An Empirical Study on the Effect of Equity Structure on Business Growth：Based on Resource Acquisition

WANG Xiaolong; ZOU Xiaolei

doi:10.19979/j.cnki.issn10082689.2022070106

Volume 39 Issue 3

Jun. 2023

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WANG Xiaolong, ZOU Xiaolei. An Empirical Study on the Effect of Equity Structure on Business Growth：Based on Resource Acquisition[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2023, 39(3): 340-352. doi: 10.19979/j.cnki.issn10082689.2022070106

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WANG Xiaolong, ZOU Xiaolei. An Empirical Study on the Effect of Equity Structure on Business Growth：Based on Resource Acquisition[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2023, 39(3): 340-352. doi: 10.19979/j.cnki.issn10082689.2022070106

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An Empirical Study on the Effect of Equity Structure on Business Growth：Based on Resource Acquisition

doi: 10.19979/j.cnki.issn10082689.2022070106

School of Accounting, Wuxi Taihu University, Wuxi 214064, China

Received Date: 2022-07-30
Publish Date: 2023-06-25

Abstract

Abstract

As an important mechanism of corporate governance, ownership structure plays an important role in resource acquisition, and then affect the growth of business operations. Based on the data of listed companies from 2015 to 2021 and the theory of corporate governance, this paper makes an empirical study by using the resource acquisition intermediation effect model, which is based on the model of ownership structure promoting business operation growth. The results show that: (1) ownership structure can significantly improve the business growth of private listed companies. (2) equity structure can significantly improve the resource acquisition of private listed companies, which includes improving financing efficiency, obtaining tax incentives and social subsidies. (3) capital mobility has an inverted U-shaped structure on the growth of private listed companies, and equity structure should avoid the “Resource curse” effect. (4) the grouping test shows that: compared with the eastern region and the state-owned capital participation, the western region and the state-owned capital holding semiconductor listed companies’ resource acquisition intermediary effect is more obvious. The results confirm the heterogeneity of resource acquisition in different regions and ownership structure of listed companies.
- equity structure,
- resource acquisition,
- business growth,
- mediating effect

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References(33)

References

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