Research On The Relationship Between Stock Concentration And Corporate Performance

Corporate performance directly determines the sustainable survival and development of the companies,the companyies' managers pay more attention to factors which affect the performance of the company,at the same time they try their best to improve the company's performance.Ownership structure has been the important factor to study corporate governance and affect corporate performance,at the same time ownership concentration as one of the important indexes of ownership concentration has attracted lots of attention.Literature of studing the relationship between ownership concentration and corporate performance at home and abroad is numerous,but due to the differences between scholars' research and methods to make their research,the results are varied.First the thesis reviews the related literature about ownership concentration and corporate performance at home and abroad,on this basis,it expounds the related concepts and measurable indicators of ownership structure and corporate performance.Combined with property rights theory,principal-agent theory and corporate governance related theory to analyze the impact of ownership concentration on corporate performance,through the analysis,it provides a theoretical basis for the research of this paper.Combining specific data to analyze the listed companies,equity concentration,financial condition of Guangdong area and Guangxi area.The thesis selects three years data of listed companies from 2013 to 2015 of Guangdong area and Guangxi area.Through screening,excluding not meet the requirements of the study,finally choses 367 listed companies as research samples,to collect data on factor analysis,correlation analysis and regression analysis,according to the empirical results tests the proposed hypotheses.The empirical results show that the relation between ownership concentration and corporate is positive U-shaped,namely when the ownership concentration is less than a certain value,embodied in "moat defensive effect"(the motivation of the first shareholders encroach the interests of small and medium-sized shareholders increasesed with the improvement of their stake,at this point,when ownership concentration decreases,the corporate performance increases instead)and when it is greater than a certain value,embodied in "the convergence of interests"(the more concentrated on the equity,the better corporate performance is,because the company can run the goal according to the value maximization).Finally According to the empirical results,the management of listed companies in guangdong area,put forward reasonable suggestions to improve company performance.