multiple major shareholders,which indeed has a significant impact on enterprise performance.The second largest shareholder improves enterprise performance through equity checks and balances,and the higher the degree of checks and balances,the better the enterprise performance.Finally,this paper puts forward relevant opinions and Suggestions.