Research On The Impact Of Ownership Structure On The Growth Of New Energy Listed Companies

In the transformation process of China’s economy from high-speed growth stage to high-quality development stage,the new energy industry has gradually become an important part of the national economy.As the micro main body of the new energy industry,the growth of listed companies plays a vital role in the healthy and orderly development of macro-economy.How to improve the growth of new energy listed companies has become a key issue of common concern for enterprises,investors and the government.As an important part of corporate governance structure,ownership structure plays a key role in the improvement of corporate governance mechanism,and ultimately affects the growth of listed companies.Starting from the internal governance factors and ownership structure of the growth of new energy listed companies,this paper studies its impact on the growth of new energy listed companies through theoretical analysis and empirical test,in order to realize the sustainable development of new energy industry.Firstly,this paper constructs a comprehensive measurement index of the growth of new energy listed companies,and then establishes a panel data model based on the relevant data of new energy listed companies from 2016 to 2020 to test the impact of ownership structure on the growth of new energy listed companies.The results show that: 1.In terms of overall effect,ownership concentration plays a significant positive role in promoting the growth of new energy listed companies,while ownership check and balance plays a significant inhibitory role in the growth of new energy listed companies;2 、 In terms of industry heterogeneity,equity concentration plays a positive role in promoting the growth of listed companies of new energy vehicles.Equity check and balance plays a significant role in inhibiting the growth of new energy vehicles,while equity concentration and equity check and balance have no significant impact on photovoltaic and hydrogen energy sectors;3 、 In terms of intermediary effect,equity concentration and equity checks and balances affect the growth of new energy listed companies through equity agency costs.After the robustness test,it is found that in the above research conclusions,the conclusion that equity checks and balances affect the growth of new energy listed companies through equity agency costs is not tenable,and the other research conclusions are still valid.Based on the above research results,the paper draws the following policy enlightenment: first,the sustainable growth of new energy listed companies can be realized by optimizing the ownership structure.Second,in view of the differences in the growth of listed new energy companies,long-term equity funds need to be introduced to achieve balanced development in the field of new energy.Third,through the equity incentive mechanism to improve the efficiency of corporate agent governance,in order to reduce the agency cost.