An Empirical Analysis On The Impact Of Substantial Control Person To Company Achievements In Listed Companies

The property right theory believed that property rights of enterprises include surplus claim power and surplus domination. When surplus domination and surplus claim power mutual match, it is the essential condition of realizing the resources effective disposition, and is also the mystery which the property rights drove at. Traditional corporate governance research is based on the stockholder's rights dispersion, not differentiating between the ownership and the domination. The surplus domination and the surplus claim power have not separated in the stockholder's rights scattered company, but they realize the corresponding property right arrangement principle--to match mutually. Therefore, it usually uses the shareholder direct holding proportion to weigh the property rights structure. However, the universal existence of centralized stockholder's rights structure becomes the main shape of company's property right structures in the world majority countries and the local company.In the stockholder's rights centralized company, the controls person separate the surplus claim power and the surplus domination through to construct the Pyramid control structure, to own stocks alternately with ways, to release dual stocks and so on. The controlling person obtain many dominations by investing the few cash flow to separate the property rights and the domination deviated "a ticket" principle. In this case, controls person's benefit manifests by its cash flow property rights, but is not reflected by the direct holding proportion of the first shareholder. Only to be listed middle controller's material is not able to understand accurately of the company's property rights structure. It needs to trace company's substantial control person. The research based on the behavior main body which is the substantial control person of public company is to the question.This article reviewed domestic and foreign correlation theories and empirical studies, and selects 1326 sampled data from our country companies of Shanghai and Shenzhen two market since 2007 to 2009 to carry on the empirical analysis using the analysis frame of LLSV. We trace the true control person namely substantial control person carried on the stockholder's rights structure chain. We analysis substantial control aspects and so on person's property rights, domination, two power separation degree and substantial control person type to the company achievements influence. We use statistical software SPSS17.0 to analysis the sample to be as follows:First carries on the sketchy descriptive statistical analysis to the sample; second carries on the relevant examination to each research variable to the further regression analysis; finally carries on the regression analysis. Through the above step's analysis, we hope the check result would be more precise credibly.The analysis result indicated:first the substantial control persons of our many companies have more difference between the property rights proportion and the domination proportion through the substantial control person descriptive analysis. Namely the substantial control person has on the situation of two power separations. The property rights and the domination is not correspondences. The state-owned type substantial control person is more different from the non-state-owned kind of substantial control person in the property rights, the domination and two power separation situations. Second the non-state-owned type's substantial control person who has equally the property rights, the domination proportion obviously are lower than the state-owned type substantial control person, but two power separation degree of the state-owned type's substantial control person is lower than the non-state-owned type substantial control person. Through the relevance analysis and Regression analysis on the substantial control person's property rights and the company achievements, the company achievements increase along with the substantial control person property rights. It indicated that when the substantial control person has more property rights, it has more power to maximize company value, thus it increases the substantial control person's income. Third the company achievements also increase along with the substantial control person domination through the result of the article. This article thought that the substantial control person's domination comes from the property rights, so the property rights increase, and the domination increases, but the domination increases is advantageous to carry on the surveillance in the substantial control person to corporate management and operation, thus the company effective operation enhances the company achievements, the company achievements enhance the substantial control person to be more possible to invade the corporation profit.Fourth this article is not ideal to two power separation degree to the company achievements' influence research. it was only the partly adopted the supposition, therefore, it was only the partly explained to the more difference between the substantial control person's property rights and the domination, violated the degree regarding the young shareholder to be bigger, the company achievements were lower. This possibly is the reason of linear equation's fitting is low and two power separation degree and company achievements are misalignment relations. Finally the result of regression analysis on the company which the substantial control person type is the state-owned is not through the significance level examination. It showed that the state-owned company achievements are obviously lower than the non-state-owned company achievements. The difference between the State-owned business and the non-State-owned business are getting fewer by the state-owned enterprise reforming.Therefore, we cannot simply judge that the state-owned company achievements and the non-state-owned company achievements are different.