Multiple Large Shareholders And Corporate Performance

Equity structure is a hot topic around the world, include china. In western countries scholars pay more attention on oriental equity structures, but in china, as a transition country, this is a brand-new field since the research logics are fossil and the conclusions are disordered. Based on western scholars' research logic and china listed corporations reality, this paper focuses on the affection of multiply block holders on corporation performance.By dividing top-ten or top-five large shareholders into two groups, saying the first large shareholder and the second larger shareholders, which is quite the same as the western scholars' research logic, this paper not only conforms existed disordered conclusions in this field in china, but also acquire some new achievements. Using dates of electron and home appliance industries, we found that corporations' performances had a remarkable positive relationship with the second large shareholders' power, and deeply, second large shareholders' character works too. Additionally, we also found that the scale of liquid equity has no clear relationship with corporations' performance, which gives support to the issue that second large shareholders are not capable enough to enforce their power by using stock market.At the end of this paper, with a strong hope of acquiring more important achievements in this field following this paper' s logic and conclusions, we illuminate the objections of this paper and point out some new issues.