The Study Of Split-Share Structure Reform And Corporate Governance Based On Ultimate Control Right

Because of especial history, there is a phenomenon of the split-share structure in Chinese capital market. The split-share structure and implicit ultimate control rights are the important reason of irregularity behavior in Chinese capital market. The split-share structure resulted in the differ benefits between controlling shareholders and minority investors in listed companies. Because of the secrete character and complexity about ultimate control rights. The ultimate control rights give many advantages to ultimate control shareholders to relating exchange, low-down exchange, benefits diversion, expropriate assets of listed companies and so on. The shortcoming of split-share structure resulted in development of Chinese capital market lagged the development of economy and the split-share structure reform. The split-share structure reform bring fundamentality effects to behavior of ultimate controlling shareholders in listed companies, behavior of itself in listed companies, corporate value, benefits of investors, idea and behavior of investors, therefore, Chinese capital market will be influence by the split-share structure reform during a long time.Such as theoretical and empirical research about the relation among corporate value, consideration, ultimate control structure at different ultimate controlling shareholder of listed companies controlled is an urgent problem of academic subjects, but also a practical problem. This study has great academic value and practical significance to the analysis of the split share reform process the interests of controlling shareholders and investors Game, the relation of consideration, the performance and corporate value, and on the protection of the interests of small investors, the state, improving corporate governance to promote long-term development of listed companies and the normal operation.This article regards listed company in the split-share structure reform process and procedure fulfilled 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 number and type of consideration, the relationship of type of ultimate controlling shareholders and corporate value and divided. The main research contents are as follows: (1)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) Whether non-circulation stock shareholder and circulation stock shareholder can reach an agreement or not, the conclusion will be an important reason that the split-share structure reform can plain sailing. So, this article study the type and quantitative of consideration in the split-share structure reform.(3)To study the relationship of the type of ultimate controlling shareholders, the type and quantitative of consideration and corporate performance in listed companies.(4)To analyze the policy of cash dividend and influence factor after the split-share structure reform.