| Study on efficiency of ownership structure has a fundamental sense for the development of corporate governance theory. Theoretical values can be demonstrated as follows: (1) It helps us understand some basic questions about corporate governance more accurately and deeply. (2) It provides direct evidences for the debate on two corporate governance models. At the same time, study on efficiency of ownership structure also has some practical values. As for Chinese stock market, to understand such phenomenon as "a dominant shareholder" and to design and implement the policy of downsizing state-owned shares all call for the study on efficiency of ownership structure. Furthermore, some feasible policy suggestions on how to protect the minority shareholders' interests can be put forward based on such study.The focus of study on efficiency of ownership structure lies on this question: whether or not different kinds of ownership structure will bring about significant efficiency differences on the protection of minority shareholders' interests. After reviewing the literature home and abroad, the author puts forward three problems facing studies on this field. They are: first, the contradiction between theoretical inferences and empirical outcomes; second, the integration of referring to overseas research outcomes and considering domestic mechanism factors; third, some explorations and queries needed on extant research outcomes.Till now, relevant researches conducted by foreign scholars use corporate value as the efficiency criterion of ownership structure. Through straightening out the theory researches conducted by foreign scholars, the author got three important deductions as follows: (l)corporate value of diffuse ownership structure is larger than that of concentrated ownership structure. (2)Shareholding proportion(cash flow rights) of controlling shareholder has a positive effect on corporate value. (3)Share of control, i.e. the existence of other blockholders besides controlling shareholder, has a positive effect on corporate value. From the empirical study side, results contradict with one another. In detail, some can support the theoretical deductions above-mentioned, somecontradict with them.In China, the theoretical study on efficiency of ownership structure is still a blank space, and relevant empirical studies are just on the initial stage. Furthermore, the prominent problem is both theoretical analysis framework and empirical study method are imported directly from foreign studies based on western mature stock markets, which are not suitable with the market situation. Thus, some problems exist in these papers and the results vary a great deal.Besides, two unexplored problems exist in extant studies on efficiency of ownership structure. The first one is about efficiency criterion of ownership structure. Is corporate value the appropriate efficiency criterion of ownership structure? The second one is no consideration has been given to the effect of financial package. Does financial package affect the behavior of insiders in infringing minority shareholders' interests?Upon such situation, this paper employs the efficiency of ownership structure for Chinese listed companies as the studying subject and categorizes ownership structure into four patterns: Absolute Controlling Model, Relative Controlling Model, Control Sharing Model and Diffuse Model. The integration of theoretical analysis and empirical study is adopted by this paper. Empirical sample includes 720 companies which were listed in both Shanghai and Shenzhen stock market before and on 1999. The research period expands from 2000 to 2001 This paper includes seven chapters.Chapter 1 : an introduction which covers such areas: research subject, theoretical and practical value, contents and framework, methodology improvements and initiatives. Chapter 2:literature review. Three aspects are covered in this chapter. They are: review of literature on this subject home and abroad, comments on extant literature, and enumeration of markets cha...
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