An Empirical Study On The Impact Of The Shareholding Structure Of The Communication Industry Company On Corporate Performance

Ownership structure is an important part of corporate governance of joint-stock enterprises.A reasonable ownership structure plays an important role in maintaining and improving performance of the company.In the past 40 years of reform and opening up,China’s communications industry has developed rapidly,and has made important contributions to promoting economic growth and accelerating social transformation.However,like most companies in other industries in China,internal governance defects caused by irrational shareholding structures are still a "common problem" for many companies.The irrational shareholding structure is manifested in the following aspects: unsatisfactory shareholding concentration,unbalanced shareholding checks and balances,and lack of shareholding incentives.Defects and deficiencies in the shareholding structure have adversely affected the operating performance of related companies to varying degrees.This article takes the listed companies in the communications industry as a sample,and takes the influence of the ownership structure of the communications companies on the company’s performance as the research object.Through theoretical analysis and empirical testing,this article discusses the communications companies from multiple perspectives,such as equity concentration,equity attributes,and equity check and balance mechanisms.The actual impact of equity structure on company performance is to provide reference and reference for related companies to optimize equity structure and corporate governance and improve operating performance.This paper reviews the domestic and foreign related theories of the equity structure,systematically sorts out the existing research on the performance of the equity structure,and puts forward corresponding research hypotheses by comprehensively analyzing the dynamic mechanism of the impact of the internal equity structure on corporate performance.To verify the hypothesis,based on the data collected in the communication industry,this paper finally determined that the communication companies in Shanghai and Shenzhen in 2014-2018 were used as the research sample of this article.First,this article selects relevant measurement indicators from five aspects: profitability,shareholder profitability,operating ability,solvency and growth ability,and uses the principal component analysis method to obtain a comprehensive performance indicator as its explanatory variable.Multi-factor regression model analysis is used to explain the relationship between equity structure and company performance.It breaks through the limitations of using a single profit index or Tobin’s Q value to measure performance indicators.At the same time,it selects the control variables of empirical analysis for company size and asset-liability ratio,which more comprehensively reflects the performance of China’s listed companies in communications.Finally,the research results obtained through descriptive statistical analysis,correlation analysis and regression analysis are as follows: the ownership balance is positively correlated with the performance of the communication enterprise;the establishment of a moderately concentrated equity concentration has the best effect on corporate performance;the institutional share ratio and communication The performance of the company is positively correlated,and the shareholding of insiders is positively related to the performance of the company.Finally,according to the existing problems,based on the results of theory and data analysis,corresponding countermeasures and suggestions are proposed from the perspective of improving the equity structure and promoting the efficiency of corporate governance,hoping to provide some reference and reference for enriching equity and improving company performance.