Equity Concentration and Corporate Governance Efficiency of Private Mining Companies in China

Minggui ZHENG; Jianlin ZENG

doi:10.11872/j.issn.1005-2518.2020.03.001

Highlights

The equity structure is the foundation of corporate governance.It is of great practical significance to establish a reasonable equity structure to improve the corporate governance efficiency.Most literatures use linear regression model or multiple nonlinear model to study the relationship between corporate governance efficiency and equity structure.Few scholars consider the impact of equity concentration on corporate governance efficiency from the perspective of China’s private mining companies，and few scholars consider that there may be a structural mutation between equity concentration and corporate governance efficiency，namely threshold effect.Based on the data of 48 private mining companies listed in Shanghai and Shenzhen from 2013 to 2017，this paper constructs a DEA model to measure the efficiency of corporate governance，and uses a threshold model to explore what kind of equity concentration is more suitable for the current economic environment of China and more effective to improve the efficiency of corporate governance of private mining companies in China.Based on the theory of production function，this paper selects total assets，asset liability ratio and number of senior executives as input indexes，growth and profit rate as output indexes，and constructs DEA measurement model of corporate governance efficiency.The results show that：The total average governance efficiency of China’s private mining companies in 2013~2017 is 0.7092，and the governance efficiency is still low；Only four companies have maintained relatively effective governance，accounting for 8.33% of the total sample；Only 10 companies have five-year average governance efficiency of more than 0.9，accounting for 20.83% of the total sample；There are significant differences in different corporate governance efficiency，and the phenomenon of two-level differentiation is serious.Taking corporate governance efficiency as explanatory variable， Tobin’Q value and corporate age as control variable， equity concentration as explanatory variable and threshold variable， a threshold model of the impact of equity concentration on corporate governance efficiency was constructed， and a multiple regression model of the impact of corporate governance efficiency was constructed with company size as explanatory variable.The results show that：（1）There is a threshold effect and an inverted “U” relationship between the equity concentration and the corporate governance efficiency.When the equity concentration is lower than the threshold of 29.73%，they are positively correlated；When the equity concentration is higher than the threshold of 29.73%，they are negatively correlated.（2） The optimal Largest shareholder holding ratio of private mining companies in China is[0.1873，0.3360].（3） The company size is negatively correlated with the corporate governance efficiency of private mining companies in China.

Cite this article

Minggui ZHENG , Jianlin ZENG . Equity Concentration and Corporate Governance Efficiency of Private Mining Companies in China[J]. Gold Science and Technology, 2020 , 28(3) : 380 -390 . DOI: 10.11872/j.issn.1005-2518.2020.03.001

http://www.goldsci.ac.cn/article/2020/1005-2518/1005-2518-2020-28-3-380.shtml

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