A Research Exploring the Relationship between the Equity Structure and Corporate Performances of Internet Enterprises-Taking the Internet Industry in China as Example

• Main Authors: Zhang,Wen-Jia, 張雯嘉
• Other Authors: Chu, Po-Yung
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/3v5b27

碩士 === 國立交通大學 === 管理科學系所 === 107 === Due to the separation of company ownership and management rights, the principal-agent problem arises.As the objectives of the business owner and managers differ the ownership structure of the enterprise would create a certain degree of influence on the performance of the enterprise. As the current Internet-based economy is booming, Internet companies are playing an increasingly important role in the entire global economy, especially in China. This study firstly reviews and summarizes previous research studies to explore the related concepts, theoretical bases and correlation between the two aspects of equity structure and enterprise performances. Secondly, according to the previous research, the independent variables are defined as the shareholding structure, with three types of indicators for data analysis. The first is equity concentration, the second is equity balance, and the final is equity attribute. At the same time, the return on net assets and the growth rate of operating income represent the profitability and growth measures of corporate performance. Then seven hypotheses are proposed with 261 listed companies chosen from the Internet concept block in Mainland China as samples, containing 1,305 data in 2013-2017.The conclusions drawn are as follows: In terms of equity concentration, the relationship between the equity structure of Internet companies is positively related to corporate performance, but the shareholding ratio of the largest shareholder and corporate performance is negatively related. Herfindahl index H5 has not been clearly concluded and explained; From the perspective of equity balances, it has a positive effect on corporate performance, that is, the Z index is negatively related to corporate performance; From the perspective of equity attributes, both the proportion of state-owned shares and the proportion of shares of legal entities have a positive effect on corporate performance.