中國上市公司市值影響因素研究

Abstract

Since the split share structure reform started in 2005, the market value has become a new benchmark for evaluating the performance of listed companies. As China's capital market started late, many places need to explore and learn from the successful experience of other countries. Based on the value management theory of the company's value, a new theory of market value management is developed in China. After the split share structure reform, many new problems and new challenges appeared, which challenged the managers of Chinese listed companies and attracted many scholars to study and discuss these issues. Based on the view of ownership structure and the change of executives, this dissertation studies the impact of ownership structure and executive change on the market value of Chinese listed companies in both theoretical and empirical aspects, trying to find out the deep-seated relations between them and enriching the Chinese stock market Research theory, on the other hand, it also provides reference for other scholars and enterprises.

Based on the related research literature such as the ownership structure, value and the influencing factors of the market value, this dissertation elaborates the relative concepts of the ownership structure, the market capitalization and the change of the senior management, combining with the ownership structure, the value theory and the principal-agent theory, Governance theory and econometrics theory and other related theories, analyzes the theoretical relationship between the ownership structure of Chinese listed companies, the change of executives and the market value of the company. To Tobin Q value as a measure of the company's market value of the index, and the largest shareholder of the shareholding ratio, the second largest shareholder to the fifth largest shareholder, the sixth largest shareholder to the tenth largest shareholder, executives have changed , The company's return on net assets and the company's market value as a research purpose. Explore the influencing factors of the market value of listed companies in China and their influence mechanism, and provide references and suggestions for listed companies and other scholars in China.

The first chapter is the introduction, which mainly expounds the research background, the significance of the research, literature reviews at home and abroad, research methods, research contents and innovations;

The second chapter summarizes the research literature, mainly from the relationship between market capitalization, ownership structure and executives change, summarizes the existing research both at home and abroad, and provides reference for empirical research;

The third chapter related concepts and theoretical basis, first of all, the definition of market value, ownership structure, the change of executives and other concepts are defined, followed by the theory of value, principal-agent theory, econometric theory as the theoretical foundation, the specific analysis of ownership structure, executives The mechanism of changing the effect on the market value of listed companies, laying a theoretical foundation for empirical research;

Chapter IV overview of the development of China's securities market, a brief review of the history of China's securities market and the current development of China's stock market some of the problems;

The fifth chapter mainly discusses the influencing factors of market capitalization, mainly analyzes the ownership structure and the mechanism of the effect of the change of the executives on the market capitalization, and then simply analyzes other influencing factors.

The sixth chapter studies the hypothesis and sample selection, explains the research hypotheses and data sources needed for empirical research, and establishes the research model. The data sample selection period is from 2005 to 2016;

Chapter VII Empirical Analysis and Research on the Determinants of the Market Capitalization of Chinese Listed Companies. This part is mainly divided into two steps. In the first step, the econometrics model has been established. Descriptive statistics and characteristic of each parameter are first studied. Secondly, the regression model is used to calculate the parameters of the model. Second Step analysis of the results of software analysis of the impact of factors;

Based on the conclusion and suggestion of Chapter 8, this dissertation draws the conclusion through empirical analysis, and puts forward the suggestion of improving or raising the market capitalization of listed companies in China according to the driving effect of each factor, so as to provide reference for other scholars. Finally, the research limitations and research prospects of this paper are expounded.

The result shows that ownership structure and executives change will significantly affect the market value of listed companies. There is a significant negative correlation between the shareholding ratio of the largest shareholder and the shareholding ratio of the second largest shareholder to the fifth largest shareholder and the market capitalization of the listed company while there is a significant positive correlation between the shareholding proportion of the sixth largest shareholder and the market capitalization of the listed company ; There is a positive correlation between executive change and market capitalization.

Date of Award	6 Feb 2018
Original language	Chinese (Traditional)
Awarding Institution	City University of Hong Kong
Supervisor	Tao LI (Supervisor) & Yifan Xu (External Supervisor)