Empirical Research of Share-Holding on Operating Performance under Circulation Character Transformation
|School||Harbin Institute of Technology|
|Keywords||Split share Controlling behavior Operating performance Ownership Concentration|
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 .