Agricultural A-share Listed CompanyEquity Concentration Research On The Impact Of Business Performance

In China,the development of agriculture has been widely valued.The good and bad of agricultural development is directly related to the happy life of the peasants and the stability of the country.However,due to the weak external resistance of agriculture and the poor infrastructure of science and technology,the performance of China's agricultural companies has been relatively low compared with the financial and real estate industries.In order to improve the business performance of agricultural development,it is found through comparison with other industries that equity concentration is a factor affecting the company's business performance.The high and low concentration of equity determines whether the company's decision-making power is in the hands of minority shareholders or majority shareholders,directly affecting the performance of the company's development.In the modern corporate development governance system,due to the separation of the company owner and the manager,the owner's shareholder of the company is inconsistent with the manager's target interest function,and the manager is under the supervision of the lack of shareholders.When managers are more familiar with the company,they make decisions that are beneficial to them and damage the company's performance.With the increase of the concentration of equity,the shareholder's awareness of the supervision of the company's managers has increased,and the company's performance has been improved accordingly.When the concentration of equity exceeds a certain level,the interests of the major shareholders and the minority shareholders will also be inconsistent.The major shareholders will seek benefits for themselves by shorting the interests of the minority shareholders and reduce the company's operating performance.Therefore,this paper chooses the mediating effect of agency cost in the influence of equity concentration and company management,and explores the internal relationship between the three.The thesis is guided by the theory of two-power separation theory,principal-agent theory and tunneling theory,and takes agricultural A-share listed companies as research objects.Based on the relevant theories and results of domestic and foreign scholars' research,through applied theory research The method combined with empirical analysis specifically discusses the theoretical basis between equity concentration,agency cost and business performance,and analyzes the status of equity concentration and business performance of agricultural A-share listed companies and their existence.The problem is to construct a test model of the mediating effect of agency cost between equity concentration and company performance.Under the descriptive statistics and multiple regression research methods,the paper analyzes the equity concentration of agricultural A-share listed companies.The impact of performance and the mediating effect of the two types of agency costs,and finally came to the conclusion of the paper,targeted to improve the concentration of equity in agricultural listed companies and how to improve operations by reducing agency costs Policy recommendations for performance.Through empirical analysis,the results of this paper are as follows:(1)The concentration of ownership has a positive correlation with the company's operating performance,and the two have an inverted U-shaped relationship.(2)The relationship between equity concentration and two types of agency costs are negatively correlated.(3)Both types of agency costs play a part in mediating effect between equity concentration and company performance.