The Relation Between Actual Controller,Ownership Concentration And Performance Of Listed Firms

The relation between the ownership concentration and the corporate performance is always the hot topic which the domestic and foreign scholars have been studying. At present we have not got a consistent conclusion. This paper has summed up the former scholars' research from three angles, and summarized the characteristics of the predecessors' studies, then drawn some conclusions through a series of empirical analysis.The variables this paper studies were divided into four groups which are the actual controller ones, the ownership ones, the middle ones and the performance ones. The first three groups of variables are classified according to the influence to corporate performance. Moreover there is a group of auxiliary variables which represent the factors that maybe affect the corporate performance and are difficult to be changed in short order. First, this paper puts forward two questions: 1. Are there any relationships between the ownership variables, the middle variables, the auxiliary variables and the performance variables? Whether do the ownership variables have the influence on the performance through the middle variables? 2. Have the firms with different actual controller have distinct differences in the performance variables,...