Empirical analysis of the impact of China's listed companies ownership structure on surplus quality
ZHAO Qing-guo;YANG Zhi-dang;QING Li-yuan;WANG Lei;YANG Long-ting;College of Economics and Management,Shenyang Aerospace University;
Capital market in our country is playing a more and more important role in economic development. It provides financing for capital demanders and appropriate investment object for investors,thus ensuring the optimal allocation of resources. Surplus quality is the basis for investors to make investment decisions. Surplus information problems,if any,are bound to affect the validity of investor decision-making and the optimal allocation of resources. Surplus quality problems are mainly due to defects in the company 's governance structure,which is closely linked to the company 's ownership structure. In this paper,by using 2012 data of the Shanghai A-share listed companies,the influences of ownership structure on surplus quality of listed companies are discussed from the perspective of ownership structure,ownership concentration,and checks and balances of other shareholders on the largest shareholder through group regression analysis.