Dissertation > Excellent graduate degree dissertation topics show

Study on the Relationship of Ownership Structure、Financing Structure and Listed Company’s Growth

Author: LiBin
Tutor: LiangJun
School: Shandong University
Course: Industrial Economics
Keywords: Ownership structure Financing structure Growth
CLC: F271;F224
Type: Master's thesis
Year: 2011
Downloads: 216
Quote: 0
Read: Download Dissertation

Abstract

For a long time, the relationship between ownership structure, financing structure and the growth has been the focus of attention of domestic and foreign scholars. The shareholding structure of the corporate governance structure of property rights, which determines the composition and operation of the entire internal corporate governance mechanisms, financing structure is an important aspect of the corporate governance structure to coordinate funded through equity and debt together to play their rational allocation and operators, between the interests of the shareholders and creditors and behavior. Ownership structure, financing structure by the impact of corporate governance mechanisms role in the growth of listed companies, the relationship between the two with the growth of the listed how has been the academic research focus, so far there is no unified conclusion. The high growth of the small and medium-sized listed companies is a measure of an important indicator of the healthy development of the macroeconomic the benign operation and capital market. For small and medium-sized listed companies in the high-growth phase, the rational ownership structure, financing structure will help their business activities, benign development and circumvent such disregard for the blind expansion capital and management capacity, the only focuses scale regardless of the behavior of profit. In addition, a capital market is perfect, developed specifications whether or not the key is whether it can be the most effective way to mobilize savings and to allocate it to the most growth, the most effective investment direction. Therefore, small and medium-sized listed companies how to optimize the shareholding structure, the financing structure in order to improve the corporate governance mechanism, so it is particularly important to the steady growth of the company. In this study, the company's growth theory, the separation of ownership and the theory of principal-agent theory, the theory of agency costs, bankruptcy costs theory and the pecking order theory based ownership structure, the financing structure of the company's growth. Draw on existing research at home and abroad on the basis of building a new evaluation of the growth indicators, and the indicators are divided into profitability (unit the asset net profit growth rate of unit assets Operating net profit growth rate), the ability to grow (the main the camp revenue growth rate, the growth rate of total assets) and the potential for development (PB ratio) categories. The shareholding structure of ownership concentration, the proportion of equity liquidity, legal person shares, said the financing structure to the debt-asset ratio, long-term liabilities than borrowing liabilities ratio. Select small plates listed on the company's financial data for the study sample, multiple regression model, respectively assumptions put forward the relationship between the ownership structure, financing structure and growth of three types of indicators, and then made empirical test, combined with the characteristics of small and medium-sized listed companies and China capital market situation, detailed analysis and interpretation of the empirical results. In this paper, the study found: in these relationships, ownership concentration and the development potential of a significant negative correlation; negative correlation between corporate shares and long-term liabilities than the average growth of three types of indicators; equity liquidity and profitability, the ability to grow positively correlated; debt levels and profitability, capacity development are significant negative correlation. The principal-agent theory, the theory of agency costs and bankruptcy costs theory and the pecking order theory empirical support. Borrowings liabilities than profitability, the proportion of corporate shares and debt levels and development capabilities, the proportion of the outstanding shares, and the development of potential is not significant, reflecting China's capital markets are underdeveloped, debt financing channels are sluggish, equity financing preference too strong. Equity financing preference only through legal and policy change to improve the proportion of corporate shares, the introduction of institutional investors in corporate governance capacity, vigorously develop the bond market, and improve the financial markets, in order to promote the rapid growth of small and medium-sized listed companies.

Related Dissertations

CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
© 2012 www.DissertationTopic.Net Mobile