Study on the Relationship among Equity Division， Equity Concentration， and Corporate Value.docVIP

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2017-01-23 发布于北京
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Study on the Relationship among Equity Division， Equity Concentration， and Corporate Value.doc

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Study on the Relationship among Equity Division， Equity Concentration， and Corporate Value.doc

Study on the Relationship among Equity Division， Equity Concentration， and Corporate Value 　　Abstract. In this paper， by taking the market competition of product and the nature of the largest shareholder as two constraint conditions， a grouping empirical test is made on the relationship between equity concentration and corporate value in different situation. The results of the study show that the influence of equity concentration on corporate value is state-dependent； equity concentration is uncorrelated with corporate value if the nature of the largest shareholder is domestic legal person share， but is significantly correlated with corporate value if the nature of the largest shareholder is state-owned share in the industries of low product market concentration. 　　Key words： Equity Division； Equity Concentration； the Market Competition of Product； Corporate Value 　　1.Introduction 　　In May 2005， equity division reform was officially launched by China Securities Regulatory Commission. In this reform， the restrictions on non-tradable shares and the full-circulation of shares were cancelled. Therefore， the relationship between equity concentration and corporate value can be more accurately investigated in the study of this paper. The data of the listed companies having completing the equity division reform is used in this empirical analysis， but what relationship is between equity concentration and corporate value？　　In this paper， by taking the market competition of product and the nature of the largest shareholder as two constraint conditions and using the data （in 2008-2010） of the listed companies having completing the equity division reform by 31 December 2007， the relationship between equity concentration and corporate value in the different market competition of product and the different nature of the largest shareholder is empirically tested. 　　2.Measurement and Differentiation of the Market Competition of Product 　　2.1 Measurement of the Market Comp