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Stock Company Ownership Structure

Posted on:2003-03-07Degree:DoctorType:Dissertation
Country:ChinaCandidate:J HuFull Text:PDF
GTID:1116360065962045Subject:Business management
Abstract/Summary:PDF Full Text Request
With the prosperity of industrial revolution an expansion of enterprise size as well as the complication of technology and management, Modern corporate comes into being, which main features are the separation of ownership and control and dispersed equity. With the flourishing development of joint-stock companies, its share becomes dispersed increasingly, which results in a series of problems such as principal-agent problem, insider control problem, entrepreneur incentive and monitor problem, large stockholders expropriating small stockholders' profit. Therefore, building a reasonable ownership structure will be the basis of solving the series of problems.At present it's lack of comprehensive and systematic study in equity ownership structure and can not revealed fully the function mechanism of equity ownership structure. The dispute of about the effect of equity ownership structure on corporate performance continues up to now. Yet there are more differences in domestic studies. Changing present conditions of equity ownership structure to build rational equity ownership structure, improve corporate governance efficiency, standardize corporate operation behavior, increase corporate performance. Accordingly It has become urgent problems to be solved presently that promoting security market, strengthening legal system circumstances and improving outside business circumstances.This thesis has two parts: the first part includes introduction and first 5 chapters, the second part includes three chapters from 6 to 8.Introduction is summary description about the study background and significance, study achievement, structure and contents of thesis, analysis angle and method as well as innovation and shortfall.Chapter 1 expatiates on the basic theories concerning modern enterprise theory, stock system, shareholder's rights and equity ownership structure. Based on these, the chapter focus on analyzing the main elements determining equity ownership structure and comes to a conclusion that corporate ownership structure is results of various elements effecting on together and corporation making choice in market competition in order to adapt itself to outer business circumstances.In chapter 2, starting with stock market mobility, stock risk and stock market function analyzes the influence of equity ownership structure on stock market operating mechanism, meanwhile discloses the mutual relationship between equity ownership structure and security market.Chapter 3 discusses the influence of equity ownership structure on corporate governance. By analyzing comparatively the cost and profit that shareholders participate in governance corporate. The chapter illustrates that different shareholders have different preferences.Furthermore, it has been disserted the mechanism comprehensively that equity ownership structure plays a role in confirming elements of corporate governance, developing function of corporate governance, choosing mode of corporate governance.Chapter 4 focuses on the influence of ownership structure on corporate business behavior. Starting with behavior preferences of different shareholders, the chapter studies the influence of ownership structure on corporate transaction behavior, investment behavior, decision-making behavior and distribution behavior.In chapter 5, by complete studying on the influence of ownership structure concentration degree, equity distribution and shareholders nature on corporate performance , the chapter reveals that the effect of ownership structure on corporate performance shows the weigh among different function effects.Chapter 6 discusses the ownership structure mode of three developed countries (USA, Japan, Germany) and the influence of ownership structure on corporate governance, corporate business behavior and security market.Chapter 7 analyzes the current status of equity ownership structure in Chinese publicly-listed companies and its influence on corporate governance, corporate business behavior. It also verifies the effect of ownership structure on corp...
Keywords/Search Tags:equity ownership structure, corporate governance, corporate business behavior, corporate performance
PDF Full Text Request
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