The Study Of Effect And Empirical Of Ultimate Control Right In Listed Companies

The central that a lot of unstandard behaviors of security market of our country is ultimate control right. Ultimate control shareholder's control on company has concealed and complexity, and offer a lot of facilities to related trade, inside trade, shift profit, empty listed company assets, etc. standardized operation; In addition, it can also make control right and cash flow right deviate from through the ultimate holding way, make it can achieve the goal of controlling the company actually with smaller share, thus obtain it with a whiff of different right, the shallow bid has effect of authority. On the security market of our country, a lot of unstandard questions that the listed company exists, all the reflection of the ultimate control right effect to a great extent, namely the disguise existing because of ultimate control right, in addition legal construction lag behind seriously, make with ultimate control right shareholder all means is it maximize one's own result of interests to go to the limit. Incidents such as GNKE, DELONG group, southern securities etc., mostly have contacts with ultimate control right. Including previous "argues between LANG and GU ", its essences are all to the query of ultimate controlling chain of the related trade.This article carries on research to the control right effect on the ultimate control right aspect for the first time. The key problem planned to solve is the present domestic theory and practice is eager to solve the problem. Various unlawful practices for analysing and restricting and ultimate controlling shareholders, protect medium and small investors' rights and interests conscientiously, perfect the mechanism of corporate governance, impel the listed company to pay attention to long-term development and normal operation, have important academic value and realistic meaning.This article regards listed company before December 31, 2003 as the research object, combine with criterion study and empirical research method, taking empirical research as the thread, use such relevant theory and methods as corporate governance theory, statistics, accounting, financial engineering, etc. carry on research to the composition state and effect of the ultimate control right of listed company of our country, the main research contents are as follows:(l)Direct against the deficiency of the traditional categorised method of the ownership structure of Chinese listed company, combine the actual conditions of Chinese securities market, classify ultimate control right and control method of the Chinese listed company, and analyse through the empirical research that draws out the ultimate control right structure atlas of listed company;(2)On the basis of drawing out ultimate control right structure atlas of listed company, This article carried on the empirical research for ultimate controlled shareholder's control right, cash flow right to the Chinese listed company, and have estimated bias degree of control right and cash flow right (abbreviate as deviate from degree), and has carried on comparative analysis with the relevant indexes of east Asia, West European listed company;(3)Carry on research to ultimate control right, ownership structure and firm performance of listed company;(4)Set up mathematics model, comparatively calculate the premium level of the ultimate control right of Chinese listed company accurately;(5)Study ultimate control right, cash flow right and the relation of deviate and firm value, and then study and control the relative degree that the shareholder exporiate on minority shareholder's interests among different kinds of ultimate control shareholders.