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The Effect of the Large Shareholders Control on Companies Investment of Listed Company in SME Board

Author: GuoXianJuan
Tutor: QinLiNa
School: Shenyang University of Technology
Course: Business management
Keywords: SME Board of Listed Companies Major Shareholder Controlling Business Investm
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 57
Quote: 0
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Abstract


Along with development change of modern enterprise condition, corporate governance becomes a worldwide topic. Modern corporate governance as a solution to separation of ownership and control of a series of institutional arrangements, its fundamental purpose is to ensure that the investors get a reasonable return on investment, companies can continue a healthy development. Based on corporate governance theories, this paper, in the general frame of principal-agent theory and separation of ownership theory, analyzes ownership structure and corporate investment, major stockholder’s expropriation issues to the small shareholder and corporate investment, the relationship between the conflict between major shareholders and creditors and corporate investment in SME board of listed companies. Then author draws the conclusions by empirical research.This paper has mainly completed the following several aspect works: (1)Combes the major shareholders and corporate investment in research literature, summarizes the theory relevant to the study, puts forword ideas and research methods. (2)Analyzes investment problems under the control of major shareholders of listed companies business in the SME board. (3)Analyzes theoretically the relevant factors and corporate investment under the control of major shareholders, namely ownership structure, the interests of major shareholder encroachment upon minority shareholders, the conflict of interest between major shareholders and creditors, it provides corresponding theory for the following empirical study. (4) Through empirical study, analyzes the relationship between major shareholders control and corporate investment in the SME board of the 96 listed companies, shows that proportion of the largest shareholder negative correlation with business investment spending,compared with the private holding of listed companies, state-controlled listed companies are more serious over-investment, the relationgship is complexity between the cash flow and investment, investment levels and debt levels negatively correlated. (5) Finally, Proposes some suggestions to improve corporate governance in the SME Boardt and investment, the conclusions and relevant recommendations will provide actual value reference to advance the level of corporate governance and investment.

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