Research On The Influence Of The Ownership Structure To The Market For Corporate Control

Ownership structure is the foundation of the corporate governance mechanism, which decides the shareholder structure, concentration ratio of shares as well as the status of the big stockholder and causes a bigger difference in the manner and the effect of the shareholder exercising their authority, thus has more tremendous influence on the formation of the mode of corporate governance, the operation and the achievements. In other words, the ownership structure has directly function with the internal surveillance mechanism. At the same time, ownership structure is influenced by the external governance mechanism in very great degree. In turn, the ownership structure also has indirectly function with external governance mechanism. There is a natural match relationship between the ownership structure and the systems of corporate governance.At present, there are two typical kinds of mode of corporate governance in theworld-market oriented mode, taking England and America as the representative, andthe network oriented mode, mainly exits in Germany, Japan and some other European countries. This thesis takes England, America, Japan and Germany as the representative, describes the development of their market for corporate control, and analyzes the influence of their ownership structure on the shift of the corporate control. Then describes the characteristics of our country's market for corporate control under the special ownership structure. Under the foundation of theoretical analysis, this thesis selects the companies whose control has shifted in 2005 as the sample, using the Logit model to carry on the regression analysis. The analysis result indicates that: the scale of the ownership structure and the concentration ratio of shares have negative relation with the shift of the corporate control, and the fluidity of the ownership structure has positive relation with the shift of the corporate control. Finally, takes forecast of the development of our country's market for corporate control combining the Shareholding Reform in 2005.