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International Conference on Engineering and Business Management (EBM 2010 PAPERBACK)

Chengdu,China,China,3.24-3.26,2010

ISBN: 978-1-935068-05-1 Scientific Research Publishing, USA

Paperback 6066pp Pub. Date: March 2010

Category: Engineering

Price: $280

Title: The Influence of Large Shareholders’ Reduction on Firm Value
Source: International Conference on Engineering and Business Management (EBM 2010 PAPERBACK) (pp 355-359)
Author(s): Yali Liu, School of Economics and Management, University of Science and Technology Beijing, China
Haixia Li, School of Economics and Management, University of Science and Technology Beijing, China
Abstract: Abstract: This paper investigates the influence of large shareholders’ reduction on firm value for China’s listed companies. We find that, the effect of large shareholders’ reduction on firm value is related with reducing degree, which has an inverted U curve relation in the higher reducing degree group. Ownership restriction has a positive relationship with firm value. The effect of the first large shareholder’s reduction on firm value is positive, but not significant; the second large shareholders reduction’s behavior has a significant negative influence on firm value. We also find that, corporate size has a significant negative influence on firm value, debit-assets ratio and earnings per share have significant positive influence on firm value. It’s suggested that they take measures to promote the second large shareholder to take part in the operating business of listed companies so as to decrease their will of reducing holdings, which is helpful to improve ownership restriction.
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