Relationship Between Reduction of Controlling Shareholder and Value of Listed Companies After Split Share Structure

摘要

Based on difference-in-difference model, this paper empirically studies the impacts of reduction of controlling shareholder on value of listed companies in SSE. The results show that reduction of controlling shareholder can increase firm value whether in state-controlled companies or non-statecontrolled ones. However, the improvement of firm value due to reduction in state-controlled companies is lower than that of non-state-controlled ones. Reduction of controlling shareholder contributes to optimizing ownership structure. The direction adjusting equity structure is that there are balances between controlling shareholder and checking one after split share structure.