The Study on Relationship between Ownership Structure and Corporate Value of Listed Companies in China
|School||Liaoning Technical University|
|Keywords||ownership structure corporate value Tobin’s Q ratio state stock juristic person stock floating stock|
At present, a lot of studies on the relationship between the listed companies’ownership structure and corporate value, point out that there is some correlation between a company’s value and its ownership structure, and the company’s ownership structure has positive or negative effect on corporate value. On the basis of previous researches, the dissertation is managing to make a further study on how the listed companies’ownership structure affects corporate value.First, analyzes the actuality of the ownership structure in recent capital market in China. Statistics research and comparison on a series of market data have been used to discuss the ownership problems of present domestic corporations. The result is that high state stock proportion, low floating stock proportion and centralized ownership lead to inefficiency of the corporations.Second, after we qualify the researching corporations and variations, theoretic hypothesis is listed to describe the relationship between the ownership structure and corporate value. The multi-variation regression research to the data shows that there have some correlations between corporate ownership structure and corporate value.Finally, we got conclusion: state stock and juristic person stock have different effect on corporate value in different industries, floating stock have a weak negative effect on corporate value.