Dissertation > Excellent graduate degree dissertation topics show

The Influence of Shareholding Structure to the Allocation of Credit Resources and Its Efficiency

Author: YanHong
Tutor: HuangXinJian
School: Chongqing University
Course: Accounting
Keywords: Allocation of Credit Resources Shareholding Structure InvestmentEfficiency Firm Value
CLC: F832.4
Type: Master's thesis
Year: 2013
Downloads: 5
Quote: 0
Read: Download Dissertation

Abstract


As one of the most important factors that effete on the firm value, the investment isthe research focus in financial field. Under the background of that China is in a criticalperiod of economic reform, the scarcity of economic resource is particularly prominent,the high or low efficiency of resource allocation will undoubtedly produce a significantinfluence on the progress of China’s reform and development. Existing researches forthe problems about collocation of credit fund have a very objective research, but theway of credit support causes economic consequences with low efficiency, which leadsto low efficiency of state-owned enterprises is still lack of in-depth research. Comparedwith private enterprises state-owned enterprises have lower efficiency, which creditfunds put too much to the state-owned enterprises means the low efficiency of resourceallocation. Now that state-owned enterprises can get more loans, why firm value stillnot as good as private enterprise? Then which way cause the low efficiency ofstate-owned enterprises?Based on the above logic, this article uses the data of state-owned enterprises andprivate enterprises in Shanghai and Shenzhen stock exchange from2006-2011, and thepaper examines the relationship among shareholding structure, over-investment andfirm value through empirical test. From the view of financing, we firstly find thestate-owned enterprises are easier to obtain credit resources compared with privateenterprises for the reason of credit discrimination, and the more they get creditresources, the worse their firm values; and furthermore, from the view of investment wefind that the state-owned enterprises get more credit resources with more seriousover-investment, which reduces the firm value. Further, we classify samples tostate-owned enterprises; this paper found that state-owned enterprises controlled by thelocal government are more likely get credit resources than the state-owned enterprisescontrolled by the central government, and cause the results of over investment whichdecrease the value of the company at the same time. This paper also provide directionfor future research, there are so many factors which affect the efficiency of allocation ofcredit resources, too much policy burdens can also cause state-owned enterprise valuedecrease, such as employees to hire, etc.The research conclusion of this paper has profound significance to our countryfinancial system reform and the reform of state-owned enterprises. Not only state-owned enterprises strictly enforce access standards of investment project, such asland use, energy saving, environmental protection, security, to prevent blind investmentand repeated construction in order to improve the quality and efficiency of investment.But also guiding the folk capital joint restructuring and participate in the reform ofstate-owned enterprises, strengthening service, guide and standardize management ofprivate investment, which promote social investment stable growth and structuraloptimization.

Related Dissertations

  1. The Research on the China Public Bank’s X-efficiency and the Respect of Ownership Structure,F224
  2. Relationship between the Related Party Transactions in an Internal Capital Markets and Firm Value,F275
  3. Ownership Structure and Firm Value: An Empirical Study of Listed Family Firms in China,F224
  4. An Empirical Research on the Relationship between the Capital Structure and Firm Value of Northeast China Listed Companies,F275.5
  5. Institutional Environment, Political Connection of Board and Firm Value,F224
  6. The Ownership, Control of Ultimate Controller and Firm Value,F276.6
  7. The Study of the Impact on Capital Struction and Firm Value by Using Deravertives,F276.6;F224
  8. Arelation Studyon Zhejiang Private Listed Company Between Characteristics of Pyramid Equity Structureand Company Permance,F224
  9. Ownership structure, controlling shareholder tunneling and corporate value of the relationship between the - from 2005-2009 years China listing Corporation empirical study,F272
  10. Study of Influence of Reformation of Stock Separation on List Company Performance in China,F276.6;F224
  11. Research on the Influence Factors of Tunneling by Large Shareholders,F832.51;F224
  12. The Study of the Shareholding Structure and Unfair Related Party Transaction,F276.6;F224
  13. Study on the Influences of Institutional Environment and Government Control on the Value of Corporate Cash Holdings: Evidence from Chinese Listed Companies,F224
  14. The Small and Medium Investors’ Protective Effect of the Accounting Conservatism under the Pyramid Ownership Structure,F276.3
  15. The Research on Objective Corporation Value Assessment in M&A,F275
  16. A Research on the Relationship between Ownership Balance and the Firm Value,F276.6
  17. Financing Policies, Ownership Concentration and Firm Value,F276.6
  18. Theoretical Study on the Relevance of Fair Value,F233
  19. Research on the problems and Countermeasures of listing Corporation governance structure in China,D922.291.91
  20. The Research about Chinese Listed Companies’ Cash Flow Holding and Risk Management,F275
  21. Control Board and the cost of equity research,F276.6

CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Credit
© 2012 www.DissertationTopic.Net  Mobile