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Research on the Influence of Managerial Ownership on Corporate Value of Private Companies Listed in Main Board Market

Author: YaoZuo
Tutor: HuangPing
School: Anhui University
Course: Financial Management
Keywords: private company listed in main board market managerial ownership corporate value
CLC: F275
Type: Master's thesis
Year: 2014
Downloads: 2
Quote: 0
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Abstract


With the company’s separation of ownership and management, shareholders and management constitute the principal-agent relationship. However, due to information asymmetry and conflict of interest between shareholders and management, agency cost comes into being. As one of the effective means to solve the problem, managerial ownership attracts widespread attention in academia. The successful completion of reform of non-tradable shares and the promulgation and implemented of "listed company’s equity incentive management approach" and a series of related laws and regulations provides a good market environment and legal basis for the implementation of the managerial ownership in our country. In theory, the implementation of managerial ownership in our country should be able to play a positive effect. However, it still requires empirical test to see whether the managerial ownership can play a proper role in enhancing corporate value. In addition, taking the particularity of the nature of property rights of state-owned listed companies and the managerial ownership feature of SME board and GME private listed companies into account, the paper only studies in the impact of managerial ownership on corporate value of private listed companies in Shanghai and Shenzhen main board market to make the results more targeted and convincing.Firstly, this paper defines managerial ownership, corporate value and the private listed companies in main board market and elaborates the theoretical basis of managerial ownership and related hypothesis between managerial ownership and corporate value. Secondly, it analyzes the present situation of managerial ownership of private listed companies in Shanghai and Shenzhen main board market. Moreover, it points out some problems in managerial ownership and their causes. Thirdly, this paper selects2010-2012private listed companies in Shanghai and Shenzhen main board market which have managerial ownership for three consecutive years as samples and measures corporate value by ROA. And then it establishes a multiple linear regression model to empirical research on the impact of managerial ownership on corporate value of private listed companies in Shanghai and Shenzhen main board market. At last, basing on the analysis of the study conclusion, this paper puts forward some relevant policy suggestions and research prospect. This paper is divided into the following five sections:The first section is an introduction, which introduces the background and significance of this study and combines the domestic and foreign relevant research results to describe the current situations, and then introduces the ideas and methods of this paper and explains the innovations and the insufficiency.The second section is the theoretical basis, which firstly defines managerial ownership, corporate value and the private listed companies in main board market and then elaborates the theoretical basis of managerial ownership and related hypothesis between managerial ownership and corporate value.The third section is the present situation and causes analysis, which at first analyzes the present situation of managerial ownership of private listed companies in main board market and then points out some problems in managerial ownership and their causes.The fourth section is empirical research, which makes correlation analysis and multiple regression analysis using the statistical software SPSS to test the impact of managerial ownership, board ownership and the others ownership on corporate value and then analyses the empirical results.The fifth section is conclusion, which summarizes the main results of the research, puts out some relative policy advices on the basis and then puts forward some suggestions for further research.The results of the research show that:(1) The managerial ownership increases year by year in the private companies listed in main board market, but its rate is too low on the whole. Moreover, the phenomenon that management have no ownership is still serious although it is easing.(2)There are some other problems in managerial ownership of the private companies listed in main board market, such as no clear position of managerial ownership, short-term holding of management and lack ability to grasp the intensity of managerial ownership.(3)There is an inverted U-shaped quadratic relationship between managerial ownership and corporate value of the private companies listed in main board market, which means that managerial ownership has an interval effect on corporate value.(4)In the private companies listed in main board market, there is a positive correlation between ownership concentration and corporate value. It is the same with company size and corporate value. However, there is a negative correlation between financial leverage and corporate value.(5)The same as managerial ownership, board ownership has an interval effect on corporate value. Moreover, the effect of board ownership on the corporate value plays a leading role compared with the others.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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