Dissertation > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management

Empirical Research of Share-Holding on Operating Performance under Circulation Character Transformation

Author WangZhan
Tutor PengYanMin
School Harbin Institute of Technology
Course Accounting
Keywords Split share Controlling behavior Operating performance Ownership Concentration
CLC F275
Type Master's thesis
Year 2007
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In order to solve the problem of China's securities market split share , a structural reforms initiated in the spring of 2005 , with the reforms, the split share the problem of the long-standing problem in China's stock market will get a real sense of resolve . With the further conduct of the split share structure reform , China's securities market will enter equity split period, the arrival of this new period , regardless of the non- tradable shareholders or holders of tradable shares has epoch-making significance . So , although currently only dozens of companies have not completed the share split reform , but thorough completion of the split share structure reform is still very difficult and very far-reaching significance , papers by analyze the flow properties change after controlling behavior of the company performance thorough completion of the reform put forward a number of constructive suggestions and reference . Large shareholders controlling behavior is an important part of the equity structure of listed companies , the ownership structure is the basis of the decision to the corporate governance structure , ownership structure determines the distribution of the control of the Company , determine commissioned between company owners and operators agents of the nature of the relationship between the level of corporate governance efficiency ultimately reflected in the operating performance . The thesis analyzed theoretically controlling behavior and the relationship of the company 's operating performance , and then select the 698 listed companies listed company data and empirical analysis to investigate the specific impact of the company's operating performance of China 's listed companies holding behavior . Controlling behavior selection of the first largest shareholding ratio , the top five shareholders than the sum of the squares as well as the largest shareholder and the second largest shareholder stake ; corporate performance with the main business profit margins , ROE measured by earnings per share . In this context, the use of static and dynamic regression analysis to test the correlation variable . It was found that the stake of the largest shareholder and company performance into a U - shaped relationship , the top five shareholders stake and the top two shareholding ratio is the ratio of a different degree of negative correlation with various indicators of the operating performance of the company . Finally, according to the results of empirical research , reasonable analysis shows the limitations of the thesis expounded optimize the shareholding structure proposed rationalization proposals .

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