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Research of the Relationship between Ownership Structure and Investors’ Interest Protection

Author: KangLei
Tutor: WangPing
School: Capital University of Economics
Course: Accounting
Keywords: The protection of the interests of investors Ownership structure Tobin's Q Share Segregation Reform
CLC: F271
Type: Master's thesis
Year: 2010
Downloads: 231
Quote: 2
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Abstract


China's securities market since its establishment has made a huge development, but with the development of the securities market, listed companies are also exposed more and more problems in recent years, the protection of the interests of investors theory and practice are becoming concerned about the focus. The factors that affect the protection of investors' interests exists in many aspects, such as: related party transactions, management incentives, the company's dividend policy, transparency of information, and so on. Shareholding structure as the starting point, from the ownership concentration and equity constitute two aspects of the shareholding structure of the protection of the interests of investors, and put forward a sound equity structure to protect the interests of investors countermeasures and suggestions of how to better protect the interests of investors to provide some reference. Firstly, on the basis of the review and sum up the theory about the protection of the interests of investors at home and abroad as well as the interests of the ownership structure and investor protection relationship literature, further description of the interests of investors protection and shareholding structure of the status quo and analysis of equity Problems with the structure. Second, empirical research on the basis of theoretical analysis. 2006-2008 Shanghai and Shenzhen A-share listed companies for the study, to make assumptions based on, verify that the proportion of the largest shareholder, the proportion of the Herfindahl index, equity checks and balances, the proportion of state-owned shares, legal person shares non-restricted proportion of tradable A shares and restricted shares outstanding relationship between the proportion of A shares and Investor Protection. Variable is set, the introduction of the size of the company, asset-liability ratio and industry type as control variables. In the empirical part, the first preliminary descriptive statistics for each variable and industry variables, and thus, the use of the correlation analysis between the independent variable and dependent variable and each independent variable correlation between the preliminary examination of the independent variable and dependent variable and the relationship between the rationality of the regression model. Thus Tobin's Q as an alternative indicators linear regression analysis, the: first largest shareholding ratio, the Herfindahl index, the proportion of state-owned shares, restricted the proportion of tradable A shares and Investor Protection negative correlation, equity degree of checks and balances, the proportion of legal person shares, non-restricted circulation of the relevant conclusions of the proportion of A shares and the protection of the interests of investors. This paper argues that China's listed companies to state-owned shares \the operations effective monitoring, to the detriment of the interests of investors as the main body of the securities market.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise system
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