| According to rough statistics, China's major shareholders the actual amount of funds has been to reach a thousand billion. Recently the listed companies through the total amount of public financing is only one trillion yuan, which shows that nearly 10% of the listed company's capital on this "disappearance" became a major shareholder funds used most directly against the shareholders of minority shareholders means. In the delisting of the listed companies have been found in the survey, the major shareholder funds used is their common characteristics. The prevalence of most listed companies in China "dominance" in a particular phenomenon, and some large shareholders of listed companies as the "ATM" and "cash cow". Abuse and misappropriation of funds of listed companies signs are everywhere. Behavior of large shareholders, transfer of resources will cause a lot of negative consequences, not only against the interests of minority shareholders, but also a national economic and financial development of the barrier. Behavior of large shareholders funds used to be one of the elements inducing the Asian financial crisis in 1997 (Johnson, 2000). The behavior of large shareholders funds is not only affect the comprehensive quality of listed companies, but also interfere the accuracy of information disclosure of listed companies. Currently occupied by major shareholders on the performance of the company, at home and abroad only for a target company, the company is not considering the indicators, and specifically for the listed companies of manufacturing research for less. This article will examine the listed companies in China manufacturing Big Shareholders and Corporate Performance Research is kind of how, the factor of Big Shareholders. Consolidated operating performance of the Big Shareholders behavior, What is the relationship between them is presented?In this paper, company performance, ownership concentration, the proportion of independent directors, equity balance degree, size, nature of property rights perspective are used to illustrate the impact of large shareholders in the money factor, and the major shareholder of funds is used for the explanatory variables, Obtained using principal component analysis of companies consolidated results (using this article, said IAOP), ownership concentration degrees, the proportion of independent directors to explain the variable; draw the following conclusions:(1) The operating performance of listed companies at different levels of ability, large shareholders accounting for the different behavior models between the two inverted N-type relationships. When manufacturing listed companies IAOP <-0.67, the major shareholders of listed companies and manufacturing performance IAOP negative correlation, that is, as the company reduced IAOP, in order to reduce the possibility of bankruptcy losses, Big Shareholders are increased; When IAOP range between -0.67 ~ 1.43, the major shareholders of listed companies of manufacturing funds used with the company increase the performance; and when the IAOP is greater than 1.43, the manufacturing company's major shareholders funds occupation will show the reverse relationship between changes in the company's operating performance, the better, large shareholders in the lower section.(2) Ownership concentration and the nature of major shareholders of listed companies and manufacturing Big Shareholders behaviors are significant negative correlation, indicating a high concentration inhibited the equity shareholders of the holding company act of funds used. Proportion of independent directors on the Big Shareholders have no significant influence, but also that the establishment of our independent directors play a key constraint is not the role of the governance structure of the board of directors still need a strong improvement. |
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