Research on the Relationship between Firm Value and Ownership Structure on the Context of Centralized Ownership The Empirical Study of Listed Companies in China's Manufacturing Industry

摘要

On the context of centralized ownership, the basicconflicts exited in the companies are not the principal-agentconflicts, but the principal-principal conflicts. According to thisconsideration, we choose the listed companies in China'smanufacturing industry from 2003 to 2006 as our researchtarget, and exam the relationship between firm value andownership structure for the listed companies with concentratedownership structure in this paper. The empirical results showthat there is a positive U-shape relationship between the firmvalue and controlling shareholder equity ratio, and therelationship between firm value and the degree of stock checksand balances is shown as the inverted U-shape.