Ownership Structure, Industry Protection and Corporate Value

摘要

The influence factors of corporate value have always been one of the debate focus in the academia. This paper empirically studies the influence of equity structure and industry protection on the value of the company through a regression analysis method with the data of listed companies in China's A-share market from 2014 to 2017. At the same time, we study the relationship between the interaction effect of equity structure, industry protection and the value of listed companies. The results indicate the more concentrated the ownership structure, the more difficult it is to reach the value of the enterprise in the capital market of China. At present, the existence of industry protection fails to promote the value of the enterprise. On the contrary, the value of the listed company in the unprotected industry is easier to increase. Compared with the listed companies which are protected, the unprotected companies shows more significant negative correlation between ownership structure and corporate value, as the ownership structure tends to be concentrated.